Ann: Appendix 4C & Company Update, page-37

It was a failure in build, testing and communication. I am not saying the technology does not work in theory or cannot be commercialised. I am saying that the first batch encountered a show stopper that required a complete reassessment of approach. The company admitted as much in its updates. The first mention of "iterations" was after the "wood chips" were produced in batch 1. Agree there is nothing unusual here in terms of the development process. It was a question of managing expectations and the company patently failed as did testing of the first build. Not one parameter was met or at least confirmed as met. Consequently the market was extremely disappointed and dumped it. You cannot argue that the "first batch" was not a disaster in execution and comms. Look what happened to the SP on news of the unsuccessful testing .  I am not going to argue with you about simple straight forward facts. Focus on individual words in my statement versus 4ds if you will but the reality is the share price is 5.3C not 13 or 12 or 11 or even 10 its 5.3C.