Ann: Appendix 4C - quarterly, page-19

Have read the Quarterly Report several times and the more I try to connect all the dots the more confused I become.
Can only summarise as follows:
. Cash burn of $5 mil ++ per quarter is excessive and cannot continue without financial heartburn
. Too many balls being juggled at anyone time which can only result in increased expenditure and less time to generate real income from traditional "normal work ". The butter is spread so thinly that you cannot taste it!!
. The Report and The financial structure of this company is a "web" and difficult to know or work out exactly where we are operationally now and going forward (clear cut) , and a bottom line +/- $ figure after all Direct & Contingent liabilities.
. Trying to be positive, but cannot envisage if & when company will become profitable (if ever) in order to reward shareholders.
. Feel that my capital invested in this company is at greater risk than ever and will not throw good money after bad for any future CR. Will want to see prudent action by the CEO & Directors to manage funds more frugally and cut Salaries by half. MO's salary is excessively high and its like being assured of winning Lotto on a regular basis !
. We have been sold a "Dream" for sometime now ( very expensive dream mind you) but it looks we might wake up to a nightmare.

The ball is clearly in the Board's hands to turn things around and/or change direction , before its too late.