Ann: Chairman's Address to Shareholders, page-2

Seems a reasonably priced listed shell with some cash....( should be around 500k when next quarterly comes out this week....) Cornea is not going to happen any time soon -change of direction indicated by Chairman - anyone following?

Chairmans Report -

Our involvement in energy storage and services may take the form of direct participation, joint venture or equity investment.

In order to maintain a very modest amount of working capital, Enegex completed a fully underwritten pro rata non-renounceable rights issue as a result of which it raised $321,998 before costs, and issued 26,833,246 shares.

Enegex maintained extreme fiscal discipline during the year. Directors continue to forgo directors’ fees and all other forms of corporate expenditure have been limited or reduced to the bare minimum.

We have commenced initial research to determine appropriate participation entry points and levels and look forward to our involvement in this sector.