Ann: Corporate Update, page-19

Winter Gardens would have delivered some real benefits. Unfortunately IGS could not find a financial backer.

In the meantime Winter Gardens which owes IGS over $200,000 has done a deal with ASX AEB which just raised $5.5m. Legal action has not been taken against Winter Gardens as yet. Why the delay? Maybe due to a lack of funds.

Spoke to one of IGS's directors a few minutes ago as I am still waiting to make contact with Tasker. He has left PPR. In summary... still no appropriate deal. They keep on looking. Until IGS finds a suitable asset and a financial backer the ASX will not entertain them coming back on the Boards. In the meanwhile the accounts for the past three years remain in draft format.

Did not get any satisfaction as to when the suspension will be lifted.

The Con Note agreement has now lapsed. Waiting for another similar offer.