Ann: Intention to Make Takeover Bid , page-2

Rinse, Wash, spin...

"As you are aware, IFS is yet to deliver profitability since listing on the stock exchange in 2009... Further, IFS will have support through MSS International Group experience and capability to support IFS's strategic goals and expansion plans..."

Correct, IFS haven't delivered profitability since listing, so who exactly should be blamed for this incompetence... oh that's right... the same people making the statement...

December 22, 2010
"The 20.3 per cent shareholder in IFS Construction Services has won control of the Perth scaffolding company's board after a bitter boardroom power struggle that ended with the sudden departure of three directors yesterday. The resignations of IFS chairman Bill Ryan, managing director Scott Williams and non-executive director Ian Spence means Hong Kong-based Millennium Scaffolding Systems (Asia), the company's biggest shareholder and supplier, has emerged with three seats on the revamped five-member board." 22/12/10: The West Australian - Hong Kong shareholder seizes control of IFS

Gotta love this blatant ramp... "negotiating its biggest ever contract... which it may be doing, but stating this information is both confidential and misleading" - how the ASX ever allows this nonsense to carry on mystifies me... good kick-backs I'm guessing...

21/12/2010 - Millennium Statement to shareholders
"...with the reference to negotiating 3 its biggest ever contract in Singapore which it may be doing but stating this information is both confidential and misleading to the market at the present time..." 21/12/10: Millennium Statement to shareholders

Congrats, so you signed announced the Singapore contracts... nice ramp...

15/09/2011
SINGAPORE SPORTS HUB PROJECT - CONTRACTS SIGNED
"The contracts are worth in excess of AUD$3M and are the largest contracts yet secured by IFS. First delivery to site has occurred on the signing of the contracts..."

drum roll please...

01/04/2012
"There has been a deferral of revenues of approximately $3M that had been budgeted for in 2011 which will now be recognised in 2012 due to the deferral of projects, this has occurred in Singapore..."

So much for the, "First delivery to site has occurred" bit announced to the market on 15/09/2011...