qrtly to read: evaluated numerous JVs - none satisfy stringent...

qrtly to read:

evaluated numerous JVs - none satisfy stringent criteria

$650k administration fees (continue)

cash in bank still good and high in comparison to peers

note * - it will take 20 further qters of admin fees before we run out of cash.

This means your board will have a further 5 years to find that elusive JV project that will produce that other elusive aim of increasing shareholder wealth ( other than those in management or on the board).

think this unreasonable - see last 16 qters