ellusive report dated 12 march, page-2

mg;

You sugarcoated. This is a company that looks VERY VERY doubtful.

the half year report suggests:
* CBA have called debts
* US lender has called debts
* Some big issues over going concern valuation
* Continues to bleed cash
* Revenue and volumes plummeting
* Meretec is a basket case
* No white knight in the wings as the capital restructure will take "months"
* Some debt needs to be repaid by October, but no indication how much or where it will be repaid from
* Still losing money and turnaround seems a fantasy
* Auditors very uncomfortable; saying they are relying on Directors for the numbers and directors saying they are relying on management for the numbers

And despite all this, the same incompetent management is at the helm

God help holders