horse bolts in spite of late patent, page-5

So, a Shareholder Update. It leaves more questions than answers.

The Egyptian connection have paid just 100k and were supposed to pay an additonal 400k by 30 November - this latter payment does not appear to have arrived. Now we discover that Egyptian Papyrus far from being ready to go with the other remaining payments (three tranches of AUD500K each, first, on completion of the machines and before their despatch by ship to Egypt, second, on the issue of an installation and commissioning notice by Papyrus Australia, and finally, 60 days after the successful installation and commissioning of these machines in the Papyrus Egypt factory.) in fact hasn't even got the finance approved to go ahead. They are looking to borrow around $1,000,000 to get up and running (6 million Egyptian Pounds). No approval yet.....

The Yellow Pallet project is all on tiny amounts of borrowed money. From the AGM presentation the plan is to build 10 factories for 45 million Euro(!!) but the current shareholders funds are just 30,000 Euro- all the rest seems to be being borrowed, even for the feasibility study....

I note the folowing from the update: "As part of the validation process under the [Yellow Pallet] feasibility study, an independent engineer from a Dutch Engineering company Hollandia Systems will be visiting our demonstration factory at Walkamin in early February to run trials with the banana veneering and banana fibre producing units to validate the production capacity of those machines".

Geez, wouldn't all of us like to "validate the production capacity of those machines"!!!!