the quarterly - more than a cut & paste?, page-4

On 'progress':

"The length of time being taken to complete the finalisation of the execution of the PPA’s is frustrating for all parties, and we appreciate the concerns of shareholders in relation to this. As we noted at the recent AGM of the Company and in conversations with Shareholders since that time, all of our efforts are being applied to ensure the completion of the execution of the PPA ’s in as timely a manner as possible. We have not been advised of and are not aware of any impediments to the PPA ’s being executed."

On financing:

"Panax continues to progress these discussions with a number of interested parties, comprising predominantly Asian based financiers, and particularly so with one well known Asian based equity fund.

These discussions are progressing as expeditiously as possible, and at the time of writing Panax remains confident that an announcement in regard to material progress of these discussions will be able to be made during this coming quarter."

On funding:

"In January 2013, Panax received its Research and Development Tax Rebate credit relating to the financial year ended 30 June 2012, in the amount of approximately $308,000."