turned the corner, now in the straight, page-6

chairmans address: moving ahead Extracts:

I am pleased to be able to stand here before you today and advise that this work has been done. Hyro today is a very different company than it was just a year ago. While our focus and capability has remained firmly within the Digital Services space, our capability has improved markedly. We have better business systems, better technical systems, better risk management systems and a larger, dedicated and highly capable team of professionals and management. We have restructured our balance sheet and eliminated all debt and have established sufficient capacity in working capital and borrowing capacity to support our organic growth objectives.

In short, Hyro is now the company we needed to create to take advantage of a very significant opportunity in our market. Demand for our services continues to increase, driven by those same
trends which are driving growth in online advertising, growth in eCommerce and growth in mobile services. Hyro is in the best position for many years to act on this opportunity. This is both in terms of actual capabilities and also corporate and financial structure.

For the last year, I have acted as non-executive Chairman and have worked closely with our new Board and new management team to facilitate the transition and to provide continuity on a wide range of strategic, operational and investor related issues. I believe that
your company has achieved a lot in this period of time, and I am delighted with the management team’s efforts and cohesion over this time.

The structure of our Board has been a topic of discussion for the last few months, and I wish to advise that in the ensuing months, these discussions will turn into actions. Over coming months, we will appoint a new chairman and will be looking to add to the structure of our board with persons able to add strategic, industry and professional contributions for
the benefit of our business.