Fellow Board Members,

Rather than post individual replies to a number of posts regarding "How the Company is Being Funded", please note the following points -

1. Dog, I appreciate your acceptance of my thoughts on how the Company has continued to operate without announcing a new source of funds; but I would appreciate your thoughts on this subject. As a side bar, IMO bankruptcy is not an option as the company lacks the funds to pay the court and legal costs associated with such an action; consequently, they could go "dark" and stop submitting quarterly and annual reports to the SEC. If they go "dark" after a number of missed filings (could take 3-4 years) the SEC will ask an Administrative Judge to delist the Company.
2. Wow, with 10 million shares available for issuance, history tells us Cardiogenics could have executed but not announced a PIPE (Private Investment in a Public Equity). If the PIPE was executed at a 20 cents per share price, Cardiogenics would raise $2 million; at 25 cents the raise would be $2.5 million; importantly all authorized shares would be issued thus necessitating the authorization of additional shares to enable the Company to access cash in the future, as necessary, and/or serve as a protection mechanism against an acquisition. Thus the authorization of additional shares is tied to the PIPE.
3. Wow, the "suspension of activities" makes sense as the Company has no money to pay a vendor for the performance of its services (worst case scenario would include its auditors which would mean the Company will be unable to file its 10Q and 10K reports). Consequently, the Company has been unable to initiate the four hospital head-to-head clinical trial.

Ante