When talking about insider selling from the end of September, it is important to note that every insider that did sell, had warrants, priced at 35 cents that would of expired worthless at the end of the month. No one can blame management or the BoD for executing warrants that are in the money. Also, make note that the shares sold were just enough in all cases to cover the costs of executing those warrants and that none of the new shares obtained by executing the warrants were sold by these insiders.

By buying those warrants, insiders have also added some money to the coffers of the company which will permit us to be more patient for the next private placement, hopefully at a higher price than we are currently.

Respectfully,

Glorieux