by not extending the warrants and thus NOT bringing in 3-4 million dollars @ .25 cents exercise price, the company must now must raise money, in this weak market, through a PP, .... in which there will be more warrants.

we are surly NOT evading dilution by NOT extending the warrant period.

i believe the board made a strategic error in this case and i also believe they made the same error with the 15 cent warrants a few months ago. (which i did not acknowledge at the time unfortunately) ...had our directors extended the exercise date on these .15 cent warrants we would have more money in the bank ... or perhaps the most recent PP would have not been necessary.

so: it's about losing the opportunity to raise funds with the least amount of dilution in a weak market .........and the concept of being loyal and appreciative of those many long term investors.

bottom line ...the good far outnumbered the bad on extending the warrant period. (maybe a big junior investor bank put pressure on the Brd. NOT to excercise the warrants and if so, we lost the opportunity to treat them with a bit of their own medicine:))

the board may be smart ...but smart people still make very big mistakes.

i would like Frank to copy this message to them on my behalf: ...incidentally, i have been around longer than many of the directors :))

danny