Dear FJ,

News - Is it great of significant?

We seem to be in the midst of a major attack by the Glooms on this board. This probably means that we are on the verge of great news.

You have done so much to inform this board and I believe that you have earnestly set out the case for investing in PORT Technologies Inc. Such is your earnest diligence that there are a number of board members who curiously resent your efforts. This is strange behaviour on their part, but nevertheless I can accept that it is real part of the human condition, but one which I find rather sad and futile, particularly as I prefer to surround myself with positive people with similar beliefs, which I thought was the point of the board as set up by its founders (RVH, FJ and Oogee) as an escape from the carnage of the 'other place'.

The glooms as I call them, show their resentment by challenging the case for PTI. This is nothing but cynical behaviour as they, the glooms, don't do what they obviously should do and sell but continue to plague the board with their negative thoughts, often on the basis that they are somehow the only ones with a grip on reality.

The basis of the glooms negativity is of course fear, again an understandable part of the human condition, but I have not yet once observed a statement here from the glooms that points to a clear rational that PTI is failing as a venture capital company. Their negativity always relate to the parless state of the share price in the belief that its current level somehow indicates the progress or non progress of our investment. I look for other factors, the underlying fundementals, which frankly are rather strong for PTI in my view and have never been stronger.

The reality of a venture company such as PTI is that it is high risk' until PTI management resolves the economic, management and technical risks associated with launching a ground breaking, disruptive, highly technical product chain into an ever changing market, it will remain at risk. The real question for glooms is contained in the common adage that if you cant take the heat get out of the kitchen. If risk is really that bad just go.

My point FJ is I don't believe for one minute that the glooms actually believe that things are bad for PTI, risk has been handled well. The Glooms continued presence here to me means that PTI is doing fine otherwise logic dictates they would be long gone. An observation of my soldiers when in command was that the time to worry about their morale was when they stopped complaining.

As said already we are probably on the verge of great news which is significant.

with warm regards,

sula