Hi Peter,

According to the news release of Oct. 9, Pyrogenesis expected to receive the initial deposit of $6.4 million within 2-4 weeks. It's now been approximately 10 weeks and no funds have been received. With the Letter of Credit agreement now being formulated, my biggest question/concern in all of this is will PYR receive the $6.4 Mil. deposit initially, or will they need to supply product prior to receiving any money from this deal? With the way the SP has tumbled recently, the last thing I would want to see would be a private placement for the purpose of supplying product before any money is received.

Thanks and best regards,

John