Happy New Year Mr. Pascali,

Is it possible that you can provide an update on the plasma torches for the iron ore industry? I know that you cannot comment on this here but maybe it is time that a news release is issued to keep investors in the loop. I am sure many other investors would also appreciate it.

It has been almost two years since the torches were first announced and it seems that since then only a few test torches have been ordered. Of course a lot more may have occurred behind the scenes and I believe investors deserve to be aware of what is going on. 

I am not trying to bash but it does seem that throughout the past press releases that the company did expect contracts to progress a little faster than where they are now and that may have raised investor expectations which has led to the recent decline in share price.

There are many questions on investor minds that could be clarified and could uplift the sentiment. Some of these questions that could be answered can be found below.

1. Client A has ordered 1 torch. Has this torch been installed yet? If yes, maybe you could provide the results of the live operational tests. Same thing for Client B as well.
2. It was suggested that Client C wanted to go ahead with skipping the modelling phase. If this was the case why haven’t they ordered any test torches yet? Are they still a client? They could have completed modelling five times over since the time that this was first announced.
3. I know you have discussed other clients and even ones in other industries. Maybe some more light could be shed on this. Are any of them expected to move ahead with modelling/torch orders?

Don’t get me wrong, I believe in the tech and would love for these torches to replace all the diesel burners throughout the industries, but things are just not adding up with the limited public knowledge available. Either things are going great and you would like to keep things under a tight lid before official announcements are made, which is understandable, or things are not going as good as they have been made out to be. In either case, I do believe that investors deserve to not be kept in the dark. 

Thanks!