Reply from John Meredith:
Thanks for keeping in touch.
As far as updates go then until the funding is received our meagre cash resources preclude us from the more formal pr issuances. I'm also reluctant to fund the company from my own funds any more than I have already done so (given we are even closer - again! - to getting the funding)
Regarding the fake pr - If pr's go through the company then yes, we have a duty of care in what we say. When non-related third parties manage to thwart the processes of un-related third party press agencies, I for one can think of no internal control to implement within the company - can you? Also it would have been evident from the fake pr that the product was not relevant to the one we are promoting (tendon & cartilage only); but unfortunately many stockholders only saw what they wanted to see and I really can't blame them for that!
Convertible Notes: they have been within the company's financial statements for a good many years and are fully disclosed. No new notes have been issued to my knowledge in my time as a director. We do not intend to convert any more loan notes as that would be one step too far at the moment. There are positives from conversions of course. The Balance Sheet effect cannot be ignored as it reduces the overall corporate indebtedness.
Funding sources for the level we have currently been promised are, and have been, limited over the past few years. I have been sympathetic, frustrated, perplexed and riled by the excuses/reasons/timings I have been given, but have tried to stay true to what I believe is a good deal and of long-term benefit to TCEL. US banking compliance has become even more complex - and banks are reluctant to communicate what any problem might be in any significant transmission of funds. Our influence over the funding agency and the world-wide banking system, is, I'm afraid, limited! But we hope to be able to become more public on the funding quite soon.
I'm trying to be as open as possible without stitching myself up regarding insider information regulations.
Thanks again for your patience.
Regards
John
