Intellipharmaceutics International Inc. (IPCI)

[E Star Capital]

Hey Guys, my sympathy is with all you guys who will sustain massive losses. You guys are like family and I feel for you, honestly. I believe I told you about a month ago that Patient was planning a 1 for 10 reverse split with massive dilution to drive the price down to around $1-$2 again. I believe UBS is trying to liquidate their position. I haven't spoken with Boyd and was not able to get ahold of him today. Yeah it sucks. For what it is worth I don't believe there is any plan to create value here. They are only doing this so that they can utilize the capital markets to raise funds to pay the Odidi's massive salaries.

Fred