TriCell LTD (fka TCLL)

[Joeiniowa]

Paul,

Can you share anything with us? Last statement the company made said they had closed up shop. At least that is what I took out of it.

Joe

In a report to the United States Securities and Exchange Commission, mobile phone distributor Tricell says delays in receiving VAT refunds have severely affected its ability to operate.

The firm, which is based at Howard Place, Snowhill, near Stoke, and is registered at Lawton Street, Congleton, says the Government is withholding 78 million in VAT refunds as part of a crackdown on fraud, relating to two trading periods in 2006.

The report, written by Tricell chief executive James Reed, says: "Tricell Inc cannot resume its trading operations until it receives a substantial VAT refund."

He adds in relation to one claim: "The necessary legal appeals have been submitted.

"Our lawyers' opinion is that ultimately we will be successful and obtain the VAT refunds.

"However, it could take between nine months and three years for the legal appeals to be concluded."