Brilliant Technologies Corp. (fka BLLN)

[Wayne Rosso]

No, we were not a public company. No one was ripped off.

I've told the story here in the past. In short, at the end of 2005 we went out looking for investment. At the beginning of 2006, we became heavily engaged with Virgin in London. We went through 10 month of very intense DD. They were set to invest $12 million. We were going to change the name of the company to Virgin Play. We were scheduled to close on Dec. 22, 2006. That morning the US DOT denied Virgin America the right to fly in the US. The airline had evidently been accused of breaching the rules concerning foreign ownership of airlines. Virgin management immediately cancelled all new deals in oder to restructure the US airline operation, which was operating at a very high burn rate. Their first priority was to get Virgin America flying.

Needless to say, I was devastated. It literally took me months to even talk yo anyone. We tried to go back to the market and raise funds, but once something like that happens it casts a pall over the project. It was nearly impossible to raise funds and the market had changed, so we decided to move on.

That's the story in a nutshell.