Cdex, Inc. (fka CDEX)

[sea_urchin]

Upon reading the following, Malcolm Philips was overheard muttering to his wife and caddy: "We tried, we really really tried."

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. To date, CDEX has incurred substantial losses, and will require financing for operating expense, working capital and other corporate purposes. We anticipate that we will require financing on an ongoing basis unless and until we are able to support our operating activities with additional revenues.