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TRCPA

05/16/05 7:44 PM

#8679 RE: Setonian #8678

Well, I will close on this point. I will certainly agree with you that the stock's pps performance has been disappointing.

There have certainly been some missteps and missed chances along the way, as well. Looks to me like AGES missed some chances too. I just said yesterday that I continue to wonder just how the heck the HAL project isn't up and running yet, 24/7....despite the plant being completed and equipment being in place. I have also said that I think Cal and company should have tried to close more KDS sales earlier instead of searching for the better deal, perhaps. Maybe Japan falls into that category too. All of that is still Monday Morning quarterbacking, and from a long distance, to boot.

But I think most of this is to be expected with these small issues. Most of them are underfinanced, with small staffs, trying to bring new technology to market, and trying to make a profit from it. They don't have anywhere near the resources of the big boys. Kind of like comparing someone who was born into big money to someone who was born with a lot of intelligence, but next to nothing, otherwise, in resources.

Guess who usually wins that race. The one with the huge head start. And its not the smart one.

So I go into these issues with the understanding and acceptance that they are fighting these uphill battles, in terms of the above. And with that, goes the associated risk/benefit chances of these issues. This all should be common sense to those involved in the business world.

As for what I see are positives here....I have said it before.
The investment of Hydro Quebec, the WRAP site and funding, the USDA and USDOE funding, the Univ of Tennessee/Oak Ridge National Labs work, the start of KDS sales and the establishment of KDS bases in the U.S., Canada, Malaysia, Eastern Europe, U.K., and South Korea....for a variety of applications, the Japan/Mitsui connection, the development of new technology via AGES and SDTC, the $5 million Halliburton contract, etc., to name those off the top of my head.

You can say they have contributed nothing to the status of the current pps, and that is true.....currently.

But they have laid a foundation for the future. Now it becomes a matter of realizing that potential or not.

Arguing about that future on message boards every day won't get us any closer to that resolution.