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t d j

12/12/05 10:12 PM

#36221 RE: cgibellino #36216

I had the same concerns and can only say that I am confident in the answers that were given to me. I believe the only questions regarding the second half of the funding are more along the lines of where it will be coming from, not if it will be coming.

tj

t d j

12/12/05 10:20 PM

#36225 RE: cgibellino #36216

Sorry, forgot to touch on your merger question. We did talk about it. They are waiting for the funding to be fully complete before filing the S-4.

The following is what I have pieced together after a number of conversations with different people at the company. It is only my opinion/educated guess as to what is going on with the merger process...

The audit is done. However, the folks who did the audit won't sign off on it until they are paid in full. Some of the money from the funding is earmarked to pay for the audit. So, Sunn has to secure the funding to pay for the audit to be able to file the S-4. Additionally, the fairness opinion is not completed. Again, I think this piece requires the funding to be complete.

tj