Dear Francis, 

First of all I would like to thank you, thank you for your tremendous efforts and work for the success of our company - most importantly since late 2020. While towers have been going up (19 is a fantastic recommence!) I am certain they will continue to go up at an accelerated pace once EIB funding takes place. EIB is almost there and I am certain you have already planned financing beyond EIB for the other countries. I am also sure there won't be any further hiccups like rainy seasons, customs and canoe issues etc going forward as all those events and aspects have been taken into account in the build out plan.

Jim has been doing an outstanding job negotiating with EIB (that EIB continues to come up with new CPs is burdensome but of course not in your hands) and we all hope this financing will be signed and utilized very soon. Negotiating with such a large institute is not a stroll in the park. The share price should correct to $2 very soon is my guess. NUR is grossly undervalued and being manipulated by pennyflippers and hyenas. The inflection point is near and then finally tower errection can be accelerated. 

While you continue to execute, a question regarding current financial state as the company is currently in default and another bridge financing provided by Mr. Sfadia matures on 13 July and on 21 August provided by the Posen family. A conversion price in the ballpark of .25 would hit retailers hard as the issuance of millions of more shares would of course affect our long term investment (well, interest of 20% was probably the best deal we could get at that time as cash was running out). Could you please further elaborate to what extend it is planned having also Mr. Sfadja and Posen family converting into shares (given in the past quite a few debts were converted) and with what monies you otherwise are planning to (re-)pay principal and interest in case you will be able to extend maturity since EIB and FinnFund will also need to be repaid? Under the EIB SFA you will certainly warrant not being in default under any other financing - running into EOD on the day of signing is certainly not intended.

Keep up the great work and thanks again!

Happy Weekend everyone,

FGR