Perhaps I didn`t express myself clearly enough....

Most importantly, my reference to enrichment was intended to focus on the insiders only. I just don`t believe that there is a level playing field... But, maybe other ordinary shareholders feel differently.

The reason that I don`t sell is because of the detrimental affect it would have on my company`s financials. I am in a catch 22... as much as I would like to do so, the consequences of selling would be a major setback.

The reason that I consider myself to be different from a basher is because of my personal experience with the company. We all make initial investment decisions based upon some information and some trust. Over time, additional information is made available, and our knowledge of the company culture and its management expands. I have enough personal history, as well as real investment experience, to go on record as stating that although there may be some technological basis for the potential success of the new joint venture, there is nothing short of realized commercial success that will overcome my concerns with management and its practices.

All things being equal, I agree with your recommendation regarding learning more about the new joint venture. However, much of the information that would be necessary to evaluate the real potential for success is being considered proprietary and classified. Without that information, upon what are we to base our investment decision?

And when I read reports of purchase orders being returned because of a lack of capital funding, with commitments offered to generate new purchase orders once production begins... I wonder about the original purchase orders. Unless the purchase orders were for samples, I find it hard to believe that customers would make commitments for product without knowing a fixed production date.

I recognize that you have done your homework. As I said before, I would be much more likely to invest in a company run by you, than I would this new joint venture. It all boils down to credibility. You have it, Nanopierce doesn`t. The only way that credibility can be returned is through successful execution of this new venture, and some return of shareholder equity.

And, believe it or not, my primary motivation for posting is to add another point of view which may be viewed by any potential investors.

Respectfully,

Jeff