I would like to be a little more optimistic... but the last five years have taught me a lesson I`ll never forget.

You state that you respect Paul and associates... I suppose the question that I now have is about his ``associates``. It is my opinion that there aren`t any associates. Those who had the credentials are now gone... or they are in separate companies that have a commercial separation from Nanopierce that makes them a bit of a mystery. Should those companies succeed, I really don`t know if the exact details of enrichment of Nanopierce and its shareholders have been cast in concrete. I really wonder how those companies`s successes would affect the massive number of shares of Nanopierce... it would have to be a heck of a revenue for them to share enough with Nanopierce to make this company look good to new investors.

I`m still waiting patiently (albeit with quite a few less shares); but, I don`t hold much hope. We need REAL results. There have been too many disappointments from financing deals that went sour to agreements with potential partners that never materialized. The last straw for me was the resounding failure of the deal between Intercell and Bernetti. I have even less faith in the Beta-Blucan venture. If I am wrong, I will be the first to acknowledge my misjudgement.

If only one thing comes from the discussions on these boards, I hope it is that there is enough balanced discussion to make a potential investor really question how much risk he is willing to take with an investment in a company like Nanopierce.

Best wishes for a wonderful New Year....

Jeff