P Fogarty was reported to have stated at the ERG AGM 28/11 -- ERG Smartcard2

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Subject: P Fogarty was reported to have stated at the ERG AGM 28/11

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Australian I.T.29/11/02 Sydney unlikely till Jan Feb 03

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Date Posted: 16/01/03 10:30:22am

P Fogarty was reported to have stated at the ERG AGM on the 28/11/02 in the Australian I.T.newspaper on the 29/11/02 (AAP) a reiteration that ERG did not expect to report a net profit for 2003. He has in the company announcement section stated the following in inverted commas--12/9/02.
"Profitability at the EBITDA level in the 2003 year will be, to a large extent, dependent upon both the timing of signing and commencement of new projects." He stated at the AGM on the 28/11/02 as reported by the same paper The Australian, IT section on the 29/11/2002 the Sydney contract had been budgeted to commence in August of 2002 but was unlikely to start till January or February 2003. Previously have posted the fixed vacation periods for Supreme Court N.S.W. shut 23/12/02 open 3/2/03--re Cubic verses NSW--re Cubic's holding appeal which is estimated to have expired last November. (lasting 3 months.) Further to the above Sandy Murdoch stated in the chairmans address to the AGM ASX announcement 28/11/2002 the following also in inverted comma's "We expect the Sydney contract to be signed very soon and we are ready for commencement of work."

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