EESTECH Inc - Release From SEC Filing(e current world economic downturn. Most ...)

• No sales
• No liquidity in its stock

The Board has therefore taken this decision in the interests of cash flow management and ultimate survival.

A number of administrative measures have already been implemented including the resignation of the company's CFO and those duties being undertaken by Mr Murray Bailey. Mr Hutcheson is continuing in the role of Company Secretary on an hourly rate (Part time). Mr Bailey has also agreed to reduce his annual consulting fees by two thirds, effective immediately. Further, Mr Bailey has not received any fees for the period since May 2008 and has personally funded the company since October 2008.

Administration and accounting costs have been significantly reduced through personnel moving from full time to part time contracts.

The Board advises that, in the interests of sound corporate governance, it will continue to engage a PCAOB registered auditor in Australia to undertake an annual Audit of the EESTech Inc Group and the company will prepare an annual Report for placement on the company's website, www.eestechinc.com. The costs for this engagement are expected to be less than 20% of the current costs. The Company believes that this will ensure that with an external audit, moving forward, that the accounts should provide a transparent indication of the company's financial progress.

The Board considers that this action will enable it to step out of the market, with its inherent pricing pressures, and assist it to build a viable business, based upon a sound business model.

The Board strategy is to return to the NASDAQ when it has achieved sales an
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