Although management feels the Company had made great strides in developing the
product and getting it out to the marketplace at such high-profile places as The
Naval Research Laboratory, MetroPCS and McDonalds, and receiving a tremendous
amount of interest from other interested potential distributors and end-users
from around the world, these efforts were totally derailed by the Petitioners'
filing.



The Company engaged bankruptcy counsel to explore all of its defenses and
remedies. A Motion was filed with the Court to summarily dismiss the Petition
as the Company firmly believes this filing violated both the provisions of the
Petitioners' Note Agreements and the strict criteria of the bankruptcy court
proceedings. Nevertheless, this action put the Company in an extremely
perilous position and completely handcuffed management from carrying out its
business plan.

The Company's Motion to Dismiss was heard on February 24th in Delaware Court at
which time the judge, rather than dismiss the Petition, set a trial date of
May 1, 2009. Unfortunately, the cost to continue defending this action through
depositions and the discovery process is significant. Given that the filing of
the Petition prevented management from being able to pursue financing as well
as continue operations, the Company does not have the resources to continue
to defend itself against the Petition. Due to the lack of funds to either
defend the Petitioners' action or to convert the Chapter 7 to a voluntary
Chapter 11, the Company will most likely be forced to withdraw its Motion to
Dismiss, which will inevitably lead to the Court's appointment of a trustee to
liquidate the Company.

Company management - who has not been paid for nine months - attempted to make a
settlement with the disgruntled group for the benefit of the Company, its
shareholders and other creditors. These discussions proved to be unfruitful.

The original Petitioners - which only represent approximately 15% of the total
Note holders, and approximately 10% of total creditors - arbitrarily decided
that it was in the best interest of the Company's shareholders, other creditors,
employees, customers and vendors that our Company be shut down and liquidated.
By taking this action, they made it impossible for the Company to see through
its mission to succeed and enhance shareholder value.

Despite management's best efforts, we do not believe we will be able to prevent
this probable outcome.


Respectfully,


Management
GreenCore Technology, Inc.