via confer call: working finance available $1.15m estimate

subordinated bank debt $2.4 million outstanding due March 2010
cash $4.3 million in euros
free cash $2.8m (excluding 1 million euros ($1.5usd))
verbal bank agreement: $1.9 million collateral required in cash
avilable free cash:
$900K ($2.8m - $1.9m)
$250K line of credit
$1.15m working finance available

debt projected paid off March 2011 (assuming M&T rolls over debt due end Feb 2010)