VOLT RESOURCES LIMITED — Interim / Quarterly Report 2009

Mar 1, 2009

Rule 4.2A.3

Appendix 4D

Half year report Half-Year ended 31 December 2008

Introduced 1/1/2003

Name of entity

RTL CORPORATION LIMITED

ABN or equivalent company reference

28 106 353 253

1.[[Half year ended (current period) ]]

[[Half year ended (current period) ]] Half year ended (‘previous corresponding period’) 31 DECEMBER 2008 31 DECEMBER 2007

2. Results for announcement to the market

.

2. Results for announcement to the market .	2. Results for announcement to the market .	2. Results for announcement to the market .	2. Results for announcement to the market .	2. Results for announcement to the market .	2. Results for announcement to the market .	2. Results for announcement to the market .
$A'000
2.1	Revenues from ordinaryactivities		up	782%		to 125 to 965 to965
2.2	Loss from ordinary activities after tax attributable to members		up	388%
2.3	Net loss for the period attributable to members		up	388%
Dividends (distributions)			Amount per security		Franked amount per security
2.4	Final dividend_(Preliminary final report only)_		N/A¢		N/A¢
2.4	Interim dividend_(Half yearly report only)_		N/A¢		N/A¢
2.5	Record date for determining entitlements to the dividend	N/A
2.6 Brief explanation of any of the figures in 2.1 to 2.4 necessary to enable the figures to be understood. No dividends are proposed for the half year ended 31 December 2008.

3. NTA backing	3. NTA backing	Current period	Previous corresponding Period
	Net tangible assets per security	$0.0035	($0.0038)

4. Control gained over entities having material effect

• 4.1 Name of entity (or group of entities)

• 4.2 Date of gain of control

• Consolidated profit (loss) from ordinary activities after tax

• 4.3 of the controlled entity (or group of entities) since the date in the current period on which control was acquired

• 4.3 Profit (loss) from ordinary activities after tax of the controlled entity (or group of entities) for the whole of the previous corresponding period

N/A N/A N/A

Loss of control of entities having material effect

• 4.1 Name of entity (or group of entities)

• 4.2 Date of loss of control

• 4.3 Consolidated profit (loss) from ordinary activities after tax of the controlled entity (or group of entities) since the date in the current period on which control was acquired

• 4.3 Profit (loss) from ordinary activities after tax of the controlled entity (or group of entities) for the whole of the previous corresponding period

N/A N/A N/A N/A

5. Dividends / Distributions

Date the dividend (distribution) is payable

Amount per security of foreign source dividend

Total Dividends /Distributions

Ordinary securities

Preference securities

N/A N/A $ N/A $ N/A

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6. Dividend or distribution investment plans in operation:

N/A

The last date(s) for receipt of election notices for the	N/A
dividend or distribution reinvestmentplans

7. Details of aggregate share of profits (losses) of associates and joint venture entities

entities
Name of associate/joint venture:	N/A
Holdingin entity	N/A %
Group’s share of associates’ and joint venture entities’:		Current period $A'000	Previous corresponding period - $A'000
Profit (loss) from ordinary activities before tax Income tax on ordinary activities Profit (loss) from ordinary activities after tax Extraordinary items net of tax Net profit (loss) Adjustments Share of net profit (loss) of associates and joint venture entities		N/A	N/A
		N/A	N/A
		N/A	N/A
		N/A	N/A
		N/A	N/A
		N/A	N/A
		N/A	N/A

8. Foreign Entities

Which set of accounting standards is used in compiling the report (e.g. International Accounting Standards)

N/A

9. All Entities

A description of Accounts subject to audit dispute or qualification:

N/A

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RTL CORPORATION LIMITED

ABN 28 106 353 253

INTERIM FINANCIAL REPORT

31 DECEMBER 2008

RTL CORPORATION LIMITED ABN 28 106 353 253

CONTENTS

Directors’ Report	2
Auditor’s Independence Declaration………………………………………………………….. 4
Condensed Income Statement	5
Condensed Balance Sheet	6
Condensed Statement of Changes in Equity………………………................................. 7
Condensed Cash Flow Statement	8
Notes to the Financial Statements	9
Directors’ Declaration …………………………………………………………………………... 13
Independent Auditor’s Review Report	14

CORPORATE DIRECTORY

DIRECTORS

Mr Ashley Pattison Mr Alex Neuling Mr Robert Hemphill

COMPANY SECRETARY Mr Guy Robertson

REGISTERED OFFICE and PRINCIPAL PLACE OF BUSINESS

Level 20, Tower A 821 Pacific Highway Chatswood NSW 2067 Tel: (02) 8448 8195 Fax (02) 8448 8196

AUDITORS HLB Mann Judd Chartered Accountants 15 Rheola Street West Perth WA 6005 Tel: (08) 9481 0977 Fax: (08) 9481 3686

SHARE REGISTRY Advanced Share Registry 150 Stirling Highway, Nedlands Perth WA 6009 Tel: (08) 9839 8033 Fax: (08) 9839 7871

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RTL CORPORATION LIMITED ABN 28 106 353 253

DIRECTORS’ REPORT

The Directors submit the financial report of the consolidated entity for the half year ended 31 December 2008.

DIRECTORS

The names of the Directors who held office during the half-year and up to the date of this report:

• Mr Ashley Pattison Chairman

• Mr Alex Neuling

• Mr Robert Hemphill

REVIEW OF OPERATIONS

1. Mine Mixers

Following the acquisition of the Mine Mixers IP in 2008, the company commenced the commercialisation of this technology through the construction of two machines. These machines were completed in September and October 2008.

The timing of the completion of these machines however coincided with the commodity crisis which had a negative impact on demand for the mine mixer during the first half of the 2009 financial year to date. The scaling back of operational and capital expenditure by mines and contractors was not favourable for commercialisation of the machines.

Despite the fall off in demand late last year, the new year has seen renewed interest in the two completed machines on a three year contract plus a substantial tender outcome is still pending. The Company does not expect a decision on this until the last quarter of the 2009 financial year, at which time an announcement will be made.

In addition to the above negotiations, a revised marketing plan for the Mine Mixer has also been prepared. This plan consists of direct marketing of the Mine Mixer to potential clients on their sites following the positive responses received from parties once they have undertaken a physical inspection of the machines. This marketing commenced in the second week of February 2009 and one of the machines will be showcased at the Mt Isa Mine Expo in March 2009.

2. Pre-filled Medical Device

The Company continued to pursue possibilities for the pre-filled medical device during the half year following the assessment of the technology and quantification of the potential capital expenditure associated with its further development.

As announced, the company commenced discussions with a potential joint venture party. Following a number of meetings, the Company terminated discussions and now continues to assess options in relation to this technology.

OPERATING RESULTS

For the six months to 31 December 2008 the company incurred a consolidated net loss of $965,657 (2007- $248,830).

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AUDITOR’S INDEPENDENCE DECLARATION

Section 307C of the Corporations Act 2001 requires our auditors, HLB Mann Judd, to provide the directors of the company with an Independence Declaration in relation to the review of the half-year financial report. This Independence Declaration is set out on page 4 and forms part of this directors’ report for the half-year ended 31 December 2008.

Signed in accordance with a resolution of the Board of Directors:

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________ Ashley Pattison Director Sydney, 27 February 2009

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Auditor’s Independence Declaration

As lead auditor for the review of the financial report of RTL Corporation Limited for the halfyear ended 31 December 2008, I declare that to the best of my knowledge and belief, there have been no contraventions of:

• a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• b) any applicable code of professional conduct in relation to the review.

This declaration is in respect of RTL Corporation Limited.

Perth, Western Australia 27 February 2009

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N G NEILL Partner, HLB Mann Judd

HLB Mann Judd (WA Partnership) ABN 22 193 232 714

Level 2 15 Rheola Street West Perth 6005 PO Box 263 West Perth 6872 Western Australia. Telephone +61 (08) 9481 0977. Fax +61 (08) 9481 3686. Email: hlb@hlbwa.com.au. Website: http://www.hlb.com.au Liability limited by a scheme approved under Professional Standards Legislation

HLB Mann Judd (WA Partnership) is a member of International and the HLB Mann Judd National Association of independent accounting firms

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RTL CORPORATION LIMITED ABN 28 106 353 253

CONDENSED INCOME STATEMENT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

Revenue 2 Employee benefits expense Consulting and professional services Rent Statutory and compliance Travel Directors’ fees Depreciation Impairment of assets Other expenses Loss before income tax Income tax benefit/ (expense) 3 Loss after income tax expense Loss attributable to members of RTL Corporation Limited Basic loss per share (cents per share)	Consolidated Consolidated 2008 2007 $ $ 125,362 16,020 (8,622) (155,051) (13,846) (62,027) (1,760) (15,182) (61,798) (30,006) (13,189) (13,888) (15,000) (59,957) (3,490) (34,794) (837,250) (87,004) (7,634) (25,697)
	(837,227) (467,586) (128,430) 218,756
	(965,657) (248,830)
	(965,657) (248,830)
	(0.25) (0.21)

The consolidated income statement is to be read in conjunction with the notes to the halfyear financial statements set out on pages 9 to 12.

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RTL CORPORATION LIMITED ABN 28 106 353 253

CONDENSED BALANCE SHEET AS AT 31 DECEMBER 2008

Notes Current Assets Cash assets Receivables Inventory Total Current Assets Non Current Assets Property, plant and equipment Intangible assets 7 Total Non Current Assets Total Assets Current Liabilities Payables Total Current Liabilities Total Liabilities Net Liabilities Equity Issued capital 4 Option reserve Accumulated losses Shareholder Equity	Consolidated Consolidated 31 Dec 2008 $ 30 June 2008 $ 220,886 1,388,671 82,932 - 1,233,176 -
	1,536,994 1,388,671
	5,491 287,757 - 837,250
	5,491 1,125,007
	1,542,485 2,513,678
	170,040 169,466
	170,040 169,466
	170,040 169,466
	1,372,445 2,344,212
	19,055,453 19,061,563 385,269 385,269 (18,068,277) (17,102,620)
	1,372,445 2,344,212

This consolidated balance sheet is to be read in conjunction with the notes to the half-year financial statements set out on pages 9 to 12.

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RTL CORPORATION LIMITED ABN 28 106 353 253

CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2008

Balance at 1 July 2007 Loss for the period Balance at 31 December 2007 Balance at 1 July 2008 Transaction costs on raising equity Loss for the period Balance at 31 December 2008	Consolidated Issued Capital Accumulated Losses Option Reserve Total Equity 16,103,484 (16,694,279) 385,269 (205,526) - (248,830) - (248,830)
	16,103,484 (16,943,109) 385,269 (454,356)
	19,061,563 (17,102,620) 385,269 2,344,212 (6,110) - - (6,110) - (965,657) - (965,657)
	19,055,453 (18,068,277) 385,269 1,372,445

The consolidated statement of changes in equity should be read in conjunction with the accompanying notes on pages 9 to 12.

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RTL CORPORATION LIMITED

ABN 28 106 353 253

CONDENSED CASH FLOW STATEMENT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

Cash flows from operating activities Cash received from customers Interest received R&D tax offset income/(expense) Payments to suppliers and employees Net cash used in operating activities Cash flows from investing activities Purchase of property, plant and equipment Proceeds on sale of equipment Net cash provided/(used in) investing activities Cash flows from financing activities Transaction costs on issue of shares Net cash used in financing activities Net decrease in cash held Cash at the beginning of the financial period Cash at the end of the financial period	Consolidated Consolidated 2008 $ 2007 $ 48,048 17,735 (128,430) - 16,020 218,756 (1,098,669) (286,532)
	(1,161,316) (51,756)
	(359) - - 2,017
	(359) 2,017
	(6,110) -
	(6,110) -
	(1,167,785) 1,388,671 (49,739) 48,537
	220,886 (1,202)

The consolidated cash flow statement is to be read in conjunction with the notes to the halfyear financial statements set out on pages 9 to 12.

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RTL CORPORATION LIMITED ABN 28 106 353 253

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

Note 1 Summary of significant accounting policies

(a) Statement of compliance

This general purpose financial report for the interim half year reporting period ended 31 December 2008 has been prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting, Accounting interpretations and other authoritative pronouncements of the Australian Accounting Standards Board (‘AASB’). Compliance with AASB 134 ensures compliance with IAS 34 Interim Financial Reporting.

This condensed half year report does not include full disclosures of the type normally included in an annual financial report. Therefore, it cannot be expected to provide as full an understanding of the financial performance, position and cash flows of the consolidated entity as in the full financial report. Accordingly, it is recommended that this report be read in conjunction with the annual report for the year ended 30 June 2008 and any public announcements made by RTL Corporation Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 and the ASX Listing Rules . The accounting policies adopted are consistent with those detailed in the 2008 Annual Report.

(b) Basis of preparation of half-year financial report

Historical cost convention

These financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, financial assets and liabilities (including derivative instruments) at fair value through profit or loss and certain classes of property, plant and equipment.

Going concern

The consolidated entity incurred a loss before impairment of intangibles of $128,407 for the half year ended 31 December 2008 and has available cash at balance date of $220,886. The financial report has been prepared on a going concern basis due to the following reasons:

• The company is in discussion with a number of parties on the rental or sale of the mine mixer units

• The company has minimal monthly outgoings.

• The company has a strategy to raise additional shareholder funds.

• The company has a strategy in place to assist in allowing it to get to a position where operating earnings brings it to a cash positive position.

The consolidated entity is dependent on the sale or rental of items currently held as inventories to enable it to increase its cash reserves to fund its operations in the future. To the extent that the consolidated entity is not successful in these initiatives there is uncertainty that the consolidated entity will continue as a going concern. The financial report does not include any adjustments relating to the recoverability and classification of asset amounts or to the amounts and classification of liabilities that might be necessary should the entity not continue as a going concern.

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RTL CORPORATION LIMITED ABN 28 106 353 253

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

Summary of significant accounting policies (Continued)

(c) Significant accounting judgements and key estimates

The preparation of interim financial reports requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities and income and expense. Actual results may differ from these estimates.

In preparing this half year report, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated report for the year ended 30 June 2008.

( d) Adoption of new and revised Accounting Standards

In the half –year ended 31 December 2008, the Group has reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to its operations and effective for annual reporting periods beginning on or after 1 July 2008.

It has been determined by the Group that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on its business and, therefore, no change is necessary to Group accounting policies.

Note 2 - Revenue

Note 2 - Revenue
Revenue from continuing operations Other revenue - Equipment rental income - Profit on sale of equipment - Interest received - Forgiveness of loan Total Revenue from continuing operations	Consolidated 2008 $ 2007 $ 37,500 - 31,173 - 17,735 16,020 38,954 -
	125,362 16,020

Note 3 Income Tax Benefit

Note 3 Income Tax Benefit
	Consolidated
	2008	2007
	$	$
R & D tax offset received /(paid)	(128,430)	218,756

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RTL CORPORATION LIMITED ABN 28 106 353 253

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

Note 4 – Issued Capital

Ordinary Shares Issued and fully paid Balance as at 1 July 2008 Transaction costs Balance as at 31 December 2008	Consolidated 31 December 2008 30 June 2008 $ $ 19,055,453 19,061,563
	Number of shares $ 388,892,903 19,061,563 - (6,110)
	388,892,903 19,055,453

Note 5 Segment Information

Business and Geographical Segment

The Group is involved in two commercial activities.

1. The development of the safety syringe pre-fill concept.

2. The rental and marketing for sale of the Mine Mixer Agitator truck.

No material expenditure was incurred during the period on the safety syringe pre- fill concept giving the declining interest in this product despite continuing marketing efforts.

Note 6 Contingent Liability / Asset

On audit the Australian Taxation Office (ATO) issued an amended assessment in respect of the 2004 and 2005 Income Tax Years claiming a return of the Research and Development tax offset paid to the company in the amount of $248,070.

The company reached an agreement with the ATO to settle 50% of this amount ($124,035) while it provided documentation to support its tax offset claim for these years. If the company is successful it will recover the amount of $124,035 paid to the ATO. If the company is unsuccessful it will have a further liability to the ATO of $124,035. Due to the inherent uncertainty of the appeal, the entity is unable to reliably estimate the outcome. As a result the Company has not recognised an asset or liability in respect of this matter.

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RTL CORPORATION LIMITED ABN 28 106 353 253

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

Note 7 Intangible Asset

Intellectual property, at cost (Mine Mixers) Allowance for impairment	Consolidated 31 December 2008 30 June 2008 837,250 837,250 (837,250) -
	- 837,250

Due to inherent uncertainties in the calculation of the fair value of intangibles, the decision was made during the period to provide for the potential impairment, in full, of the asset.

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RTL CORPORATION LIMITED ABN 28 106 353 253

DIRECTORS’ DECLARATION

In the opinion of the Directors of RTL Corporation Limited :

1. the financial statements and notes set out on pages 9 to 12 :

2. (a) give a true and fair view of the financial position of the consolidated entity as at 31 December 2008 and of its performance for the half-year ended on that date; and

3. (b) comply with Accounting Standard AASB 134 “Interim Financial Reporting” and the Corporations Regulations 2001; and

4. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the Board of Directors:

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---

Director

Sydney, 27 February 2009

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INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of

RTL Corporation Limited

- Report on the Half Year Financial Report

We have reviewed the accompanying half-year financial report, which comprises the condensed balance sheet as at 31 December 2008, the condensed income statement, condensed statement of changes in equity, condensed cash flow statement and notes to the financial statements for the halfyear ended on that date, and the directors’ declaration, of RTL Corporation Limted and the entities it controlled during the half-year ended 31 December 2008 (“consolidated entity”).

Directors’ Responsibility for the Half-Year Financial Report

The directors of the company are responsible for the preparation and fair presentation of the half-year financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001 . This responsibility includes designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of the half-year financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of Interim and Other Financial Reports Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 , including giving a true and fair view of the consolidated entity’s financial position as at 31 December 2008 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of RTL Corporation Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

HLB Mann Judd (WA Partnership) ABN 22 193 232 714 Level 2 15 Rheola Street West Perth 6005 PO Box 263 West Perth 6872 Western Australia. Telephone +61 (08) 9481 0977. Fax +61 (08) 9481 3686. Email: hlb@hlbwa.com.au. Website: http://www.hlb.com.au Liability limited by a scheme approved under Professional Standards Legislation

HLB Mann Judd (WA Partnership) is a member of International, a world-wide organisation of accounting firms and business advisers

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Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001 has been provided to the directors of RTL Corporation Limited on 27 February 2009.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half year financial report of RTL Corporation Limited is not in accordance with the Corporations Act 2001 , including:

• (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2008 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Significant Uncertainties Regarding Continuation as a Going Concern and Value of Contingencies

Without qualification to the conclusion expressed above, we draw attention to Note 1 to the half year financial report which states that the consolidated entity is dependant on the sale or rental of items currently held as inventory, and to the extent that the consolidated entity is not successful in this regard, there is significant uncertainty of its ability to continue as a going concern. We also draw attention to Note 6 to the half year financial report which indicates that the Australian Taxation Office has disallowed the company’s Research and Development Tax Offset claim for the 2005 and 2006 financial years. The ultimate outcome of this matter cannot presently be determined, and no provision for any liability or asset that may result has been made in the financial report.

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Perth, Western Australia 27 February 2009

HLB MANN JUDD Chartered Accountants N G NEILL Partner

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