digital identity, page-23

please help me to believe. I want to believe. I want to find the next 1PG but I am having awful trouble believing that this is it.

1PG has about 68 mill shares on issue but this new venture will have 917,644,780 shares on issue including/assuming performance shares. For the vendor to earn the performance shares ISX will only need to achieve annual revenue of $10 mill....that's not EPS but just revenue. If ISX were able to reach this goal and could also achieve a MC equiv to 1PG then ISX would have a lofty SP of 9c or thereabouts. This does not take into account that they are kicking off with only $4 mill cash so further CRs will be a certainty. It could easily have a billion shares or more on issue before you can say "asx listing".

I am not saying that the product won't be kick ass and that it won't be a robust business but with that many shares on issue before you even get started it is hard to see a real lot of potential upside for shareholders.

I welcome any feedback if you think I am wrong.