Ann: SMA Investor Presentation July 15, page-17

Yeah that's interesting. Short of a technical reason, I imagine that there must be some initial marketing expenses and preparations involved and it would be a way for SMA to control those costs. The other notion that comes to mind is that it provides the carrier or regulators with multiple opportunities to stiff the client with fees.

On another note I was aware we had China Telecom and more lately China Mobile vut had not realised we also have access to the 285 million customers of China Unicom (as per page 13 of the presso).

I see that Unicom is mentioned under Third-party Application Billing on page 6, but has no mention under Subscription Billing on page 7. Perhaps an opportunity to further expand revenues?

Nice to see the market has turned around.