Ann: IOT to acquire US headquartered HoverBoard business-IOT.AX, page-23

http://www.octafinance.com/cutting-...cing-bryan-corlett-released-feb-1-sec-filing/

I had a look at CEP when trying to understand Corlett months ago. It appears that the company was funded for us750k in Feb (although only 350k was paid it). But now IOT is willing to value it at US11m 8 months later, with no revenue or released product. I must be missing something. And the ANn says IOT has distribution rights in the US?? Why does it have distribution rights from its US distributor? Must be going back through Corletts other company Top Tech. IMO, nothing attractive in this ann