Ann: Extension of Suspension-WGL.AX, page-64

Just a lesson here guys. I was very excited for Wangle once upon a time however, in hindsight, there were a number of alarm bells that we should have taken note of (perhaps we were all blinded by some of the ramping on here). Firstly they started the marketing campaign way later than they implied they would and did not release an announcement to the market, just some dodgy email to "vips" nothing to SHAREHOLDERS. This was better than nothing at the time but disappointing nonetheless. Then less than 2 weeks before launch, the silence is deafening and the sp plummets from 4.4 cps to 3.6 cps (nervous holders getting out sensing something is wrong). Now it is at this point that Wangle management only just sent their app to Apple for approval around a week earlier. The changing sentiment in sp and the pressure of getting approval from apple builds and they subsequently agree to release an announcement LESS than 2 days later regarding Wangle's microprocessor agreement. This "insurance policy" of an announcement (although exciting) gets the SP back up to low- mid 4s and everyone is happy again. They then release an announcement 3 days before the launch is due regarding the performance benefits of Wangle app. Now this was very exciting also and at the time some reassurance as to what we have invested our hard earned money into. However, when management chose to release that announcement, they did not disclose anything along the lines of "impending apple approval" and they would have been perfectly aware that they were taking a massive gamble LESS THAN 3 DAYS BEFORE LAUNCH DATE that it would get approved in time. They basically implied that everything was go for the Wangle launch saying it is "set for release October 14th" when it was OCT 11. Then on the day of the grand opening when we were finally going to get something concrete we enter a trading holt with the message "waiting for final approval for the IOS version of the app" which was sugarcoated with "The Company has received approval from the Google Play Store for release of the Android version of the Wangle App." I mean come on. To think that they can keep shareholders on board by saying things like that- people are not stupid. Then they continue to embarrass themselves over the next 14 days with multiple trading holts and finally a suspension from trading. Now, there were a lot of day traders, punters and swing traders that went in on Wangle on October 13 that have essentially had their money stuck in limbo. When Wangle resume trading these traders (and I am sure a fair few LT holders) will be looking to get out ASAP which will completely obliterate the SP. Regardless of the tech that they have management are so irresponsible here this investment here is still a gamble. Next thing that could happen is "Changes required for Apple approval"- obviously they will throw in a few upgrades to the app here too just to keep everyone happy.

Even the most high tech planes can crash at the hand of a incompetent and/ or careless pilot.