Ann: Strategic Partnership with Pioneer Credit, page-14

This is priced for absolute destruction. I scooped some up at firesale prices.. Unless I am mistaken I will be expecting cash burn to come down significantly as they have farmed out a lot of compliance/admin costs through the deal with Pioneer... And we are still seeing merchant payment growth! Not even including any more revenue from any of the bank deals (CBA/Mac)

To be honest now whether we debate about the active/de-activated users now becomes largely irrelevant. With 188m SOI at .018 the market cap is $3.3m with Cash reported last q of $1.24m. That puts the EV of the company at $2m!! I've seen shells with better EV than this.. So on any metric with 2.3m plus users the valuation of each user comes to under $1 per user. I'd like somebody to show me a listed tech coy with a lower valuation of each user please??

I see lots of people using Rewardle for free coffee everywhere. Yes the system isn't exactly perfect and cafe's are not always using the marekting correctly. But with postcoder starting to bear some fruit, and the development of a universal point currency, then the valuation vs what is currently going and ahead starts to look pretty exciting on an R/R basis.

Remember this is a venture that Ruwan sunk $1m in at 5c, so if he's prepared to back himself in, so am I. I think this could easily be sold if it had to by a bigger player for much higher valuations...