Ann: Final Director's Interest Notice - Walley, page-10

Nzcib,

Yes you are right the latest Invert CR material does make interesting reading, as did the AGM material.

Sure projections have been revised since the early 2016 material. They hadn’t even completed their 2016 FY then, in which they made a mere $110k or so revenue. Made $444k for 2017 FY, and on track to at least quadruple for the current 2018 FY (doubling is already more than in the bag). Although they might miss even there current target which is a little over $2m (with more than anticipated destraction & funding delay around the CR they kicked off coincident with the PVL/HW fiasco) there is something a lot more credible about quadrupling revenue twice in a row than all the projections and powerpoint shows. EBIT profit forecast for FY19 and based on the growth success since the early 2016 material I believe it is demonstrably credible.

In that time moved from a gaggle of young engineers testing the market to a high growth company with already credible revenue (nearly 20 fold up) with a serious CR just complete. Well and truly out of the PVL incubator now.

As for NZ investors touching PVL now, imo you are absolutely correct. Unfortunately it’s not just investors, who would want to be funded or incubated by PVL? Where’s the deal flow going to come from?

They are going to have to perform a miracle at Veritide now if there is to be any PVL turnaround imho.

EL