GSW "in the process of evaluating acquisition targets", page-55

Yeah, I can see potential here. If NAW can sell GSW into AZ and AZ do any sort of volume of commercial, adhoc deliveries (they seem to hire a lot of drivers) then there could be a market.

I guess I would be a lot more convinced if the NAW deal had been described as a joint marketing or sell-through partnership. It takes a lot of work to understand how this could deliver value in the NAW network and I'm surprised that GSW was not more clear in their description and value projections. It encourages me to maintain a certain level of cynicism.

Now that I understand how it works, I would have liked to see an announcement that did something like this:

* NAW and GSW estimate that there are up to yyy deliveries in the NAW partner network that could benefit from the GSW tech.
* NAW agree to invest in integrating GSW into their service offering and to market it to their xxx customers.
* Full NAW network integration is expected by Q? and customer trials will begin ?immediately?
* GSW is able to deliver great value to the NAW partner network by using the entire size of the network to offer unmatched price per delivery costs.

etc, etc, etc. As it is, I don't think GSW have explained the opportunity well which makes me hesitant to believe the opportunity really exists. Cynical radar, etc.

Anyways, back to waiting to see what happens.