Ann: Appendix 3B & S708A notice, page-78

Followed the path of many tech stocks, good debut before dwindling away as the ongoing cash burn process progresses.

Now they have got to the point where they have good contracts coming through, revenue is growing strongly and capex should start to ease off. Forming it's base before turning CFP hopefully this quarter. Then the long march back up as things continue to grow.

IF they can maintain 70%-100% revenue growth and not blow costs out this will be producing EBITDA of ~A$5m in 12 months. A$5m and growing at those rates is probably worth a P/E of 20 and these guys will have tax losses to use when they finally reach CFP. Easily worth $100m IMO.

BUT, we aren't there yet. So many times I have seen the promise of CFP allude companies so we need to see execution.