stand up, page-12

Garmel,

Well researched post, I enjoyed reading that.

I like your points about first mover advantage.

Another point reinforcing this is the absence of VOIP number portability, if you have a VOIP DID number now for your home and/or small business you would hardly churn to another VSP/ISP if you were going to lose your phone number.

I run MNF VOIP at 2 business's & 1 home and have published DIDs at each site. If I were to move from MNF it would be costly and inconvenient.

Cash will be King from here on, MNF is in top financial condition, key points are:

Cashflow positive, no need to borrow or cap raise to support OpEx.

Just $2M related party debt to Symbio on extended terms, no other creditors or bank loans to service.

$800K at bank

Recent 2 years of 100% subscriber & revenue growth.

Increasing spend per subscriber (ARPU)

Frequent technical innovation and new VOIP service products being introduced

Naked DSL on the way

MNF has very low overheads & headcount (33)

Management are frugal and excellent administrators

Independant non-executive directors with large shareholdings

MNF offer an alternative telco proposition to the market to save $$$ on phone calls, market ready for this now more than ever.

Again, I look forward to reviewing the upcoming 4C.