Ann: Bubs Launches in USA Formula Market, page-15

This is great news expanding in the USA just like what A2M has done, however cow milk is still king and queen in the USA and goat milk is less consumed. This is a saturated market in the USA, the only concern is the price point, American's are price sensitive and BUB products are expensive to consume being a premium product. There will be alot of marketing being spent to promote in the USA and BUBS has a tendency to raise capital and pump millions into marketing which they need to do as this wont sell organically. I would watch for the CR to pop up regardless the cash they have on hand, its a great diversification outside china but I don't expect too much a demand from the USA, BUBS mention in the report that they are the only goat milk company selling in the USA, well this is actually not true and is BS, there are American companies making and selling goat milk in the USA and growing about 7% a year