Ann: October Corporate Presentation, page-68

Where is the revenues? Only revenues IM3 is receiving is from MNS doing CRs on our expense.

I agree ideally IM3 should be making sales generating revenues and repay debt, but until that happens they need a solution now, so if they find a right JV partner to sell down some equity even at a lower valuation than hoped for it’s something to keep IM3 afloat without relying on MNS.

Once IM3 is pumping revenues the valuation will be massive, mns can consider to sell another smaller ownership in IM3 to fund AAM or nachu.