$3.5m revenue + $13m cash but only $24 mkt cap, page-5

'$3.5m in revenue is ok but where is the growth to come from?'

Hopesprings, we have just seen a 2000% increase in Nearmap revenue; IP assertion cases in the pipeline for the multi-million dollar windfall prospect (check previous wins); a growing need to identify the dangers of floods, degradation of river / ecosystems, the impact of drought etc with current and regular high res aerial maps - yet you ask 'where is the growth to come from?'

If IPR can prove the business model here in sparsely populated Australia which has vast swathes of territory to fly over (yet with costs around one tenth of rival technologies), imagine what the proceeds might be in Europe or the U.S.

I am not fond of management either but the company happens to have 100% ownership of one of the hottest technologies going and that's where the growth prospects lie. Check out some of the sums pumped in by Google to technologies offering inferior and more expensive phtographs. They are multiples of IPR's entire market cap.

Stuart Nixon (inventor of Nearmap) estimated that Nearmap had around a 3 year technological advantage over the next best aerial photomapping technology available globally and could deliver its product for a fraction of the cost. Today's release suggests that demand for current, high-res aerial maps updated on a weekly or monthly basis is building at exponential rates and the whole climate change focus can only feed that in my view.

It remains to be seen whether management has the nous to exploit fully the potential of what they have, but today's revenue figures are a most promising sign.

DYOR

Gupper