Ann: Investor Update - March 2013 , page-9

I think it's crazy to value a company on revenue multiples, especially when it's still cash flow negative and making losses.

Revenue multiples are no good if for every $1 of revenue you have to spend $2 to earn it.

I do expect another capital raising, especially since they flagged another acquisition being likely. But I'm hopeful it's only going to take one more before it comes cash flow positive.

It's also got quite a bit of growth factored in assuming it becomes cash flow positive, but that's why it's only 2% of my portfolio. I'm quite prepared to lose the whole lot and I have no problems sleeping at night.