Ann: Appendix 4C December Quarter 2014, page-45

Please correct me if I am wrong.

The company has developed GO in conjunction with Iridium which turns a phone into a Sat phone. Now WRR owns the IP and manufacturing rights to this product. Iridium now orders the product from them obviously at a price set out in their agreement. So as long as Iridium is receiving demand for this product WRR will be a beneficiary?

All your points are correct

Is their a gross margin figure provided for this GO product? If they outsource manufacturing (logical) and have large and powerful customers (Iridium) wouldn't their margins be tight?

None publicly provided. GM's have historically consistently been around 35% -40%. We will see when they announce their first half results if GO has materially altered GMs. Also Iridium are after the ongoing network usage revenue - they are not likely to care too much about the margins on the headsets.

Is this their first sat phone? To which they own the I.P. Correct. You can see the other WRR products (accessories and handsets etc):
http://www.beamcommunications.com/all-products

Forgive my ignorance but the plethora of other products developed for Iridium and Immarsat networks are they sold through distributors and re-sellers? This is my understanding. Correct

The company says "growth in recurring revenue" from M2M and prepaid services. What recurring revenue existed before this? Not sure - they have been doing that for several years