Ann: Velpic Secures New Reseller Partnerships Nationwide, page-28

I wouldn't worry so much about hiring as its a sign that the business is growing, would probably be more concerned if they weren't hiring.

As for CR would really depend on the company growth strategy and how fast they want to expand when they start to play in the global arena, Russel has stated the need to maintain the first mover advantage so really up to management to decide what strategy to implement obviously they will need a lot more than the current coins in the kitty if they were to be aggressive and decide to go to market earlier than expected.

Little exercise for you all, match up the below dates from cr placement with the SP on the charts for xro.nz notice a certain trend?

22/05/2009 - $29 Million ($23.2m Strategic Placement + $5.8m SPP) (90c)
02/02/2012 - Strategic Placement $20m ($2.75)
8/03/2012 - SPP - $15.6m ($2.75)
30/11/2012 - Xero raises NZ$60m from US investors
14/10/2013 - Xero raises NZ$180m for global growth


Lastly guys couldn't help but share the below slide its from 1-page last presentation the stats are somewhat related to our cause once we start to play in the US.

See where it says 54 Million people hired annually that for Velpic is 54 million people who are needing to be inducted annually (recurring revenue) 5-10% of this market share just from PPV is still good annualised income for the business.