AGM

Ref AGM

Not many turned up think there were 5 shareholders maybe 6  I got there a little early and had a little time one on one with Sean and talked a few things over

Ok so the meeting starts

Questions Asked

1   Ref the Loan, where did they dig Golden State Capital up from was it through association with Cicero

Answer

Yes Cicero have used them in the past and are happy in the way that Golden state conduct their Business

2 Please clarify Details

$2mil loan with Minimum Commitment of $500K so initial two tranches minimum not singular after this increments of $250 may be drawn down upon

Yes they intend to initially draw down on the $500K for aggressive marketing

3   Is the facilitation Fee ie option issue going to Capital State

Yes It is , so for them to convert by august 18 SP needs to be north of  .025c but hoping we will be well north of this by then LOL

4 Are capital State another La jolla or Bergen etc etc  or are they more of in my words A STAYER looking longer term

Yes James Robinson  classes them as a stable investor and would no way put them in the league of the above mentioned

The company can draw down on the Loan from the 1^st Dec however no part of the Loan will be converted to Shares without first seeking approval from Shareholders

Think that about covered the Loan

5 WFI Downloads as of today stood at 1700

6   Advertising

Yes they will be Aggressively was the word used

But neither by TV nor RADIO

I talked this over earlier and Sean explained that FZO were doing the leg work and we were actually starting to see a benefit from their advertising, Didn’t exactly get specifics except to say that initially focus has been on the branding, moving forwards

it will be about market specific targeting the end user, There were stats given but my memory fails me to even quote what was said ( sorry )

National Advertising brand awareness apparently Robyn has been on more than one radio show mainly I believe on the eastern seaboard hence we really have not come across it here in the west

7   Asked about Telecom uptake ie did we have to show specific uptake before we would be looked at

Answer NO

8   Asked about our Sponsorship of Constable care  ie what are they doing for us issuing flyers to parents etc

Answer

Yes both flyers and obviously inclusion WFI in their talks when visiting schools around the state

9   Ref investment from previous investment seminars around the east coat has he been or is he going around again

I believe his phone has been ringing and he is doing his utmost in bothing chasing investment around the country ans also promoting to the powers that be in schools.

10 GPS Gate will be out before xmas I believe from memory and we touched on its use in conversation I asked about false alarms diverting from route I must have misunderstood its use, primarily the aim of this is to clarify the child is home in their room at night safe and sound   ( my interpretation only from memory anyway )

11 Affiliate Commercialisation

Being as our subscription cost is so small what percentage would the affiliate partner be taking

Answer

No specific figure given only to say that the size of the affiliate will depend upon the percentage given up

Are you talking to affiliates presently  ( had to ask LOL ) lips were sealed but again I feel the phone is ringing  ( MY opinion only )  

With regards to costing we are in  early stage development and as such need to penetrate the market, once a market share has been established it would appear there could well be an increase, because lets face it what you are actually getting for you $ product wise only  not including a fair degree of peace of mind

IT IS INSANELY CHEAP

WE DID have a short chat on roll out to other countries and growth and as Sean explained as we roll out and get bigger the beauty about our product is nothing really gets that much more expensive as in, are we profitable now NO WERE NOT but as the business scales up the expenses will not change that much from inception

One holder asked about the US and what was involved and basically Sean informed us very little in simple terms I believed he used the term just flicking the switch.

Again on the overseas Market apparently Robyn has a contacts in Singapore and believes WFI would have great potential over their but again this is an opening that I suppose will be addressed as and when the time is right as translation etc would have to be worked on

Sean talked on the Data and how they had found the amount of spyware I think was the word used had been travelling through from Apps connected with user phones
( I am sure it was spyware)  Whilst on the subject of Data i touched on another use and informed him my son worked for a Global company and had informed me the massive amounts of money these large companies paid for user specific DATA at this point Sean told of one of his ex employers actually collected Data from their home point and on sold the specific DATA at $5mill a pop to a market competitor on a regular basis

So as one can see once WFI is up and running the way this company are able to decipher data the SKY would appear to be the limit for this start up company

What I have written here is my own interpretation from memory I do not believe I have misrepresented anything said at the AGM  and if I have I would hope that those that attended will correct me or even Sean for that matter im more than happy Sean for you to flick me an eml to correct anything I have misunderstood, if for that matter I have

Great effort by Jocko and Raf to fly interstate to be here well done guys it was great to meet you and have a yarn

To Sean well done mate I believe you are doing a great job and congratulations on your first AGM it was very well talked through and I appreciated the time you took with your explanations across the board, ignore the WANNA  B CEOs in this forum they are two a penny across the whole of hot copper

All the above as previously stated is just my recollection of events and IMHO

please DYOR

Good fortune to all WGLs