Ann: Appendix 4C - quarterly, page-64

It's bad, just as the market was expecting.

I wonder what they fed the instos to get them to support the capital raising. Anyway, nice way to burn your future capital raising options, lob a bad report in shortly after you've got the cash and tank the share price below the capital raising price.

Revenue of 9m for the half, burning cash , promises things will get better. Juneauquan has even gone quiet and isn't yelling CASH FLOW POSITIVE into everyone's face anymore. $100m market cap at this price, maybe much less tomorrow. Growth multiples are reserved for companies that are actually growing. Saw a report today from RVR, $6.8m cash flow for the quarter and their market cap is $180m. Yes it's a mining company so you can't compare like for like but which would prefer to own?

And extrapolating from the photo of the guy in the winter fatigues? Reminds me of the time they put an image of an airplane in a report and someone here started talking about Alexium about to crack the aviation market.

They mention sales volumes increased by 9% on page 2. On a positive note, sales volume increase went from 9% to 10% between page 2 and 4, Perhaps if I keep reading it things will get better ... nope I get to page 6 and see that awful quarterly revenue chart. Sales volume up but revenue down due to bulk discounting.

Licensing is at .. some stage .. can't really tell if its going to happen in the next year or next decade.

Electronics FR strategy - maybe if we don't talk about it people will forget


Military uniforms - well I can't blame them for the hold ups, the DoD seems to operate at a snails pace



Sold most of these a while ago thankfully otherwise I'd be looking at a few hundred K loss. Waiting for the next positive announcement to dump the rest.