Ann: Response to ASX Query, page-300

Even if it relist, it will be very hard for anyone to quantify the worth of its contracts (revenue).

By comparison, if you were on a phone plan or an internet plan:

1. You pay a monthly fee regardless of whether you use your phone or the internet to its limit,

2. You sign an exclusive agreement for a fixed period to use ONLY "X" or "Y" company's services and

3. If you want to break the contract, you have to pay an exit fee (penalty).

As such, the phone/internet company, analysts and investors can quantify the revenue based on the number of subscribers they have.

Whereas with GSW contracts:

1. You ONLY pay if you use the service,

2. You (the customer) is NOT required to sign an exclusive agreement with GSW - that means you can choose to use another service provider without being in breach of your contract with GSW, and

3. You can end the contract at any time, without incurring any exit penalty.

Now, how do you quantify these contracts?

Its almost impossible.

No wonder even with nearly 200 national and international customers, GSW's revenue per quarter is only around $250k.