Ann: Letter from the Chairman, page-2

Good letter, too many staff. This is basic SaaS. Other than a phone line sales team and a dev team in Ukraine or Sri Lanka should this be able to operate out of a hut in Broken Hill? That said, $7m is reasonable market cap for this so if eyeballs appears you can sell ads

Wouldn't this make more money as a FreeMium product just selling ads? PinchMe is pulling $10m revenue from its 4million "members" with market cap of $60m, selling ads to eyeballs.

Why would I pay money for something that I can have for free from Facebook. Our family just has a private group. We aren't all Michael Jordan or Oprah trying to protect images of our kids. Your audience of 35 million families aren't that protective. Good god I understand my grandchildren each have about 400,000 photos of themselves on snapchat or instagram....and thats just selfies.

From September

3rd