Ann: Appendix 4C and Quarterly Activities Report, page-64

I think a lot of people (healthyinvestor) are missing the point here.

Yes, PBH is spending a lot of money. The expenses in expanding their US operations have been something to somewhat gasp at. However, they have literally stated that that is their plan, so I don't know why people are so shocked that they are spending so much...

Mind the business lesson, but when starting a new business, there are numerous costs. Customer acquisition in this instance is the big one for me. And is my main metric for me 'valuing' this company. If they can gain a shitload of customers then they have a valuable asset which you can value this company off.

And its not like revenue hasn't been increasing.. Turnover up 169% and net win up 117% over the last year. They are encouraging numbers.

I actually think PBH is more of an execution risk, at this stage, than anything else. However, they have a plethora of individuals who have had countless experience in the gaming industry. Sam Swanell (our CEO) set up TomWaterhouse.com and was the COO there. Not to mention, we have had several gaming veterans from the US join PBH in some capacity or another.

On a side note - don't be surprised if there is another cap raise over the next 12-18 months.. Just have your cash ready to buy in again.