Ann: Appendix 4C - quarterly, page-55

Their pipeline will go up significantly as they will likely bid for more but their chances of winning a contract will go down significantly. Whenever you go for a tender, one of the primary things your submission is judged on (and then you often get shortlisted) is your customer references as well as how solvent you are as a company. . Do you really feel AR9 given their 180k in revenue would have many significant customer references yet? hence why I have stayed invested in TNT (yes a competitor).

37m MC with revenue sub 1mil here... or you can look at TNT which is 45m of Revenue, CF+ now and MC of 100m and has some heavy backers behind it.