Ann: Appendix 2A, page-11

Logo wouldn't exactly have huge margins, though does not preclude it being profitable. Hypothetically say costs in the vicinity of $5.5m per Q, would mean a profit of $2m per year making the 9m valuation for 60% not unreasonable. Actual numbers aside, a large revenue figure and a lower purchase price do not necessarily indicate a significant an overall loss.

We will have the actuals later this month in the Annual Financials.

IMO, DYOR

MJ