Ann: Appendix 4C - Quarterly, page-3

A quite meaningless 4C, given this company has only just started its commercialization journey.

There are a number of things to like about this CBL, including that:

1. its products are proven and the outworking of 15 years of R&D;
2. the addressable market for those products is truly very large;
3. approvals have been received to sell into those large markets;
4. Gross Profit Margins are high (>60%)
5. it is founder-led;
6. its management took no money off the table during the recent IPO, and
7. with cash holding of ~$13m (equal to about 20% of the company's market cap), the business is adequately capitalised to fund the investment required (Sales & Marketing and Working Capital) to drive the top line.


Sure, its a widget seller, but they are very good widgets for which there is great unmet need, and once market awareness has been created, I strongly suspect it will almost certainly be able to sell as many as it can produce.

It might not become a billion dollar company (well, not any time soon, anyway), but it has all the foundations for becoming a business which is a lot more valuable than the $60m value which the market currently ascribes to it.

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