looking good..., page-4

no short term price as I only hold long term (12m+) invest. Bought this one 12 months ago. i like it and have watched it for many years before getting in for the long haul. How you play it up to you.

Revenues gone from 2003 $2.75mill to 2004 $7.7mill
EBIDTA $100k to $400k..bulk of that 400k in last half.

Customers increased to the level more clients were gathered in 2004 than in all its prior years trading..250k clients now i believe.

CEO doesn't pay himself or the board squillions and their latest investment in 20% of GLO looks sound, way up on it's booked and balance sheet cost of $700k, value at moment $1.25mill on current GLO share price. Got $2mill in bank.

Expenses seem under control..noticably their electronic commerce fees charged by the banks etc have remained static even though a huge increase in revenues and transactions...the war on transaction fees by the government has certainly helped this...and it is not an insignificant cost, only rose from 2003 $430k to 2004 $480k expense.

I'm thinking EBITDA close to $1mill for 04/05 based on current growth. Market cap a few weeks back $4mill...now only $7mill.