I will post in INSTALMENTS…………The Address by the CEO Dr Alan...

I will post in INSTALMENTS…………

The Address by the CEO Dr Alan Sullivan was concise, precise and very positive.

HIGHLIGHTS:
1) Project Delivery, ERG has moved from DEVELOPMENT( very costly) to DEPLOYMENT (revenue ready)
2) Large Projects consequently de-risked. Future debt will then be cheaper , down from the 10% now to D Saville to bank percentages.
3) Significant cash release in the next 12 months
4) Significant new orders from current customers
5) ERG technology used on more than 22 million cards globally
6) ERG installed systems handle more than 5 billion transactions annually, in over 200 cities.
7) Generating annuity style recurring revenues that deliver an appropriate level of profitability
8) San Francisco:
a. Revenue Ready since Nov 4 in
i. AC transit
ii. GGT….Mass media coverage coming
b. Milestones laid for the other 24 Transit companies that make up SF MTC
c. Completed significant expansion of operational platform to support Washington, San Francisco and Seattle. A clearing house is set in Concord CA that is capable of reconciling AFC and other payments for ERG US installations….(SF,Translink card), WMATA,(Smartrip card) Seattle (ORCA card)
9) Sydney
a. Bus smartcard and legacy field trial completed. Rail scheduled for early 2007.
b. All of the SMH reports about Tcard are ‘erroneous’….Dr Sullivan
c. ERG now maintains all equipment in Sydney and has ramped up all services in preparation for the project deployment.