Ann: Activities Report and Appendix 4C, page-77

I bought more shares today. I still have concerns, but the risk/reward at ~15c is pretty compelling. The quotes from the Iridium update are promising and there were a few winks and nudges in the recent ********* article that suggest we'll see a strong update:

• "we have yet to see a drop in sales for ZOLEO or our other mobile satellite solutions."
• "the level of enquiries has gone up recently."
• "the upcoming quarterly from Beam may show hints of its ability to capture the market."

It could all be spin but I think this stock could turn very sharply given so much negativity has now been priced in.