Ann: Appendix 3B-NOR.AX, page-78

Hi Brentv,

If they have the best tech around they haven't shown that they can monitise their products. Sure they 'could' have 115 clients, but personally I wouldn't give management any more credit than that I can see from their 4C, which shows the fruits of their labour (to date).

The reality is they do need lots of revenue from contracts to be sustainable (they are currently on 'life support' in the sense that they need to be kept alive by cap raises). Yes they could make $30m in profit, but you have to ask yourself how likely that is given what management have delivered to date compared to promises made - I would have more confidence in the tech if there was a lot more cssh generated from the products. I'm not a telco expert so the cash generating ability of the assets is all I can go on to make an assessment of the business in the absense of concrete numbers from contracts or reliable management guidance.

Henry Emmett