Ann: Appendix 4C - Quarterly Report with commentary, page-39

From 31 December onwards they must have known that the two substantial orders mentioned below had not occurred and therefore sales would be significantly below what they had informed the market but we are only being informed today, this is disgraceful in my opinion.

The Company started this quarter coming off record revenue and a best ever quarter of site sales for Buddy Ohm in the prior quarter, and both management and our sales team(s) had real confidence in our ability to repeat that growth in this second quarter of FY2019. With the holiday period traditionally limiting sales volume in this quarter, our optimism was tied to two customers with significant order volumes who (following successful pilots) had verbally committed to purchase in December via the Digicel arrangement. These volumes would have represented a doubling (or more) of our Buddy Ohm site sales this past quarter Regrettably, neither of those substantial orders completed in the quarter although both today remain verbal commitments and are pending completion


I do not think that the acquisition will have earnings large enough to make BUD cash flow break even, therefore they must still be hoping that a big deal gets done before the Dec quarter, maybe the one below:

In Q2, we certified a volumetric water meter to support the growing number of water monitoring opportunities around the world. This water meter is designed to function in harsh climates and operating conditions throughout the world – like the Middle East, where we have a pilot underway for several quarters with a major government sponsored organisation in advance of a potentially very significant opportunity (this is one of the afore mentioned major deals in progress).