Ann: Binding MOU for Distribution in India and Taiwan, page-142

Hi @karenauk,
I am long termer, been here for a while from seed time and met management at least three times and they are always keen to take my calls and discuss past announcements or information. Management is extremely experienced and they started LifeWatch AG, a swiss listed company, recently sold to a NASDAQ listed company for USD280m.

The topics you have brought are not new and been discussed extensively in the past, so I am not planning to go through all of them but will address just the few you have highlighted:
- The Cayman Island is for tax minimisation, US companies use Ireland and Australian companies use The Netherlands in connection with an office in the UAE (Dubai) where they keep the Intellectual Property.
- Staff Costs: GMV is operating in many jurisdictions and countries in order to get the contracts and implement call centres in USA, Europe, Asia and Israel. The CEO and the Boad members are already wealthy guys, Dr Yacov Geva sold his 14.7% stake in LifeWatch for at least USD30m, the Chairman is Kenneth Melani who was one of the most powerful insurance CEO's in the USA and is currently managing a medium size PE & VC focused in IT-Medical start-ups. As you can see these group of people are not the classic "one-hit wonder runners", GMV for them is their legacy. Unfortunately highly experienced people are not cheap because they create wealth for investors, cheap un-tested un-proven managers provide a higher level of uncertainty.
- Contracts: The company accounts at the moment for a total of USD$1 billion in revenue spread in five years from USA, China, Europe, India and Taiwan. The last announcement is clear in terms of highlighting the risks associated to it, which is not different from any other material and large contracts. I would like to remind you that management has deal with these kind of affairs in the past.

Cheers,
Rod