Ann: Boom2 Development Update, page-8

I'm not sure that I see this announcement so negatively. Sure, there's nothing new in terms of technical information pertaining to BOOM2, however we have confirmation that the pilots previously announced in the last business update are commencing from next week. Given the tight timelines involved this morning's announcement could have just as easily been to announce a delay in roll-out of BOOM2!

I consider this announcement as a very positive outcome, as it implies that we have another shot at progressing the previous MOU/larger opportunities, but also, it should lead to increased revenues/profitability from existing customers this quarter, given the increased scope of service offered by BOOM2.

My concern however is still around option conversion and the $2M of cash that we'll need for business operations. We're only a month away from IAMOA expiry and this update alone won't see conversion through.

Management are going to need to provide some excellent communications in the next 2-3 weeks around the progress of the pilots and up-take of BOOM2 as they roll-out to selective clients (as noted in this announcement).

Fingers crossed for the commencement of the pilots next week - I wish all the best for the team at IAM !