Ann: EGM Management Presentation, page-162

5 years ago the company was peddling nonsense - is is also not surprising to hear that some of those representing the company at the time may have acted with less than professional courtesy - at any rate, the white shoe brigade from Perth are all gone now - aren't they? there is also no doubt that the back-door listing of IwebGate or whatever it was called was something to avoid - back then. those who speculated on this stock - back then probably deserved to get what they paid for at the prices they paid - current management and board have nothing to do with those shenanigans.

The company today is not the company that was then, the product lines and services being offered to markets today - didn't exist 5 years ago - in fact the engineering/analytical and implementation functions required to service an enterprise client didn't exist back then, support, service centers and sales teams didn't exist - in fact 5 years ago - there was no functioning product to speak of.

I can understand once bitten twice shy - although in your case you seem to have an extraordinary amount of energy available to poo poo whatever the company is doing today - which has nothing to do with what you and others would have come across in any dealings with the nuff nuffs running the company - back then.

This situation is actually the opportunity for rational investors not burdened by the past but more interested in the future. there is currently an outstanding 'arbitrage' opportunity for investors with longer than 12 months investment horizon staring at your face. This horizon has diminished from 24 months as announced at last year's AGM and will keep diminishing as cashflow generation begins to emerge from sales growth. Timing entry is always difficult - and COVID-19 + Political saber ratling has made many people wary of businesses doing business in China - again negative influences on perception - which if cleared for, providing for the opportunity for those so inclined.

What you have today is a product line that is competitive with any other SDWAN platform solution out there and in some respects ahead of the curve in terms of functionality compared to any other products out there. More importantly - the infrastructure required to win and then service enterprise and large scale clients pointed to above are in place in one market China and being replicated into other market(s) eg India.

The company is also operating in the data security and intervention markets - via its acquisition of SSI - this level of operating capability into quite specialized markets is interesting in itself.

The Company has progressed from no product and no sales or service capability to developing products and service capabilities into a business that is now generating good revenue which can be grown.

The cost of going through this journey is about $45m so far - small bickies compared to other companies purporting to be world beaters and trading on eye-watering multiples on the ASX today.

Today - the best way to think about this company is as a start-up and gauge progress as far as revenue growth goes against similar startups in same market(s).

On these measures from this perspective, Netlinkz is tracking better than well.

As for 'investors' who don't understand what the market(s) and use cases that are pertinent to Netlnkz product and service offers are and what the likely costs will be to develop scale and sustainability in these markets - their views aren't worth much - and yet they represent at least 40% of the shareholder base - which is probably the major encumbrance that the company has to deal with - again another source of opportunity for investors who understand what is going on.