Ann: Entitlement Issue Prospectus, page-144

There is a market. Asset management, vehicle tracking, agriculture, emergency services, payment systems, plenty of purposes for narrowband going in to the future. SAS clearly did not get their initial business plan right. As highlighted by their 180 degree turn during the botched CR earlier this year when they identified the money is in the IOT/M2M contracts. IMO this was likely identified by the likes of Malone who realised by the time they changed their approach it was all too late - SAS had already cashed their chips on the Diamonds and the equatorial communication plan.

If SAS properly identified where the money was to be made in the early planning stage, the Diamonds would have been designed for this purpose and there is every chance we would have already watched the first batch of operational sats launched for real revenue - with about ~1.5 billion SOI. Instead they chased no name companies like Beeptool until they had exhausted all funding options. Now they are looking for funding on the back of the worst prospectus I've ever seen which would, if successful, leave them essentially still at square one with over 5 billion SOI.