Ann: Executive Chairman's Address to AGM, page-3

This is a rather honest update which I appreciate and thanks for it.

At the same time, it highlights their core issue: lack of traction. In previous years they could blame Covid and regulation changes in UK for that at least, but now they can only blame their incompetence.

Operating expenses increased 600K, Carbonview up 40K, and Simblsense up 134K in FY22. They need a reality check.
6 months old startups in the sector generate more revenues. But the Board is happy to go as it is as far as they can skin investors, a lifestyle company for them.
The timing is also interesting. I am saying here leaky ship for a while. Now, they recognized that they have been experiencing troubles since the second half of the 22. Look at the SP performance when the selling started after some initial interest last spring. This also explains well why the placement price was at 1c. As I mentioned before, 180 Capital is perfectly aware of what is going on and what is in the pipeline, hence they priced SIS as a shell. Indeed, the current MC reflects SIS as a shell, and because the Board does not seem to have the competence and not willing to make any changes to significantly increase sales, the only hope for SHs remained is some kind of acquisition/merger. They already spent a significant amount of cash on this without any results. “The Company paid large corporate finance advisory and broking fees for equity raising and advisory activity related to M&A activity in the second half of FY22” What a waste of money.
As the company has little to no traction and definitely no cash, I doubt that they can acquire anything (a small useless phone Application would cost hundreds of Ks these days). The only hope left is for the believers of DT if any left here. He might use SIS as a shell company after left RAC, but it is way too much speculation and probably will not happen. At this moment, no good news for SHs unfortunately imo.

Happy to see any believers’ views here if any are left.