Ann: Full Year Investor Presentation, page-80

Yes and No. Nick Martin (ex CEO) went off road with the FPGA tools, spent maybe $1 billion over the years (of what would have been profits) following that direction. He also, near the end of his time with the company tried to spend a heap of the profits in yet another hair brain idea, I say that because I believe he tried to continue with that path on his own, with his own money ( he sold all his around 20 million shares at around $2) after he was shown the door.

I had been writing to the board (including Nick) and shareholders long before he left, with the main point of going back to the core product, also trying to have him removed or at least, moved out of the top position, which was hard to do, with the holding he had (he founded the company). A few at the top said I could never make that happen.

Aram has been great, focusing on the stuff customers want, and will throw money at you to have it, just do what they ask for and the rest is easy.

I said at a meeting with management and fund managers about 18 months back, (when they asked about takeovers) that there was much more money ready to be made becoming the 'Microsoft Office' of ECAD. As once you become the default, go to product, the revenue increase is logarithmic. And it is then near impossible for a competitor to move in. Altium have been doing the ground work to be in that position now for quite some time, offering a single solution at a great price (so much less then the big guys) that it could only take market share and the longer you do that, the easier it gets. Once the employment ads ask for Altium Designer experience over any other product you know you are achieving those goals.

Keep up the good work, Aram and team.