Ann: Investor Presentation, page-8

Hello again. Yes. The thesis is basically as you say ‘not much needs to go right to get a decent uplift in market cap’ lol. I like how you’ve put more engineering into it! Makes me seem lazy again in comparison.

To me, Gerard seems like a motivated guy with a plan & he is trying hard to make that plan a reality. I know that he has the right skillset to respond to (or get his team to) Government tenders and to get that $10m sales, all he needs is another one or two council or Government contracts. As long as there’s no empire building plans in the works, either a bunch of little wins or 1-2 big wins could easily get them to that tipping point of profitability. For me it’s a little bit of backing the jockey rather than the horse here.

Getting a new product to be accepted by the market might take longer than many expect though. It’s not going to fly off the shelf in year one. Not that easy.