Ann: Norwood partners with Visa, page-103

In November 2015, NOR raised $7.1m with a large chunk of the money going to provide free minutes to new World Phone downloaders. They managed 3.6m downloads and generated ~$500k. Revenues and downloads dropped off once the free minutes were all spent.

If I was being cynical the $1m just raised may end going on minutes for Visa users with little to show for it long term. I would imagine $25 for 500 international minutes would be a loss leader and may end up costing NOR if the customer's don't stick.

I sincerely hope the $1m is being used for more revenue generating activities. NOR has to generate $4m per year to keep the lights on, and much more if they actually sell any minutes.