Ann: Presentation to AGM, page-15

your reaction to the agm is what i would say is the reason for no guidance, the market set unrealistic expectations which is probably the fault of management and now they're probably being over cautious. i think you were previously overly optimistic and now being back in reality need to reassess your expectations.

my expectation for this year is around 150mil revenue which if they achieve based off only 1 quarter in the previous year hitting those numbers would be quite impressive imo. i actually do think that they would have expectations of 200mil revenue next year however given recent events they are playing down expectations.

They gave a run rate based of 1 quarter and all of a sudden everyone expected well over 150mil revenue for the year, yes imo a mistake from management but also a mistake for investors not being realistic considering the past 18 months

If you take previous year revenue and apply the current growth rate 67% they're running at an expected 143mil revenue, this during the slowest period of the year. If previous trends reoccur then 150mil revenue will not be an issue. Where are you getting your figures that state otherwise?

The issue is that your concerns over no organic growth and lack of revenue are incorrect going off current data, if you throw enough darts you'll eventually hit the bullseye, as I said your starting to sound like that, we don't care if you think its a sell now, you come back to say I told you so and it rubs people the wrong way regardless of what you have done in the past.

And if it drops more you'll eventually buy back in and all we will hear is see guys I told you it was a sell in the 20s now I'm back its a buy guys this company is going to the moon.

I have always appreciated your input, I like the bear case to balance my thoughts however you are now becoming repetitive and working off assumptions and ambitions, you still not provided an argument against no organic growth taking into account the figures I posted so yes I would say you are lacking some facts to support your arguments