That is exactly what he said. I continue to hold based on the...

That is exactly what he said.

I continue to hold based on the projected return to growth, but have to say that the quarterly update is disappointing. I would have liked a clearer explanation as to why the company has had a third quarter of declining revenues - what is happening with Emersion? I would suggest that the expansion into the US although ambitious has come at great cost but yielded little in return. The burn rate remains the major concern with Peter unable to state when he expects the company to become cashflow positive. That said, I'm pleased to hear that they are focusing on their core domestic markets in Australia and New Zealand with a concerted push to grow both the issuing and acquiring segments and they are getting a handle on their costs. The next update could prove pivotal.