Ann: Quarterly Activities Report & Appendix 4C - Sept 2021, page-14

There was substantial momentum with the Frugl business model in the initial stages, however the practical application in the real world has hit severe head winds.

Pointers suggest that it may be heading the same way as Wangle/Family Insights.

The business model had no track record and was purchased on a whim to try and create an ASX listing that had some value. Nobody with the organisation had any idea where it was all heading.

Sure the free app has value for Coles and Woolworths shoppers, but I think to suggest they can use this data to create systems for major retail groups was drawing a long bow.
Wangle/Family Insights came with all the same bells and whistles - flopped whilst all those on the gravy train lined their pockets.

The company does not even operate from the same premises. You have Smith and whoever in Brisbane and Cicero in Subiaco Western Australia calling all the shots.

IMO Smith, Wild and the Cicero group (suppling directors/administration) have demonstrated they are not up to the task of building a company that can generate revenue let alone profit.

They have spent millions of dollars since I have been involved and created $26K in revenue.

Now it would seem from the post that Jocko just made, they may be trying to raise revenue by including advertising on the app.

An Insurance company.

So now we have a free app for data purposes being flogged off as an advertising billboard. Imagine shoppers whilst looking for a tin of baked beans being approached to insure their family. It defies belief.

What the CEO and Chairman should do is to hand the listing over to a reputable company that can find/structure a business model with commercial potential along with a board/management with a track record. Could be technology/health/materials/etc.

This course of action should be taken, whilst the listing has minimal shares on offer (after a brutal consolidation which was touted as being a rapid way to create shareholder value)

The alternative is continuing down the path of capital raising, spending more millions and diluting shareholder value - again!

Someone needs to sort this mess out.