Ann: Quarterly Cashflow and Activities Report, page-3

The onTRAC subscription base with GM looks well embedded and steady away. The report says it expects a "gradual" increase in subscriptions (currently 72000) within this GM network and ongoing customisation work and associated revenue. Although revenue is tied to one contract with GM, switching costs would be high since current subscribers would have to learn new software, plus the customisation makes it difficult for GM to find a comparable product.

It looks like the real growth potential is other products (not sure what these are?) within the GM dealerships and deals with other car manufacturers, the latter would be a big win. It is early days for CEO Guy Perkins but his track record at Spookfish where it was taken over for $122m suggest that he has the ambition and marketing insights to develop new contracts, especially as CXZ has a "success story" with GM to leverage.