Ann: Response to ASX Query, page-404

What concerns me is that the 4 big contracts may not be sales contracts at all and rather they are opportunities to sell to existing customer bases of those 4 companies. Nothing more than a marketing arrangement really.

CBA - is an opportunity to join the Albert POS system.

YUM - may simply mean they can market to YUM Franchise's and its up to franchisees if they take up.

NA Williams - a reseller opportunity to market to NA's customer network.

Amazon - A pathway to sell GSW to independent amazon stores as an optional service.

Look if true its a start and better than nothing, but the 4 deals may represent zero future revenue.

If I'm close to being right we need way more information made available, if they have an arrangement to market to existing customer networks how much does GSW have to pay for the privilege? How much of the sale is given in commission to those companies because they are not going to offer up their networks for free. Then does it all work from a profit perspective, because if you need to market and retain to individual customers rather than 1 behemoth, does the revenue received actually allow a profit.

I admit I got seduced by the idea of those 4 contracts, but there is zero evidence that the deals is actually providing a service to those 4 companies rather than an optional sell to their networks. Huge difference in the potential of the company and any market cap, between what those contracts represent.