Ann: Shareholder Update , page-3

My take on the update...PROMISES,PROMISES,PROMISES!

Full year revenue downgraded yet again! Excluding the Thai EVR revenue ( AUS$1 mil vs fcst $1.6, the balance in FY11) we are now talking revenue of, wait for it, drum roll, $900 000. That`s a cracking $140 000 for the second half as the revenue to 31/12/09 was $766 000 give or take a little.

Are we making any money out of our tie up with Sirit? Peanuts i`d say.Is there any recurring revenue from Bermuda? Petty cash may be.

All of which begs the question. Do you have any faith in the figures being used for the THAI deal over the next few years? $25 mil over three years. I`d like to see that!

Not happy Jan.....

btw, on the latest figures i`ve downgraded my buy recommendation to a hold until some cash comes in the door.