Ann: Swisswell Trademark, page-65

Bit of chatter on capital raises as always at this end of town. My view is this:

1. You don’t build big companies without them. They are needed and are a part of any company in growth mode.

2. There will be future capital raises at WFL.

3. My investment has always been based on 400m shares on the registry and what can be achieved with dilution up to this level. With this mindset, capital raises don’t disappoint me, rather, they provide the necessary funding to move toward the bigger objective. Further, they also provide an opportunity to potentially acquire additional discounted shares.

4. My first hope is for Paul to build a $100m company. Not with 200m shares on the registry but with 400m shares. If he can do this the SP will be 25c and I’ll be very happy personally. Achieving this with less dilution is a bonus, but not necessary for me to be very pleased.

5. If Paul can replicate his time at Foreo, then maybe a $200m MC is achievable. Again, with 400m shares that’s a 50c SP. if this was achieved my investment would be extremely profitable. It would also represent a SP multiple of eight from current levels.

Can I see the SP hitting a $1? Only if they can build a $400m MC. Possible, yes, but I prefer to focus on more realistic goals and for me that’s $100m MC with 400m shares on the registry.

For those wanting $1 to break even, unfortunately they will only continue to be frustrated, and as a result, they’ll complain. They’ll complain about previous management, they’ll complain about current management, they’ll complain about capital raises, performance milestones, they’ll complain about everything.

Many I’ve spoken to personally and recently have brought their investment more in line with realistic long term MC goals and dilution. Sure, it’s more risk, but they believe in the tech and Paul.

At 6.4c we are extremely under valued at a $13m MC (IMO) and the opportunity is to look forward and not backward, but most of all be realistic.