Taking a trip down memory lane.17 Jan 2018:Announcement titled...

Taking a trip down memory lane.

17 Jan 2018:
Announcement titled "Norwood Launches Revolutionary World WiFi app on iOS platform"

Quote from Paul Ostergaard, CEO making $286,000 that financial year. Company lost $4m in the 2018FY

"I am looking forward to the reception World Wifi will receive, and the potential positive effect from both direct to consumer sales and potential agreements for bundling World Wi-Fi and World Phone into reward packages with our potential travel, loyalty program and telco customers."


It's a hilarious blast from the past. Calls it revolutionary. What did it revolutionise?
Revolutionary: involving or causing a complete or dramatic change.

The company lost $4m that year. Paid Paul Ostergaard $286,000 and mentioned potential travel, loyalty program and telco customers for World Wi-Fi. In 2018.
World Wi-Fi currently sits at less than 10k downloads on Android and 52 reviews.

Correct me if I am wrong, but Norwood has never signed a deal for World Wi-Fi and has never seen revenue attributable to World Wi-Fi of anywhere close to the $286,000 the CEO was paid that year. World Wi-Fi was one of the main products being hyped in 2018/2019 and it failed.

The CEO has run the company since 2011. It might be time for a change of leadership if we ever expect to see NOR succeed.

In 2023 the CEO took $288,000 in upfront pay while the company only had revenues of $964,000 from ordinary activities.

The CEO took pay of 30% of the total revenue from the companies operations. To put that in context, that would be like the CEO of CBA taking an $8.4B salary each year.

Come on guys...
I'd like to get rich, not pay someone's salary