I’ve included these under the ‘White-Label’ aspect in my margin...

I’ve included these under the ‘White-Label’ aspect in my margin increasing measures. Taking with it the Avani brand and VesiSORB. Haven’t determined potential margins on Pastilles/Vape products that are expecting first sales, if they haven’t already commenced.

Given the exclusive IP to VesiSorb across Au, Nz, UK and the EU, I wonder how this will be viewed by competitors and if ECS genuinely had a first mover advantage in this novel space. Given that it increases efficacy of action by up to 400%, does this mean that we reduce dosage by 75% in the gel capsules for the same therapeutic outcome, effectively reducing cost per unit by 75% (excluding VesiSorb price/ potential profit sharing arrangements) OR increasing output by 4x for the same plant growth…

Every segment old and new under ECS is seeing margin benefiting actions taking place. We are not looking to simply survive, much like most of the Aus companies in this space. But we have a proven business model that is expanding and optimising. That is how ECS will thrive.

Someone mentioned earlier what negatives investors/people can see in this company. For me, other than natural disaster or the outdoor cropping being exposed to bacterial/fungal infection, the risk is mitigated. From 2021 until now there is global deregulation. Australia in 2019 had 300 cannabis SAS-B approvals, in 2023 there was 600,000. We are linked to multiple major global suppliers. We have a new sales team. A fantastic product. An exceptional team led by an exceptional board. You don’t see Directors spending every available cent on increasing their share holdings often, we are seeing this happen here. Albeit in somewhat exceptional circumstances that have led us down a path to our current SP. To not be manipulated by potential fear and instead be greedy, in my opinion, will be rewarded. Have a robust investment thesis and trust it.

RE ‘Special Div’ : I made a point for FY26. So not anytime soon. If we are able to generate circa 100m in revenues at a 40% margin AND we haven’t been acquired, Nan holding over 100m units would happily (and likewise holders) accept a dividend to reward long term holders without peeving them off with ludicrous pay increases or performance rights.

I do not think there are enough people paying attention to the ECS story. Which works in my favour, being able to increase holdings whilst it flies under the radar. But I think that the time is nigh that ECS gets the market exposure it deserves now that my boots are filled. I’ve followed here for a while now and the business is stronger and has more direction than ever before. I do the quant where I can and keep that for myself. But it is safe to say that if I had access to $50 million, the ECS board would be highly unlikely to accept a t/o proposal, because they know better than anyone else where this will be in 2-3 years time. The longer they hold and build the company, the more value they instil into the future of the company.