iSHMAEL, installations have averaged 4 a week over the past...

iSHMAEL, installations have averaged 4 a week over the past year, not 2 as you say. This installation rate is more than all the other companies combined.

As for finance they have said in the half yearly report that cash flow and finance facilities are more than enough to see them through at the present install rate to the stage where cash flow will finance all new installs and US$ debt repayment will commence. I would guess this as sometime in 2007.

This year will be the year big contracts are up for grabs, Columbus and Minneapolis have already selected Redflex and tenders are out in Las Vegas, San Francisco, Cleveland, Cincinatti, Houston, L A , and a number of other large cities. A continuation of the present contract win rate of 80%, even a win rate of 50% will inevitably mean ramping up the install rate but as to more capital being required it's too early to call. As to how and when to ramp up the install rate I think we can leave that decision in the very capable hands of the Traffic division CEO. He has not put a foot wrong so far and I doubt if he is going to do so now.
For example the existing Chicago contract is due to double in size this year alone but as Chicago buys the gear outright there's no cash outlay required by Redflex.

There may come a time where raising debt in Australia to repay US debt would make sense but this would involve a call on the direction of interest rates and exchange rates. I cannot see any reason to raise more capital at this stage, sure the liquidity is on the light side but I for one am against issuing any more stock.