Blue Ocean Equities Research, page-5

Alpha, I thought the additional 122 million phone users would have come from the Syniverse deal. Remember, MBE isn't calling them "customers" as they are not paying MBE for anything yet. Only a fraction will convert to customers.

Through the Syniverse deal, MBE acquires the ability to be able to advertise or push their applications onto users of the Syniverse DCB options - this is any customer of any Telco serviced by Syniverse. MBE Doesn't need to sign direct deals with Telecoms that use Syniverse DCB. It only needs individual applications approved.

This is primarily where the extra 122 million phone users are coming from if you ask me.