Call Notes:, page-37

There was discussion around deploying the money into expanding the companies reach into the BtoB sector. It sounded to me like Charles and Ivan are putting a lot of energy into trying to get involved in JV's with folks like Greenmo. Cementing our relationship with these operators through ownership is two fold in that it secures our position in product supply and gives us another recurring income stream.

I'm not sure there is any lack of emphasis on marketing or lack of people on the ground with the requisite skills. B2B sales are a big part of the business and Vmoto handles this internally (not through the B2C dealers). The five year plan has a strong emphasis on expanding this capability. With marketing, the costs precede the revenue rewards and increased personal and advertising requires an increase in working capital. It has been well flagged that some of the cash raised is being directed in that direction.

It seems that the second wave of covid 19 and the AU CN relationship issues are effecting the share price but to a lesser extent than the panic that happened in March which delivered riches to the faithful amongst us.

One of the key takeaways from the conference, if you are up for a punt on VMT, was the answers to the questions asked about whether the second wave of covid and the Au CN relationships were effecting sales.

I personally like companies which spend the available cash wisely and only after a lot of due diligence. I'm extremely fond of companies where the executives devote their time to running the business, and only spend time announcing things they have an obligation to announce. I don't like companies with massive executive incentive plans which take the execs minds off the job and onto promoting the share price for their own short term gain.

Excellent performance and good profits is all we need to fatten the SP. All the spooking about excelling this and massive that will soon be shown for what it is when the half yearly reports are released.

Charles and his team have taken the share price from an intra day low of 9c cents in October 2019 to an intra day high of 67 cents in September this year. There are other forces that come to bear on what the share price does when the market looses track of reality.