Can only be China, page-24

P.S.

In 2020 Vmt had operating profits from Chinese sales of circa $700,000 and lost ($21,631) from manufacturing. The amounts earned in china will rise significantly with a full year of manufacturing profit as manufacturing reached critical mass and made a profit of $81,829 in the second half of 2020. We have been told by Charles that the present production lines and staff levels can produce 130,000 units per annum. I think he will find he needs to pull a few more hands on board but its pretty obvious that manufacturing profits will grow significantly and rise from the 0.6% achieved in the second half of 2020 to close to the 9.1% that the distribution business is earning.

We are very likely this year to get close to the Chinese manufacturing and sales operations covering the Corporate and Admin costs before Deprecation and Amortisation which were $1.74 m last year.

As previously noted there is no need for any International distribution profits (2020 EBITDA of $5.1m from international distribution) to be repatriated to China.