Consider, page-53

In my view revenue claims are nothing more but hot air just like many other hot air that SAS claims. In my view, so far the MoUs that SAS have are with dubious companies that have no business signing MoUs with SAS. No commercial offtake agreements with telco giants that own multibillion spectrum and infrastructure, etc. There are also, in my opinion, broken claims with the 3Ds. So how much trust can you actually put on claims by the company?

In March 2016 presentation, one of the thing mentioned was that,

"SSG founders lead the team that designed, assembled and launched Israel’s first nano-satellite in 2014 – Duchifat 1"

According to this website:

https://space.skyrocket.de/doc_sdat/duchifat-1.htm

Direct quote from the website above with words I find interesring bolded:

"The Israeli student satellite Duchifat-1 is an experimental and educational spacecraft developed and built by students of secondary schools at the Space Laboratory of the Herzliya Science Centre (HSC)."

Not really that much to brag about. Apparently the duchifat-1:

"..Duchifat-1 allows remote traveler's to access the satellite for worldwide position/status reporting and messaging even in the case of using simple handheld or mobile radios with Omni-directional whip antennas.."

to quote directly from september 2017 presentation, I have words I find interesting bolded:

"3 nano-satellites:
~rev A$3m pa
• SAS already pre-sold
services over Africa for the
demonstration phase
(SatSpace Africa) and
negotiating with other global
telco’s
From Q4 2017"

I assume demonstration phase means the 3DS and there are other announcements that from my personal memory and understanding confirm this. So that definitely didn't happen.

"...Cost and delivery of ~200 nano-satellites spread over 4 years, commencing in H2 2018
• Equatorial constellation to be deployed and operational by 2020..."

So the schedule is obviously out of whack. Operational by 2020? Refer to my 90-100 million costs argument I gave.

So June 2018 and september 2018 presentation:

"Initial focus is on the Equatorial belt – operational coverage in 2019, full coverage by
end 2020"

Yeah I don't think that is going to happen...even despite:

"Listed on the ASX in May 2016 – and completed three successfull capital raises totaling
A$35 million"

"Revenues to materially ramp up in H2 2019 following the first launches of the Pearls
Well funded with a strong balance sheet having completed three oversubscribed capital raises totaling
A$ 35 million"


"...Cost and delivery of ~200 nano-
satellites spread over 4 years,
commencing in 2019..."

Wait what? 4 years? So no 2020 then? So would it over 4 years no? So 2023? 2024? So 70 million per year needed as by my calculation?

and then at their latest presentation at Nov 2018, from what I can see they provided almost no schedules or revenue figures for the pearls and things...almost like they are back to square one?????!!!!!

How on earth do you still think that the company claims still worth anything?