EMC AGM summary, page-14

From the presentation....combined group will have cash of US$19m from EMC and US$20m from equity injection by Ron Lauder.....no debt....imo this is a pathway for RWL Water to gain a public listing and more importantly a cheaper way to get access to Emefcy tech than a takeover would have involved.....whilst RWL Water made a loss last year, as they stated, but this is a rapidly growing company and much of thst debt woild have been in roll out of product, esp given their preferred model of continued revenue rather than lump sum sale re each contract.....debt initially but more profit over the long run.....Ron Lauder was funding this debt, being the sole shareholder....any loans, directors or corporate, will be paid out at the merger......most companies do not buy another companies debt at point of merger or buy out or take over.

RWL Water gets a public listing and the one disruptive tech they are missing. Emefcy gets a quicker/bigger market re product rollout and contracts/revenues underway already which will pique the interest of institutions now.

I heard Richard mention that the group will be profitable by '19.....a tonne of planning and projections would have been done behind the scenes which we won't have access to, re budgets and sales projections of the combined entity.....with so much money to be spent on product re roll out over the next 18mths, to be profitable in 18-24mths in a rapidly growing company will be quite an achievement. Richard appeared very confident that they wouldn't need anymore cash, courtesy of the CR they just did to Ron Lauder at 85c.....having the remainder of R. Lauders shares locked up for 2yrs shows Ron has no fear the company won't succeed.

Revenue, not profit, is what rapidly growing companies are valued on....esp where that revenue is recurring revenue....NAN reached a mcap of $1B before turning a profit, and that was only $100,000!....some 5+yrs after listing.

Other's with a better handle on valuations of growing companies on HC will already be crunching numbers over the weekend....and if lucky, we will have some of this research generously posted/shared with us....as I mentioned previously....with the targets Emefcy had in China plus continued growth re RWL Water, we could see combined group revenues of US$200m within 18-24mths and profitability at this point.....what valuation would we be at at this point.

Will we see asx 300 this yr....others on here will have more knowledge on this around timing/adjustments/dates....the only way to get shares will be on market purchases for the next 2yrs....and as the price grows this increases our power for all scrip offerings of other tech that may come along.....this could be the value of Ron Lauder's holdings.....he can us this to get a return/reduce holdings post 2yrs time whilst growing the groups offerings.

I agree with many others thoughts here that we could be seeing, re possible company size, the next CSL over the next 5-10yrs....we could get excited and sell our shares in 2 years for a 5 fold gain ($200M to $1B mcap)....or we could be patient and sell our shares for a 50 fold gain in 10yrs....I remember getting excited when my WOW shares I picked up in the float in the '90's for $2.20 went to $3.50....what did they peak at....$33...$35?

I'll guarantee there are people out there looking to retire on their investments in a single company such as CSL or COH....and theh simply put their shares away and held them for 15yrs or more....what where these companies worth at listing....what are they worth now.....Emefcy has been completely derisked as we now have revenue and a company that wants to role out our product asap worldwide, not just to China....we are hopefully at the start of a very big journey....,

Kind regards, SEAH.