Flexiroam & Tripadvisor Partner, page-20

We won't need to see a "flow of news" what we will see is an increase in downloads of our App, and 62% of these downloads will convert into paying customers that spend a minimum of $10USD p/a.

This is a different model to NOR/ZIP & the FRX OTT Voice apps. It can't be used for free, and it is a physical product that is stuck to your carrier's SIM forever. It also has what I call the "the Neflix effect". AT $10USD per year, even if you didn't travel, you wouldn't cancel because it is so insignificant in value.

I challenge you to use it next time you travel, and tell me it isn't awesome, because it absolutely is.

I agree to some extent with your analogy about the Booking.com & NOR tie up that failed, and I can see why a former NOR investor would call BS on it, but I agree with Brendan that this completely different from taking commission from a hotel booking site for free minutes on your phone.

TripAdvisor is where those in the know go to "hack" travel. They find the untouched spots, the good deals, in whatever aspect of travel it is. It is the Coke symbol to the thirsty, and the M to the hungry.

In this case we are talking the challenge of roaming data. I'm a hacker by nature and before TripAdvisor used Thorntree & Bootsnall. I have no doubt this is the audience and brand we are seeking, and this audience is quite simply... Immense!!

I don't it believe it guarantees success, and I do think it is still difficult to value a company such as FRX until the concrete numbers (be it downloads or wholesale agreements) come in. I also think this is one of the most thinly traded shares I've ever invested in.

Will it drift back on thin volume over the next few days, maybe, probably. The reality is there just isn't many in free float.

Perhaps that's the reason no one's interested, no day trade value here. The reality however is that this sucker is trading 25% below its IPO. The closest peers ZIP & NOR have seen spectacular highs, valuations of $100m+