Just what we needed, page-238

These are the concerns I currently have:
* no follow up announcement re Taiwan and LatAm telco partnership after setting date expectation twice
* Covata & Cisco partnerships seems to have gone very quiet since February
* San Fran office expenditure was meant to be rewarded by multiple of revenue to offset - timing unknown
* Very little busy coming from Covata's partners - T-Systems & NSCglobal seem to be OK - Colt/Fidelity?
* MZ Global were appointed as Global Investor Advisors - many overseas preso but why has Covata come to a local broker to organise a capital raising - not sure what value MZ is bringing to the table
* Barmer ... announced almost 6 months ago and it still isn't implemented (otherwise they would have announced it) - Covata hasn't proven that it can implement a successful overseas client yet.
* 13 Australian Govt Agencies but little revenue

Good points:
* I think they have a great product set but if they don't be brave and capture the market asap then they may miss the boat
* Recent UK Govt G-Cloud deal is a company maker which they won on their own and are currently negotiating. If they can close this deal in June as announced then they will win back some credibility.

I am still a long term believer, however, my patience is starting to run a little thin. Good luck all.