How much cash and revenue GCN currently has is nothing to do...

How much cash and revenue GCN currently has is nothing to do with the SP. The whole SP is being supported basing on the creative link with P1 listing and its valuation.

By itself, GCN made $43k last quarter with expenses of $440k. That's a paltry return by any means.

Priority One Reward Card (www.priority-one.com.au): if it is the same Priority One we are talking about, it would be a curious mix of business with Spicers Paper products.

If it is not the same Priority One, it will have a branding problem.

Let's just say it is the same Priority One:

The largest loyalty reward cards in Australia are
Flybuy with 5.5 million members.
Everday Reward with 3.8m members,
Myer One 3.1m,
Priceline Club 2.7m members.

Priority One Reward card is targeting 400m customers with a website shared with Spicer Papers? Is this remotely feasible?


The 'largest' reward card business in China is Smart Club in Shanghai (due to its link to the transporatation system). It made USD 2 million in net revenue from 2003-2009. In 2009 it had 3 million member (even with the tie in with Shanghai Transportation).

Could Priority One be worth $273m? And make GCN a $273m company as well? Could it obtain 400m customers?

DYOR