Sabre,Without troubling to check I presume the quoted QAD...

Sabre,

Without troubling to check I presume the quoted QAD holding of 10% is accurate.

And I also presume that further dilution will NOT need to occur because of achieved EBITDA, cashflow profitability, imminent overall profitablility and a ~FIXED cost base.

Unless Iridium starts developing new features (which I don't think it can given its limited satellite spectrum).

In some ways the model is not unlike HTA which I trust both of us have high hopes for. Huge upfront costs, but once you crack +EBITDA then things move great, with limited future competition.

Both are clearly risky but I don't mind those type of bets.