Spookfish Rated BUY Initiation Research, page-6

It's been frustrating the delays (and no comms from management) but the delays weren't negatives on the business they were for good reason. They related to increased specificity testing from Eagleview, which has increased the proprietary value of the SFI camera system.

SFI has now completed testing and its up to CASA to approve the final product. This is out of SFI's control but it is expected anytime between now and the end of January. If it goes into February its because SFI are waiting for CASA.

The system is being built to ship immediately upon approval to the US for Eagleview with Revenue expected over the coming months. Remember this royalty revenue is recurring and requires no operating costs on behalf of SFI (this is huge). Eagleview will take SFI global at no operating/marketing cost to SFI across a global client base. This means revenues will be achieved as soon as Eagleview strap the system to its aircraft. Keep in mind Eagleview is the largest aerial imagery company in the US servicing over 40,000 contractors and 25 of the largest insurance companies. They are huge, so we don't have to wait years and spend millions to make revenue, we've already cracked the US market, its instant. Next its Europe in partnership with Eagelview.

Meanwhile revenues in Australia will be ramping up aggressively. Don't discount how aggressive commercialisation will be because Eagleview will be pushing aggressively to implement SFI's technology due to the significant cost savings and multiple capture capabilities.

With funds now buying into the story indicates the business is about to enter commercialisation. Remember these are the smartest people in the investing community. SFI haven't had any institutions on the register and over the past month they are turning up. This is a very positive sign.

Finally, if you're not invested now for commericialisation within the next few weeks, then you simply don't know why you are here. Once it commercialises, SFI will rerate and coupled with global revenues piggybacked by a multinational, has the potential to be huge.