ZIP AGM Attendance, page-6

I attended. Low key affair with a dozen or so people. The formalities took 5 minutes (all resolutions passed) and then Bert ran a session of Q and A. The key takeaways:

Ambassador program and marketing campaign - coming in Q1. Timed that way as they want to get the framework in place in the background (i.e. interaction with ambassadors, monetisation) to maximise the impact before pressing the go button. No cost for this as it's all in scrip and all the calculations were done with the SP around $1 so obviously our ambassadors see the potential.

ZIPT 2.0 framework brought forward because of volume of usage. Being developed side by side with ZIPT 1.0, and will have the new features. Should be out early Q1 prior to full marketing. iOS app development a pain because it takes 3 weeks to get vetted by Apple, whereas Android releases do not - takes time for issues to be fixed.

Cost per acquisition reducing. Focus is Tier 2 and 3 countries (sub-continent, middle east) where the cost per acquisition is lower. They want to own the 2G/low bandwith space before taking on the Tier 1's (USA, UK, Aus, etc) where the market for apps is already saturated.

Monetisation - initial plan was to not pursue this until the 10 million user mark. That plan is now out the window and will be brought forward kick in with / soon after the ambassador program launch. Although initial revenue from ZIPT Out ahead of expectations, this is not a focus at present.

Revenue for ZIPT Out - will be reported in the quarterlies from here. Good revenue coming from the sub-continent where it costs less to top up each time.

Speedcast - couldn't comment at this point in time.

Aussie Sim - keeping the lights on for minimal effort, but not the main focus. Demand for new data product so watch this space - may hear something soon.

Comparisons with NOR - completely different market segment and different business model, so not a like comparison. Aussie Sim actually looked at them 4 years ago and passed.

All up I came out of the meeting very positive about next year. 5 million user announcement a week or two away. We will know here when the marketing campaign begins, even though we aren't the initial target market. Happy to hold through all this noise whilst the market catches back up with where we really are at.