Compare FRX with UNL, page-7

Agreed. Although, with each day that passes, the possibility of FRX needing to raise diminishes. Management are aware of this, and to some extent can control some expenses to avoid any dilution.

The easy part about holding FRX is that you get a daily scorecard via AppAnnie. Using this I was able to predict last Q's revenue to within $2k!

We are now 1/3rd into the new quarter and FRX is seeing continued strength in new subscriber numbers. Impressively, many of the countries in which FRX rank are new and relatively large markets for the product.

FRX are now consistently ranking in the Top 1000 daily Travel downloads in 40+ countries for iOS & almost 20 countries in Android.

China have appeared for the 3rd time in a week for Android in Top 500. Probably a little early to get too excited, but given the distribution deals signed during the quarter in Brazil & Bolivia have had a sustained positive impact on rankings, it is reasonable to assume that the same may occur in China.

As an indication of size, annual outbound tourism numbers for

Brazil: ~10m
Australia: ~10m
Singapore: ~10m
China: ~130m


I note that UNL (or its partners) rarely, if ever appear in app rankings.

Although UNL have $1.5m in the bank and have announced AIG, I believe there is a high level of uncertainty regarding revenue to replace Covermore, hence why the market is being so brutal.

Also, I disagree that AIG is UNL's biggest partner. I'd say its probably Chubb.