Ann: Proposed Merger with Priority One Group , page-18

Jeff,

as always good job holding down the fort with some actual facts and backed up research. Some people claim you go hot and cold, but they dont realise you are simply stating facts which may be for, or against the company.

As for your post, I'll share my view/research.

P1 debit card is claimed in several announcements to give benefits, much like the woolworths credit card I suppose (you spend like 1k and they give you a $10 woolies voucher) which means if you use the credit card for 12k worth of purchases (not much) you can get your money back.

Here is what worries me:

-Benefits cost money, so not all $104 is profit

-$104 is a lot, woolies credit card only costs $55 per year and has decent benefits, plus u get benefits for buying food, which is much more likely to be used than a P1 card

-Knowing there are other benefit cards, one could assume P1 is offering some really good benefits, to get people interested, what they are, nobody knows. Nor do we know if thats the case.

-They could be doing what BidorDeal used to do, but even thats on out-dated concept. Look at scoopon, groupon, etc, its been done a lot. Any new start up will have trouble so long as these groups perform well

-Finally, they are using IPTV as medium to gain sales, which could be a new area in AUS/CHINA (well established) in america but even so, how much sales could that produce? I personally dont want an IPTV sales channel on my tv, nor would I watch one, especially when I can go on the net, find what I want, find minimum pricing and then buy it with paypal (secure)... seems outdated to me.

Either way, Im sure I will get berated for saying all this but its my view :)