Ann: Initial Director's Interest Notice x 3, page-13

It looks like the announcement was that RYG would be working with UniSA for this IOT project so unlikely that POK/BUD would be involved.

However, it does highlight the potential of IOT. BUD would be better off maximizing its revenue base from large companies with a lot of data, and based on current customers eg Sears, I believe that is their intention.

BUD is in a good position to maximize their profit from scale. Yes, all companies would too! but the other factors would be gross margin percentage and then their fixed costs. I would love to see their first set of annual accounts to be able to analyse this further, especially their gross margin percentage which I expect to be high. As a startup, their fixed costs should not be high in $ terms and I expect that Management will keep a handle on costs while they are expanding.

Also, would like to see more about their relationship with Microsoft and the benefits this would bring to BUD.