Ann: Appendix 4C - quarterly, page-24

A lot of people don't understand this company well and at at this price I think its cheap as its is discounting the Aussie screens and as such making the US/offshore potential is now a free option on success. APO is being put to work and revenue generation is back up after a lackluster June Qtr, however given its a new medium its hard to say how disciplined they are with pricing atm. Assuming a 6 spot rotation and price optimisation, XTD could be netting between $1.0m and $1.50m p.a. from the Australian screens after all corporate costs. This doesn't factor in the value add from the app and targeted marketing it allows from what information has been released.

As per the Kohler interview, the MTA trial screen should be delivered this or next week and with any luck we should see some news on their US JV partner soon as well. The second half of 2015 should have a steady stream of news beyond these items. With the backing of CF+ operations and massive blue sky optionality through offshore expansion, I don't think you can find a much better risk/return investment in the micro cap space on the ASX imo.