Ann: Business Update, page-4

So what do we learn from this announcement?

• Company reduces cash burn - which we already knew as it mainly results from the ED’s departing.

• Target is to breakeven by second half of CY2019 - not surprising as a result of reduced cash burn.

• Company is looking to leverage its India development team - which we already knew from the AGM
( BTW... I think the plan was FGF and Penta were going to leverage CCP's blockchain development capability... what happened there?)

• More Penta tokens in August (oh great, can’t wait) - which we knew from the 24 Dec announcement.

• And yes, surprise surprise… a number of ‘exciting and synergistic corporate transactions that present opportunities’ – along with plenty of corporobabble and a sniff of BS which seems to be continually repeated since Dec.

To me, the board appears to have announced a plan to tread water untilmid-year.

On one hand, we now have a break-even target set.
On the other hand, we have "exciting andsynergistic corporate transactions".
If the company enters into an acquisition, the burn rate will not stay neutral.
Even if the company being acquired is cash-flow positive, a newly acquire business will want to spend money to grow.

I'm waiting for the short-term funding announcement (which must happen in the next few weeks).
There's nothing inspiring in this announcement.