Ann: Dawine launches blockchain initiative, page-9

'Since then the company has struggled to turn Chinese netizens into online wine buyers, and talks with a potential investor fell through.'

They have failed to execute their business plan.

'New director Tony Ramage told * Dawine had about $1 million in cash in the bank and would not be doing a capital raise, particularly as the share price is at a 52-week low of 0.7c.'

$1 mill left and even with cost cutting they will be bleeding $400k this quarter. Sales will be lucky to top $100k.

How can he promise there will not be a capital raising?

I guess this guy will be good for a pump, as has unsuccessful being tried through the last 2 announcements, so a higher price may be obtained, but the CR will come and be at a significant discount to that price in order to offset the risks.

They clearly do not have the sales to cover costs, and cash is critically low.

At this point in their business cycle they should be showing significant growth in retail sales, wholesale contracts and Chinese money invested.

It will be these alone that get investors back believing.

I'm ready to jump back in if I see anything change. That hasn't happened yet .

Milesy