I base my opinions on the announcements and my understanding of...

I base my opinions on the announcements and my understanding of what the business world is like.  I only ever look at ASX announcements, hotcopper posts and any articles I can find that are published on the industries of the companies that I invest in so that I can better understand what they are doing. 

I have seen the screenshots of the backend of the system in their response to the ASX query and I am happy to assume that Noetic know what they are doing.  I doubt the directors would be looking for more shares if they did not.  This is not something that I know for sure, but my gut tells me that on the basis of probabilities that the work is most likely being done.  I am not sure at what speed it is being done, but they must have done a fair amount of work to date.  The exchange sounds very complex to build.

There are a huge number of supplier-type businesses with understated websites and a limited online presence.  Just because they are not showy or flashy does not mean that they do not know what they are doing and that they are not good at what they do.    

Just going by the announcements, it seems clear to me that Noetic have taken on a bit of a risk when they decided to help us with the exchange.  We have had a rocky 12 months and there has been no guarantee that we would survived the series of crises since the withdrawal of soarlabs.  Noetic have nevertheless partnered with BPG to work on the exchange despite the risk and without them I am not sure we would have something even close to being ready to launch.  If I were running Noetic I would be very hesitant to do the same.

If Noetic are hiring that customer support person to help with the exchange that is amazing too - saves us having to employ someone ourselves.  Not something I can prove, but again just a gut feeling that I have.

My view is that if this thing works it will be because Noetic have helped us when a lot of other companies might not have and shouldered a lot of the burdens and for that reason I am a fan.  That's just my opinion though, make of it what you will. =)   

Will also reiterate that I have no sentiment on the stock other than that it is a very high risk investment and to DYOR.  I will be the first person to tell you that there is no guarantee that this exchange will work out.  Any comments that I make are only intended to balance some of the arguments in the threads.