Some notes from the conference call:

Q1 includes no GNP cash, some from FedEx.

1m FedEx in Q2

Millions in GNP/FedEx hardware to be recognized in Q2 and Q3 (April is a traditionally larger month for sales/activations).

Higher churn rate with subscribers (less than 10% churn), but a larger increase in net.

80% gross profit margins on subscription revenues.

30,000 subscribers on Quadrant

40,000 total subscribers (maybe since the year end?)

1 to 3 months orders to activations/subscription revenues, can be longer with larger orders/staggered roll outs.

70,000 new units this year (projected).

Recurring revenue run rate over 1m a month by the end of the year, currently over 700k.

Line of credit has been paid off, and was mainly exercised to demonstrate they could.

Loan against the ABCP notes = 1.5m

Cash: 2.5m was from operations, 1.5m from the loan on the notes.

Restated expecting 40% increase in revenues over last year’s annualized 5 month “year” = 28m (22 x 1.4 = 30.8m) This was a little confused, I may be wrong : )