Vonex Limited: (VN8$0.13) is an emerging junior telco with very significant growth potential. It has already reported its first full year result as an ASX-listed company, with recurring sales revenue ($8.1m in FY18) & a market cap. (fully diluted) of~$28m. On 9th Oct. VONEX announced commencement of Beta testing on its Operator App. Upon successful completion of the App, Operator is reckoned to have the potential to disrupt the highly competitive global market for social media platforms and communications. The recently announced (but yet to be completed)agreement for MNF to purchase 100% of In a box (which last year concluded a deal with VN8 after an intensive global review) is a potential stepping stone for much broader markets to open for VN8. This should mean even greater opportunities could open for VN8 and its cutting edge PABX technology. It has the potential to leverage off MNF’s superior market reach. The recent agreement with In a box, whereby VN8 became its only hosted global PABX supplier, is informative. The appeal of VN8 is highlighted by recent activity including:

the Operator Beta testing; the In a box link and the Counter path marketing & distribution agreement. This will not have gone unnoticed by others, including the significantly larger MNF (10 fold), which will become a client of VN8 upon completion of the proposed In a box takeover.(For more detail, please see attached State One’s research report, and the VN8 ASX release of 9th Oct. 2018.)