Australia
Netlinkz FY20 revenue up 856% during transformational year with increased VSN sales in China
Netlinkz Ltd (ASX:NET) recorded strong revenue growth during a “transformational” 2020 financial year, with total revenue from customers of $5.25 million, up 846% on the prior year's $555,000.
The revenue growth is mainly attributable to rapidly increasing Virtual Secure Network (VSN) sales in China and the second half contribution from the SSI Pacific business, which the company acquired on January 6, 2020.
Other income of $1.011 million included an R&D Tax Incentive refund of $895,000.
Netlinkz retained a cash balance of $4.123 million at the end of FY2020 of which $2.683 million was held in low-risk at-call financial products.
“Fast-tracking growth”[hhmc]
Netlinkz Executive chairman and CEO James Tsiolis said: “The 2020 financial year has been a transformational one for Netlinkz and we now have in place the foundation to capitalise on the initiatives we undertook during the year to really fast-track growth in the current financial year and beyond.
“We remain on track to me..

Netlinkz Ltd (ASX:NET) recorded strong revenue growth during a "transformational" 2020 financial year, with total revenue from customers of $5.25 million, up 846% on the prior year's $555,000.
The revenue growth is mainly attributable to rapidly increasing Virtual Secure Network (VSN) sales in China and the second half contribution from the SSI Pacific business, which the company acquired on January 6, 2020.
Other income of $1.011 million included an R&D Tax Incentive refund of $895,000.
Netlinkz retained a cash balance of $4.123 million at the end of FY2020 of which $2.683 million was held in low-risk at-call financial products.
“Fast-tracking growth”
Netlinkz Executive chairman and CEO James Tsiolis said: “The 2020 financial year has been a transformational one for Netlinkz and we now have in place the foundation to capitalise on the initiatives we undertook during the year to really fast-track growth in the current financial year and beyond.
“We remain on track to meet our previously stated guidance of $15 million of customer receipts by year-end, with the board being of the firm view that we are only just in the very early stages of growth.”
Chinese revenue streams
Netlinkz strong revenue performance for the year is reflected in the growth and development of the China operations of 80%-owned subsidiary iLinkAll.
iLinkAll has secured several agreements that have expedited VSN uptake and enhanced the revenue base.
The company has won key projects including the Chengdu Water sanitation program sponsored by the World Bank and is working with M-Soft Information Technology and Pinnacle Access Solutions as key partners to broaden sales in China.
Australian operations
During the year Netlinkzs acquired leading system integrator and value-added reseller SSI Pacific Pty Ltd for $10.2 million, which has strengthened its domestic operations.
SSI has an established customer base in Australia, New Zealand and the Asia Pacific regions, including top-tier telecommunications companies, and will also act as a distribution channel for Netlinkzs product.
Since the acquisition, SSI continues to grow its revenue, through the retention and renewal of existing customer contracts (including a five-year renewal with Spark Telecom) as well as adding new telecommunication customers.
New international markets
Post balance date, the company announced its entry into India and other international markets through a Master Services Agreement (MSA) with emerging technology software solutions provider Natsoft Corporation.
Natsoft will develop and source selected international markets and customers through a reseller agreement, establish an IoT Lab in Singapore and India and manage the software source codes for the companys VSN technology.
In addition, Natsoft has an existing customer base of blue-chip organisations, providing an opportunity for Netlinkz to leverage Natsoft as a reseller of Netlinkzs VSN in India and other international markets like ASEAN.
In addition, Netlinkzs subsidiary Netlinkz Japan KK has established an IoT Lab in Tokyo and has Japanese corporate and multinationals testing the VSN for their enterprises with the first commercial contract expected this quarter.
Further international expansion is also being pursued in Europe with a key IT integrator and reseller to establish an IOT lab there as well.
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Australia
Australia election: Why is Australia’s parliament so white?

Australia
Scott Morrison effectively ditches his promise to establish a federal anti-corruption commission

Scott Morrison has effectively abandoned his promise to establish a federal anti-corruption watchdog, confirming he would only proceed with legislation in the new parliament if Labor agreed to pass the Coalition’s heavily criticised proposal without amendments.
Morrison pledged before the 2019 election to legislate a federal integrity body in the parliamentary term that has just ended. The prime minister broke that promise, failing to introduce his own proposal before the 46th parliament was prorogued.
On the hustings on Wednesday, Morrison was asked – given his previous undertaking to create the body – whether he would promise to put his proposal to a vote in the next parliament in the event the Coalition won the 21 May election.
Morrison declined to make that promise. “Our position on this hasn’t changed,” the prime minister said. “Our view has been the same – when the Labor party is prepared to support that legislation in that form, then we will proceed with it.”
The prime minister has attempted to inoculate himself from criticism about breaking an election promise by saying he tabled the integrity commission proposal in the parliament.
Tabling an exposure draft, which is what the prime minister did, is not the same as introducing finished legislation to the House of Representatives or the Senate that is then debated and voted on.
As well as repeatedly fudging what happened in parliament, Morrison has also created the impression the proposal can only proceed if Labor agrees to its passage without amendments.
All governments routinely introduce legislation for debate without any undertaking that it will be passed by the opposition. Labor favours a stronger model than the Coalition’s proposal.
Morrison’s lack of urgency on the issue created tensions within government ranks. Late last year, the Tasmanian Liberal MP Bridget Archer crossed the floor to support independent MP Helen Haines’ bill to establish a federal integrity commission. Archer accused the government of “inertia” over the issue.
At that time, Archer said she was “perplexed” at her own government’s failure to release a revised bill almost three years after it was promised before the last election.
While Morrison clearly wants to move on from the issue, he will face renewed pressure from crossbench independents if the coming election is close enough to deliver a hung parliament.
A number of independents running against Liberals in metropolitan seats have made it clear that establishing a credible national integrity commission will be a key demand in the event any new government – Liberal or Labor – is seeking agreements for confidence and supply.
Haines blasted Morrison’s comments on Wednesday. “Mr Morrison broke an election promise to introduce an anti-corruption commission and his pathway to creating one is still as vague as it was in the last parliament,” she said.
The crossbench independent said it was “nonsense” for the prime minister to claim that he could not proceed unless Labor agreed with the Coalition’s proposal without seeking any amendments. “It would appear we are in the same void as we were before,” Haines said.
Australia
Chinese healer Hong Chi Xiao has manslaughter charge overturned and will face new trial

A western Sydney “slapping therapy” practitioner who was found guilty of the manslaughter of a six-year-old diabetic boy and sentenced to 10 years in prison has had his conviction overturned and will face another trial.
Hong Chi Xiao appeared in Sydney’s Court of Criminal Appeal on Wednesday.
Mr Xiao was extradited from London to Sydney in 2017 to face charges more than two years after the boy, who cannot be named for legal reasons, died following a series of workshops held in Hurstville in April 2015.
The boy’s parents attended the conference where the self-proclaimed Chinese healer showed a “disdain for Western medicine”.
Mr Xiao allegedly advised the parents to stop their son’s insulin injections and blood glucose tests.
A Health Care Complaints Commission (HCCC) investigation found that Mr Xiao told the boy’s parents that slapping therapy “could heal all diseases, including diabetes, and that no medication was required because insulin could be generated” through the treatment.
He also allegedly recommended the six-year-old boy stop eating for three days and only drink water or a “ginger date drink”.
Slapping therapy, also known as paida lajin, advocates the slapping of skin to release toxins from patients.
The boy became visibly ill over several days and began vomiting a black substance, but Mr Xiao allegedly told the boy’s mother that his body was adjusting to the “self-healing process”.
He began having seizures and was rushed to St George Hospital, where he died.
The NSW Coroner found the treatment directly caused the boy’s death on April 27, 2015.
A District Court jury found Mr Xiao guilty of manslaughter for breaching the duty of care he owed the six-year-old boy through gross negligence.
He was handed a sentence of 10 years with a non-parole period of 7½ years in December 2019.
District Court Judge Garry Neilson said Mr Xiao showed “no signs of true remorse”.
Mr Xiao launched an appeal against his conviction, claiming inconsistencies in the evidence and that Judge Neilson told the jury that there was “no defence” during the trial.
Tim Game SC told the court that Judge Neilson did not summarise the defence case and did not give enough evidence to the jury to make a sound decision.
After a short adjournment, Justice Derek Price, Justice Ian Harrison and Justice Mark Ierace granted the appeal and quashed Mr Xiao’s conviction.
However, he will have to face a fresh trial in front of a new jury.
Mr Xiao will face the Sydney District Court on March 11 for mention.
He has been permanently banned from practising medicine by the HCCC.
The boy’s mother, father and grandmother were also initially charged over his death, but they were found not guilty and acquitted.
Mr Xiao has been in prison since his arrest in 2017 but has long rejected criticism that his techniques endanger lives.
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