A post on LinkedIn from yesterday got my attention and lead me to this quick research about AVA's footprint in Ukraine. I found it quite interesting and could be a nice piece of info for the good folks on Strawman.

A distributor named Fortisec, founded in 2020, prepared a 17-page official brochure in Ukrainian with details of the following products:

• laser detectors
• explosion-proof active infrared barriers
• perimeter lighting solutions

This is quite interesting since we've never heard of anything about AVA in Ukraine. I do know they have people looking after Eastern European market and that's it.

This got me thinking, if GJD is heading to Ukraine during the war, what about FFT? So I digged deeper and found that FFT was actually one of the first partners of Fortisec, according to the official website, and the distributor involved GJD as one of its brands and signed a distribution agreement back in Dec. 29th 2022. That was about 6 months after AVA bought GJD so a good example of synergy right here.

I didn't stop there because I wanted to know more about what FFT has been doing in Ukraine. I couldn't find any contract or detain about specific clients, dut to the nature of the security business.

What I did find, is some figures from the website Import Genius.

https://www.importgenius.com/ukraine/suppliers/future-fibre-technologies-ltd

Since I don't want to pay $USD99 per month for the full acess, I made some some educated estimations using the limited information.

According to this website, Fortisec has been importing FFT products directly from Australian in the past 2 years. I found 33 shipments on the websites, and the value of each shipments varies from $10k to $50k in USD. Based on the descriptions of of products, it looks like FFT has been protecting some sites in Ukraine from theft and fire. They also imported instruments for measuring ionizing radiation, which I found quite odd. I have no idea FFT makes such type of products.

Since the records were not consistent and ended at Oct. 2022, I suspect the actual number of shipment being much bigger than 33. The inclusion of GJD product lines directly proves that AVA and Fortisec have continuous coorporation.

I know the company has been very quite when it comes to releasing nformation to the shareholders as a treat. The management of AVA only make material changing anouncements and they took it seriously. I'm not sure if it's a good thing because as a long term shareholder, I would love to know more details behind the numbers from trading update and answering my questions twice a year is just not enough. The footprint in Ukraine would've made a great news feed, even without mentioning names or locations of the site.

This kind of research shows that the company is continuously sending real products to real customers, solving real problems and making real cash while remaining absolutely silent. It helps me sleep well at night knowing that I'm not holding some nonsense like Brainchip.