Tucows 2011 Annual Report Download - page 24

Download and view the complete annual report

Please find page 24 of the 2011 Tucows annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 27

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27

1 %#*11 3 )#*'*($%6*'*($%(&8(.# (%) $#*).(#' $$(## )#*&3('&#(#&%!#$#(%+6)#*+++#)&) &'*&3('&&#($#.# /
+##*%O5;77 '*())(%%'( ))('9(&/$(##*8&## #*).(#' $$(##) ' %&(.#( %%.11 37+%"#(#&%!#$#(%+ &1'($#(%+'.) #*
11 & )11 3(%+&'*&3('&6*%++$%#$" %"' $$%'1 %#*11 3 )).(#' $$(##6
7!477
*$$/& )#*' 1 #+ 3%%'7% $(%#(%+7%.' $1%&#( %' $$(## ) / . ).('# &.(%+#*5)(&'"9&&&6'*9#A7#%7<1%.
6 (&##6 %&#*# ' $1%&#( %1 ('(&.$(%(&#.(%% /@'#(3$%%7 ' 1 #+ 3%%'7% $(%#(%+%.' $1%&#( %' $$(##(&' $1(&.%#(" )
(%.1%.%#.('# &6 % )#*$$/& ) '1 #+ 3%%'7% $(%#(%+%.' $1%&#( %' $$(##*&3/%% ))(' $1 " )#*' $1%" (#&&/&(.((&6
 % ) !'#(3 ))('&&3&&$$/ )#*/ . ).('# & ' $1%&#( %' $$(## )%"%#(#"#*#*& % $ !'#(3 ))('& % / . ).('# & 
' 1 #+ 3%%'7% $(%#(%+%.' $1%&#( %' $$(##6
"/*0A6!777!
'#( %: )#*!'*%+'#8(& .('# &%.!'#(3 ))('&%.1& %&9*  9%$#*%1'%# )+(&#.'&& ) 8(#"&'(#(&# )(9(#*#*
1 #& ) 9%&*(1%.1 #& )'*%+&(% 9%&*(1 ) ' $$ %&# '0%.  #*8(#"&'(#(&6*&1& %&8(./"+#( %# )%(&*&9(#*' 1(& )
'#( %:1 #&#*")(6
=/(3#*#7%.#*C&&%./&.& "1 % 3(9 )#*' 1(& )#* $&-7%.;7%.%"$%.$%#&#*# 7)%(&*.# &7 9(##%1&%##( %&) $
'#(%1 #(%+1& %&#*#%"&'* $&*3/%)(.(%#($"$%%%.#*# ) !'#(3 ))('&7.('# &%.1& %&9* /%)('(" 9%$#*%1'%# )
+(&#.'&& ) 8(#"&'(#(&' $1(.9(#*'#( %:)((%+8($%#&11('/# #*$.(%+(&'579(#*#*!'1#( % ) %#%&'#( %1 #. %#
 $)(./"(0%+$%#6
A!
 )#*$##&90%9/ #& )#*#($ )#*$((%+ )#*(&1 !"&##$%## //+*#/) #*%%$#(%+.&'(/.(%#*(&1 !"&##$%#6)%"$##&11"
' $/) #*%%$#(%+#*#% #&1'()('"&#)#* %" 1 !"%.(%#*(&1 !"&##$%#7#*1& %&11 (%#.# 3 ##*1 !(&9(3 # %&'*$##&(%'' .%'
9(#*#*(/&#@.+$%#6
!6
'%&$%'+'+&#'%""-&(%%
)" 9 .(0# &/$(#1 1 &) (%'&( %(%#*1 !"$#(&)  %%$#(%+ )&** .&(%55" $". & /")  9(%+#*1 '.&1&'(/.(%
H%.#*!'*%+'#6 /(+(/) (%'&( %7&** .1 1 &&$&#/'(3./"#*'#"#' 9&%'67,: 9#3%7 %# 7%#( :<-7
%.7#%"#($/) 1(G756
)" 9 .(0# 1&%#1 1 &##*55%%$#(%+7/#. % #9%## (%'.#*1 1 &(% 1 !"&##$%#7" 9(*3# ' $1"9(#*#*.3%'% #('
1 '.&&#) #*(% '%#/"9&6*/"9&8(#*#&** .&/$(#9(##%% #(' )(%#%##
5
"'(()))%!$( $(% (((*+
!*
(*('*,-