IIR commences coverage of CVT. Key Investment Information - 3 June 2015: Share price $0.40 , Ordinary Shares (M) 382.6, Options (M) 78.0, Performance Shares 38.2, Fully Diluted (M) 498.9, Market Capitalisation (M) (Basic) 153.0, 12 month L/H ($) 0.01-0.68 CVT's technology addresses a universally accepted weakness in the traditional paradigm of network security. Competitively it is in a strong position, with a unique and patented technology and potentially a first mover advantage should comparable solutions be developed. CVT has laid a strong foundation to its go-tomarket strategy that it announced in November 2014, with a number of significant contract wins, including Cisco and Deutsche Telekom subsidiary T-Systems. With a predominantly fixed cost business model, incremental net sales will largely hit the operating profit line. Nevertheless, CVT is a high risk, potentially high return investment proposition given it remains in the early stages of its commercialisation strategy. Greater clarity regarding customer adoption rates will become evident over the next 12 to 18 months through its T-Systems contract in particular. If you wish to read in detail, see research report attached.