My point wasn't that there are or aren't lockups. Its the fact that it they didn't raise funds from the public and it is on the NZAX. A bit of buyer beware is needed - or just read sharetrader ;)
I assume that Chalkies article was sourced completely from the prospectus and google, not from private inside information.
The biggest question is why did the Masfens and Teresa get involved with them/this - good way to ruin your reputation.