another box ticked!, page-20

There are some major differences here between OBJ and Pursuit in management style and cash burn to start with.

Since joining Aim in 2001 Pursuit had not turned a profit.
Last financial year Pursuit made a loss of 15mil pounds.
It had promised to create revenues of over 20mil pounds annually due to the venture deal with P&G.


OBJ has very little cash burn, as we all know, and if they are guilty of anything, in my opinion, it is to underpromise.

Pursuit attracted more public popularity when former Philips electronics excec Roel Pieper joined in 2009.
Pieper was involved in Lernout & Hauspie at the centre of a major financial scandal.
Since 2011 Pursuit was targetted by strong short selling activities making money out of the demise of shareholders.




Regarding the technology for breweries:

The basic idea was to inject steam into flowing material.
Im momentum transfer the material is propelled, then heated and then mixed as steam collapsed into liquid.


Several application projections were derived using the techology:

Brewing application

The mashing in application was to improve the mixing of starch and water to increase efficiency and make it faster.
That was shown to be flawed in a dossier circled in 2010.

Sanatising application

According to the dossier mentioned above this applilcation seemed entirely nonsense.

Wort boiling
The only promising application.
PDX was supposed to be used to sterilize, boil and clean the wort effectively.


The study then goes on saying what energy savings could be achieved for breweries installing the PDX system and it was clear that Pursuit had consistently overstated the number by 10 times the outlook.



Does any of this relate in any way to OBJ?
Only the connection to P&G does, everything else could not be more opposite to how our management conducts business.

The lesson learnt form something like is that a single contract outlook is often not enough to deserve investor confidence.
That is why our P&G JDA, in conjunction with our GSK development, is of such importance.
It derisks us considerably going forward.