Ann: Alexium Wins USD$5 Million Multi-Year Sales Agreement-AJX.AX, page-175

As a sanity check on the $5m pa figure, the whole PCM market for all end uses worth about $600m pa and growing about 20% p.a.   Bedding is a tiny % of this in end use - it is a segment within a segment of the whole market.  

Here's a list of end uses ("8. by Application") and suppliers (11.  Company profiles) in PCMs in a detailed report.

http://www.reportsnreports.com/repo...ectronics-global-trends-forecast-to-2018.html

Bedding and bedding supplies is a very fragmented market, e.g. the biggest in world e.g. Tempur Sealy only 10% US and maybe 1-2% globally.  It cannot make any sense that one bedding supplier alone, a few % of that market maybe, is alone worth $5m pa in PCMs - it looks impossible on macro figures, otherwise bedding would be gigantic segment within the $600m total which it is not given all the other PCM uses.  All of the bedding suppliers = $5m+ - yes - makes sense.  Especially since AJX has unique product.

Given the company's own clarification in Newsletter quoted above that this deal "opens up a market" worth $5m+ rather than is worth $5m in itself, I think my interpretation of the Ann is correct.

For clarity, I am just trying to interpret it accurately and am open to alternate views from those with better information that I may have missed.