Ann: Trading Halt, page-18

"So with $25M in cash VOR should be worth $30M-$36M."

A nice way of looking at it, but since markets are forward looking, I'm not so sure $25M cash will be valued the same as the potential of two growing businesses. On the other hand, you'd think it would be hard to go below the current $25M market cap with the same in the bank. Sort of points to up being the only way, but only a certain amount until VOR starts chipping away at the $25M paying themselves and who really knows the potential of TSI India. A bit of a cynical view, perhaps.