18.5c Top, page-56

And that's why the market needs some figures. It is possible to speculate with some degree of accuracy the quantity of the product that may eventually be used, but the cost to manufacture including all the overheads v the selling price, excluding the distribution costs are still pie in the sky from what I've read.

The site visit was useful in that the administration department didn't seem top heavy (from a desk count perspective) and the staff seemed switched on and motivated (some parts of the company seemed to be running as normal on the day). I'll bet those first 37 patches did not cost $250ea, or around $10,000 to manufacture. We need price relative to volume based on say 20k 4X4 patches per year, and preferably a projected break even quantity. the profit will be much higher on the forty thousandth patch than on the ten thousandth one. There will be a point where the economy of scale flattens, probably as the need for the next clean room approaches.

The only way the market is going to get it's head around those things is when they turn up in a quarterly. I think it's reasonably priced right now, but talk of $1+ share prices needs to wait a fair while yet.

I still rate AHZ as a buy.