Ann: March Shareholder Newsletter, page-30

That would be my take on it.

All these contracts - and there are a lot coming - holders must look at what they mean rather than the dollar value in the initial contracts.

'think' them through.

The market - on the day, doesn't 'think' - it just responds with emotion - listen to the trolls - that is how the market thinks on the spur of the moment.

So, when a contract comes in the door from a big company with a huge market - BUT, the initial order is a tiddler -

think about what they are doing (the client).

They will test the market. They will not just go in guts, boots and all and change their entire product range straight away - they want to see how the market takes to the new product - maybe try it in a higher price range - a premium product.

They might want to see how actual customers take to a new 'green' FR product - there could be a zillion questions.

If it is all green and go signals - then their order size in 12 months time - won't even remotely relate to the initial contract.

As holders - we are going to have to wear that shallow thinking I am afraid - and I doubt if we can do anything about it for the rest of the market - but, as holders, you can do it for yourself - look further and read slower and think about what it means in the longer term.

I don't know what exactly is coming this month - but, there will be news I am told. One thing to watch for is also that something that is a household name in the US - won't mean a thing to us here - so, be on guard for that one as well.

Just because we haven't heard of some name - doesn't mean it isn't as big as Ben Hur somewhere else.

Pinto