mining services bargain stock

I have been researching this stock for a while and looks to me that it could be a bargain that has gone undetected by investors. Before i dive in too deep id appreciate some comments

Technology appears sound and well recieved by clients including majors, with at least BHP and XTA currently evaluating the technology
Current sales appear to be running on Gross margin approaching 30%, which i think will increase as synergies are extracted.
Current capital raising is projected to be enough to bring the group to a cash flow positive position
Could potential be trading on less than 5 times 2009 earnings on citigroups numbers
Plenty of opportunity for blue sky growth and repeat business given the consumable nature of what they sell

All this for an EV of $20M, appears to be very good value to me.

Any comments ??