what the hell?, page-3

Delta Securities have rated TOX a spec buy....

an except from the report//

"Port Hedland Treatment Facility
This business unit primarily treats industrial waste generated in the Pilbara
region of Western Australia. This operation remains strongly cash flow positive
and now has over nine months demand on site ready for treatment. The
operation has made over $150,000 cash margin per month in the months of
November and December 2004. The company plans to increase the capacity
of this facility, with the necessary capital expenditure of approximately
$500,000 provided for by the recent capital raising. The capacity increase is
expected to take up to four months to implement, and has the ability to raise
output by up to 30%. Further to this, new treatment ponds for contaminated
waste water are to be constructed for minimal capital cost. When all
upgrades are in place this facility has the potential to generate upwards of
$250,000 cash margin per month.
The automated tank cleaning business has recently completed a contract on a
profitable basis, but work is not consistent enough to cover the lease
repayments on the equipment. These repayments are approximately $30,000
per month. The company is hopeful these units may be sold in the March
quarter and thereby remove this expense from the business....