near the end, page-9

Hi nathanblack,

Nice analogy. However, INT do have all their eggs in one basket. It is called the Sales Pipeline. Management have been trying to tap this resource for two years now. The problem is that the Sales Pipeline is simply potential. It is all still 'in the ground' and consequently, still worthless. Management are great salesmen but that is it.

Furthermore, INT still have debt in the form 375k loan facility. No doubt they are paying more than 10% p/a on this. This effectively cancels out any value realized from Energy Mad IPO which according to the Dec. 4C Commentary has been written down to 500k from 778k. I wonder if management will bother to make the adjustment come June.

ididwork.