Ann: PAD Deployment and Bear River MOU , page-28

MM, if you strip out their rendering services ie installation charges for the very few webphones that they have sold, you will see that PIE's P/S is closer to 250! PIE is where TZL was many years ago - trading on potential alone. PIE has one product and a very limited market, so even then, no funding to take the product to market, and even then the potential is very limited.

Anyway, the numbers show that TZL stacks up exceedingly well against PIE. This is also the story against many other tech minnows.



As soon as TZL can show significant increases in revenue, as well as decreasing cash burn, there will have to be a re-rating. Until then TZL is being judged overly severely. Here is a company which is showing signs of becoming a thoroughbred, but the market still chooses to back 3 legged mules instead. It's a funny world!