Pretty easy to work out. TOX have reported Profit (After dep and...

Pretty easy to work out. TOX have reported Profit (After dep and amort) of c260k for both the months of June and July before ceasing monthly reporting. I believe D&A is around 1.5m and tax zero at the moment.

Therefore assuming no upgrades and no increase in business activity which is a pretty bearish case given the way they have been tracking that EBITDA will be betwen $5m and $5.5m.

This compares to their forecast of $3m which they themselves stated as being conservative given they have included no new business....

Given the turn around the EBITDA multiple will be pretty high to reflect the cyclical turn in earnings.

I believe current earnings justifies a stock closer to 20 cents.

Then add in the acquisitions and new business and on to 30 cents we go.

As someone says the stock just needs to hold the 10 cents before going through the half cent increments and away she goes.

Very exciting company.