I agree we can all argue whether this quarter met expectations...

I agree we can all argue whether this quarter met expectations and what the historic margins are. Equally dredging up past targets missed and management accountability.

I have liaised with AJX management and they openly talk about not meeting expectations - I suspect those days are behind them.

Going forward we now have a run rate which should deliver revenue of $24m and gross profit of circa $10m -this should be break even. Then you have some significant licensing deals that will all fall to the bottom line plus new sectors - tents and military as a minimum.

Having being burnt by capital intensive businesses, the attractive nature of AJX is the tolling arrangement and great IP.

Working with competitors like ICL speaks volumes.

Once listed in the Nasdaq these license deals will really be appreciated and I do suspect will carry some healthy upfront that will help pave the way until the recurring kicks in, in 2018.