Ann: 2013 Annual Report to Shareholders , page-9

PXS is currently priced below current cash backing. ie market saying they could go bust down track. But buried in the Operating Review is this sentence :

"Cost reductions across the group’s business units which, in conjunction with increased sales revenue will bring the Group to cash positive operations."

Easy to forget, amid the regulatory setbacks last year, that actual sales grew from $1.3m to $3.2m.

Continuation of that trend, potential new product approvals/ partnering deals, and cost reductions are a good mix going into 2014.