Ann: Investor Presentation, page-11

If you were reading this report in isolation or without having lived the past 3 years at the Alexium coal face, I believe this would be a very interesting and optimistic report.

However to the longer term wiser/jaded holder there is little to clutch to and a few shots in the gut IMO.

Things to clutch to:
- looks like some growth potential, building on existing bedding products, although we have learned that this is a fickle/seasonal market.
- FR treated timber products. There would be some regulatory hurdles, but this is an area I see potential. Architects are innovators, so there could be decent market interest, however there is little information to properly understand this product at the moment.

Shots in the gut:
- military looks like its dead. We were chasing FRACU. I read the military update as "we lost FRACU, but here is a smoke screen about chasing another military offering to save face..."
- resin and other opportunities that were reported on like they were on the cusp of commercial contract production are gone... This is where my trust in the business hurt most.
- reading the management bio's it does feel like a shallow pool of tallent

Anyway, I am up the river with Ajx. Hoping for a change of tide or a paddle to float by.