Ann: Investor Presentation, page-6

Agree, a good value company growing steadily with healthy financials. I think they will do well regardless of commodity fluctuations too. Higher commodity prices = more drilling equipment to coat, lower = more demand for coating to reduce machinery costs. Also a large market still addressable in medical and agriculture. I like the current financial health, it also does not really factor in the licensing component which I think will eclipse the regular business if managed well over the coming years if it picks up across Europe/Americas. Steady growing cashflows and low debt will benefit from the raising interest rates as well as leaving them flexible to raise prices if inflation persists.