Ann: Managing Director Address, page-26

I agree. It is very promising. More so because we can all plainly see how strong the economics are for the early adopters of the HX and for WAAS funding partners.

For me, the Director's address was particularly upbeat. Lots of positivity around the economics of the HX. Light on for detail but that is business as usual for FBR. I'm looking forward to the day we start getting WAAS agreements and also finalize the manufacturing agreement. This will enable us to determine a more defined business valuation built around more refined scaled manufacturing.

It would be different for everyone but what was particularly important for me in the last 12 months was the "ICC certification" and the closing of verticals perp-end gaps in the walls. We are dealing with an amazing one of a kind machine that provides a very large benefit to builders. I have said it before, I think FBR will be successful as a very small company in a very large market with a very differentiated product that adds tons of value. Time will tell if this thesis is sound or not.

Not investment advice, etc etc. Do your own research, etc etc.