Interesting and I understand the primary expenditure may be...

Interesting and I understand the primary expenditure may be coming to an end, but mining is my weakness - I avoid it as I just don't really believe that management actually respect shareholders - they seem to keep reinvesting even into projects they have few skills in and every decade write off huge amounts of money. So I stay away as the prices seem to be more like gambling than investing.

So I am looking at this company and saying that looks good that they have invested so much and in fact haven't claimed a lot on R&D research - Seemed to be a credit to tax of only $510K last year.

The way you put it it does seem good.

The one negative I do have is that the CEO wasn't really good for shareholders at eServglobal as I recall. He did have a huge reputation whilst there but it all seemed to unwind and I think then he departed.

The other catalyst I look at is that the founder who owns around 16 million shares recently retired as a non-executive director - will that change the running of the company - I think not so discount it.

The other negative is that the chair is also the chair as GBST and that has been nothing short of a disaster in my opinion.

This is going to be a very hard one for me:

The chemistry of what they are doing is compelling. The process looks perfectly executed. It does seem like its all coming together. If they slow down of development that should build the Saas revenue to the point that it becomes an annuity-style income and that will create the very high multiple people pay for this type of business. So yes your thesis is very good and on the face of it, I can see this (sp) doubling in the 18 to 36 months.

The only question mark I have is: do I want to invest in a company where I have doubts about 2 key personnel?

Yes, I do think it has a better than even chance to go that way but probably I would sell a portion so as to be free carried as it gets to the peak in 36 months.

Thanks for your input.