I said it about a year ago before the automotive lead and I say...

I said it about a year ago before the automotive lead and I say it again, this newsletter feels different.

IMHO the shift from startup running after clients has changed to a firm that is flat out delivering for their clients. Let's be totally clear here, this is the business model. Not just delivering the tech but the service. As Nick mentioned before cost savings have been achieved in the textile sector by cutting R&D staff and technical development staff. Alexium is doing this for the clients now and tells them what to do. So not only is there a moat in terms of technology but also one is being created right now in front of our eyes by AJX staff knowing their clients and the clients' processes. This allows them to build a dependency on not just AJX material but also expertise and staff taking away any incentive of switching product/service provider further down the road.

Nick is obviously hinting massively at military development on the first two pages. Make of it what you will.

I'm excited guys. Plain and simple.