Depends if they can get their costrs further below their revenues - they are getting close. I like their offshoot tafmo! I think the price is so low that their 21% (was it?) interest in TAFMO (see www.tafmo.com for their annual report) is worth a fair part of their market cap.
Tafmo had $7 mill in cash at end of June, and has 62 million shares that last changed hands (to the best of my knowledge) at 50 cents each- so Tafmo might be worth $6.5 million to Intellect. This leaves intellect possibly going for $10 million. Sounds very cheap.
IHG
intellect holdings limited
