benmoff, page-5

Well calculate that AZZ has a cashflow of $14-$15million based on what its got in production at the moment. This is Gross Income before any expenses.

The company indicated to me that my figures are about right,

If Stewart 1 comes in, then we will need to upgrade the cashflow numbers.

It does look like James wants to eliminate the debt and avoid using that almost un-used equity facility to do it at current low prices.

They will need to keep kicking goals and building cash flow.