A few things. It’s valued on the market because FBR do more or...

A few things. It’s valued on the market because FBR do more or less no marketing to the public. However, strategically they want to align with brick/block makers as it is a massive market which industry will see capital growth in from their technology. If you look at the major players they are so big that it’s not earnings growth that you look at to value them, it’s margins. FBR will increase margins significantly without the need for growth in the sector. But with a supply shortage growth is expected also of course.

The major thing which will see movement for valuation is whether FBR completes the demonstration program in Florida. But they have already achieved this multiple times in testing so it’s almost irrelevant now. The markets have been poised for this information but we are seeing signs of excitement the closer we get to the announcement.

In regards to servicing Lieber have already had knowledge sharing with FBR and are poised to service and mass produce the trucks. This is significant as they have factories around the world, especially in Europe where brick houses predominate. FBR is charging $2m per truck, with a cost of about $1.1m and an additional revenue of $220k per truck for maintenance paid by the joint venture.

In the end the market is looking at a company with a revenue loss (much like biotechnology firms) but when they are revenue positive value investors will jump in.