highly highly undervalued, page-3

actually i noticed from annual accounts about 60m shares was used in their calculation of something or rather.. weighted average was 55m,

if taken 60m, at say 15cents, tgives $9m capitalisation.

unfortunately this company also suffered from over ambition and a checkered past getting to the floating stage (they weren't able to raise enoygh), had to amend their prospectus to reduce their somewhat speculative accounts of what revenue should be, (it was some $7m net profit!!), given certain assumptions like they buying a container of their own (which they eventually decided they wouldn't do.. so losted a bit of credibilty here backyracking on fhwat they said they would do).

anyway, although profitable... $705 0000 for 06', with 60m shares and 0.15 cents for a share, its on a PE of 12 - still expensive actually given they don't pay dividend and are as mentioned hoarding cash of $6m but are indecisive about what to do about it (the husband and wife team that runs it own 80% of the stock!!).

its almost like they are having their cake and eating it too, get to run a public company but yet not doing much else except chugging along, no real growth strategy and no record of effectively managing and executing their business plans.