Yes it is difficult to appraise this announcement.
It appears from the Qtrly report that there must be problems with the inner veneering process as the small Egyptian order is taking months to produce and ship.
Meanwhile, this fibreboard project seems to be progressing which seems to be a chipping process far removed from the original veneering project that has consumed over $20M in R&D and commercialization without, it seems, a viable commercial production line yet.
Fibreboard project seems to be still in R&D and I can't recall if the economic value of this product has ever been compared with the veneer products. It is most likely a lower value product...who knows?
As always, PPY seems stuck in R&D.
How can this small and cash strapped company commission a commercial veneering line and sell veneer product, develop a new fibreboard product and processes and also run an Engineering business AAMC?
Where is the focus?
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