excellent result The ASX has lifted the 4C qualification from...

excellent result The ASX has lifted the 4C qualification from TOX. So technically speaking we are no longer dealing with a distressed security and the "going concern" issue has gone. Imagine that considerably expands the universe of potential investors with deep pockets that will now look at this stock.

Profitable trading continues at an annualized revenue rate of +$10,000,000 that produces somewhere around +$3,000,000 in free cash on minimal debt. On a capitalized base that values the business at $15,500,000 after deducting free cash. This is an extremely depressed valuation for this little cash creating machine. Remember that in the last quarter of 2004 this puppy was heavily in debt and just starting to turn the corner. Now it is streaking down the street, running as fast as it can.

Page three of this morning's Wall Street Journal did a major feature on the energy projects that are underway on the North West Shelf /near Port Headland. Several projects were valued at around a total of $10 billion. Thought about Port Headland, which just happens to be the largest mining port in the world and that micro-minnow TOX owns the only licenses to clean up toxic and hazardous wastes in the Port. For a very long time Port Headland took its wastes and buried them in a landfill outside of town, which is fairly typical of Australia's answer to waste issues for a very, very long time. This attitude is changing and you can imagine the volume of wastes running through the Port. Who can process those wastes? At the moment IMHO TOX is probably only treating a very small fraction of those wastes.

All of the current manipulation by a bunch of short term traders and lounge lizards of one cent up and half a cent down will look truly miniscule in 2006.