the bulletin article 28/01/04

Section from the 'The Bulletin' article 28/01/04.

Cheers,
Brantley

//Last week's stock pick was timely, with QR Sciences announcing the sale of another two of its bomb-detecting devices on January 21, the day The ­Bulletin went on sale nationally. Managing director Kevin Russeth confirmed that another two prototypes of its quadruple ­resonance scanner had been sold to an undisclosed American defence ­contractor, resulting in net revenue to the listed ­company of $600,000.

With earlier sales, that takes revenue so far for the year to June 30, 2004, to $1.2m, leaving the company on track for a targeted revenue of $1.8m this year. That will treble the initial $600,000 ­revenue received in 2002-'03 from the sale of prototypes. QR Sciences shares rose as much as 40% on the ASX last week, from 16¢ to a peak of 22¢, on ­turnover exceeding 8 million.

Last week's column said QRS had remaining cash of $3m and a cash burn rate of $3m a month.

Wrong. It should have read a cash burn rate of $300,000 a month. I'm tipping a share placement in the second half to bring in some solid overseas investors.

l BOUGHT 10,000 Image Resources @ 37¢ $3774  

Disclaimer: The author's family has an interest in QRS.
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