The market has spoken, page-140

Like HKL, I probably see the progress of this company from a different perspective. I only bought in late last year after following and researching the company for some time.

It was the diversification of FR in markets outside the military and into chemistries such as Alexicool which attracted me as did the commencement of rapid growth in revenue. Previously, when most of the focus was on selling FR to the US military, I preferred to steer clear, having been invested in other ASX companies which entered development programs with US government bodies. My experience is that initially shareholders are excited, thinking that collaborations with the US Gov = Stars and $$$$, Security and Validation...but in reality, these collaborations are inherently uncertain and excruciatingly drawn out.

As a more recent investor, talk about the current lack of news flow makes me laugh. Sure, the monthly newsletters have stopped but compared with many other companies, news continues to flow at AJX, to the point where I find it hard to keep up. For that reason, I've summarised developments over the past few months based on information in announcements (NB: as these are simply my summary notes, errors or omissions are possible). In my opinion, this isn't a picture of a company with gloomy prospects.

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0	ALEXICOOL Thermal Management FR Odour Control	PILLOWS + MATTRESS TOPPERS & PADS, DUVETS Pegasus Agreement est. US $10m pa Revenues est. to commence H2 2017 MATTRESSES – (gel layers and fabric layers) Current major source of revenue Current sales to 11 finishers into dozens of brands New production trials in Belgium, Germany, Turkey, Canada NASCAR UNIFORMS Revenues est. to commence H2 2017 Est. US$3m revenue by mid-2018 FABRIC – INVISIBLE PCM working with major supplier of retail apparel fabrics

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0	ALEXIFLAM DW Thermal Management Wicking	HOUSEHOLD APPAREL working exclusively with “worldwide leader in innerwear/outerwear” to offer Alexicool globally on customers brand Est. revenues to commence late 2017

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0	ALEXIFLAM NF FR for cotton, natural fibres, wood	launched at Techtextil in Europe in May with “extremely strong market response” recently upgraded durability to 100 industrial laundering standard likely strategy to license in EU and supply direct in US where market is very consolidated targeting military, workwear, fleece in outdoor clothing, barrier fabrics in bedding, barrier fabrics in industrial applications have commenced trials with multiple large manufacturers in multiple market segments

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0	ALXIFLAM FR FR for synthetics and synthetic blends such as NyCo	US MILITARY Army & Marine Combat Uniforms FR treated NyCO completed to new spec. and now in Pyroman testing phase WORKWEAR working with a number of partners

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0	ALEXIFLAM PB FR for 100% synthetics Durable Water Repellent	OUTDOOR FABRIC & TENTING presented at US Outdoor Retailer Show in May negotiating supply agreements with multiple major players in tenting fabric partnered with ICL “to work with end retailers to develop new industry standards for ecoconscious FR solutions”

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0	ALEXIFLAM SYN FR for Epoxy Resins	CIRCUIT BOARDS in UL testing with major supplier to market working with ICL to launch material/process globally to its extensive network of customers