TSCA Update, page-9

"Would they support it (if it was favorable)," -------------- well, yes, because it would be favorable.

From what I am hearing - if we did get an out of the blue bid ---------- it would have to be a doozy for the board to be interested ------- certainly the Chairman and the CEO.


They both know what we are sitting on atm - and what we are sitting on is conservatively worth probably at least several dollars per share well inside the next 24 months.

It is terribly hard to pick now with AJX/SP - because, unless I am wrong - AJX is different - far more different to almost any other stock I have seen - why?

Future revenue ---------- potential (real potential not just BS pot. ) - Billions.

Stock available -- very little - many strong holders.

Cash required ---------- zero - so, almost zero chance of getting a position by going in for a placement or similar.

All the business ticks we know of -- Military, legislation, industry penetration etc.


That makes it a very different animal.

To me - that makes any 'normal' opinion about SP movements via FA and TA --------- probably very highly suspect.

Normally an SP only goes one way if you have demand and limited supply - well, AJX has had a strong run - but, the holders are holding on tight if this board is an indication - now, in that situation - an SP may not move much - and, if it is assisted in it's reluctance by a few option holders selling to finance their conversion and some funny business - then you can have what is perceived to be weakness.

Load onto that a weak market over all and you may well get exactly what we have got.

But ---------- no one really cares about that - what everyone wants to know - is - where do we go from here.

To me ------ sooner or later - assuming we continue on the path - the price relative to the value will be extreme - and, there will be an adjustment - it's just when.

Years back I went to buy a taxi in a very profitable provincial town - there had not been a licence change for years (44 cars in a co op) -

I paid 50 grand (including car) - which, I thought the 'value' was amazing compared to the price.

3 months later another licence changed hands ------80 grand.

3 months - then, they just went up from there.

Limited supply - and real demand --------- after a period of staleness where people just thought - oh, 50 grand is what they are worth.

Well, they weren't 'worth' that --------- it's just that the last one sold for that before me - and the bloke that sold me his - set that price - because he needed cash and wanted to get out.

AJX has some similarities to that ---

it looks cheap compared to value - but, most stock market 'investors' are lumping it in with other small or developing companies ------- treating it as the same.

Is it the same? - not IMO.

So - would the board support a bid? -------- IMO, highly unlikely unless it was between at least 5 and 10 bucks - and, maybe more.

That said - they might be interested in having someone on the board with a solid position - but, only if they could get therm there without dilution - how would they do that? No idea.

Sure is going to be an interesting 2016 and very much 2017 - and, yes, I said that about 2015 -and, I believe I was right.

To be honest in what I feel - for the future in say 2017 and on - we may not be looking at the best measure of valuation as PE's - if I am casting the right ideas for 2017 - the more accurate measurement may well be Div yeild %

What AJX is heading for is --------------- yes, fast and furious growth - but, others have that - not many - but, some ----------- however, if I am reading it correctly (and, my view does differ to Septa and Parsifal a bit) - then I think the real difference for AJX from the mob in 2017 on - will be 'free cash' - and, there sure ain't many of them with buckets of it.

The real key to that lies with Nick - what is he going to be like running a company with huge revenue compared to getting something going?

We just don't know -------- but, the thing for that I look to with hope is ------- believe it or not - he is a finance guy - on top of all else - that is a game he knows - so, with luck and good management - he will be watching costs as well as being superman in other areas.

If he does pull that off -------------- man, 80 cents is dirt cheap.

Have a great day all

Pinto