Dear Maybe111,

Good to hear from you again.

I am unclear what you mean by dross disappearing from the market last year.  Wee do not see that.  In fact, Drosrite International landed the largest contract put out to bid (in recent memory) last year. Maybe I am missing something?

With respect to Morning Star, and their recent valuation, I have to admit I do not have the answer.  Given they have never spoken to me I assume they arrive at their conclusions without contacting companies to verify/make a comment on their conclusions.  There is nothing wrong with that approach, it is just a different approach which probably allows them to cover more companies with less analysts.  Having said that then maybe their re-evaluation had nothing to do with our recent news but a general re-evaluation based on the collapse of the overall market.  In other words, the markets have declined 20% so let’s mark down Pyro by 20%.  Maybe nothing more than that, but as I said I have no idea why they did it.  If you find out please let me know.

Hope that helps

Sincerely,

Peter