Dear Olderguy1,

Where do you get the information to conclude that the pandemic probably has large capital expenditures on hold at Customers A, B, and C?  Where did you read that? Where did you read that any iron ore pelletization plant in the world has put on hold large capital expenditures?  Just one…anywhere?

I can understand that expansion plans requiring capital may be put on hold, but I haven’t seen that either…but then again, I’m not sensitive to those type of cuts so I may have missed that news flash.

The expenditures we are talking about to replace fossil fuel burners with our plasma torches is to improve the status quo…not expansion.  It is to improve the production that is already taking place.  Which by the way in many instances is ALREADY funded.  So why wouldn’t a plant continue to improve existing infrastructure?  Impending economic doom and gloom you say?  Depression even?  Well, wouldn’t plants want to cut costs on some part of their existing infrastructure in such an environment? You can make money by increasing revenues…or?...that’s right…decreasing expenses!

Oh, and by the way…I didn’t hear that due to the pandemic green house gas reduction targets were being rescinded by the various authorities, did you?  Just asking….

I think I am also on record as saying that we can install remotely given the very capable engineering expertise that is typically employed by iron ore pelletizers…

All in all I am not concerned by the issues you brought up.  I am aware of them as we should be, but not concerned.

Hope that helps you sleep a bit better.

Sincerely,

Peter