Excellent analysis and research Wjb (pardon the abbreviation), you have a very good eye for detail. But I have a question;

In an earlier post you'd pointed us to another company with a very similar technical and operational profile to Pyro :- Tekna. 

Tekna does most of the things Pyro does, whereas Tetronic seems to be focusiing on waste management. Moreover, Tekna seems to be based in Sherbrook, Quebec - they're practically neighbours! 

So, and here's the 64M$ Q - why do you think Tetronic is a more likely candidate for an M&A than Tekna?

Thanks for the research and the reply.

Brgds,

A-G