strength, page-5

Hi Granev

As you might be aware, It's been this way for years, Industrea has not rewarded the LT investors well. Short/middle term investors with a decent holding have faired better as the share yo-yos quite a bit within the same range 1.30-1.45. Hasnt broken out of the $1.50 (old 50ct) range for as long as ive owned it.

Confident it will head back up to this 1.49ish ceiling as new deals come through in the 2nd half(as it did last year), but just dont know how we will break through the 1.49-1.50 barrier eventually unless there is a major change in fundamentals.

People point to its debt levels as a handbrake to Sp increase other people beleive China is a risky client base to rely heavily on.

I dont have any answers but Im interested in other people's perception of IDL as it seems the market is undecided whether idl is a higher risk growth stock or a lower risk defensive stock. At the moment its still assessed by analysts as a higher risk stock in relatively defensive sector.

Growth interms of acquisitions and paying off debt has been stagnant until our most recent ann. While Im a big fan of riskier growth companies, I think it would suit idl investors/market if the company was more robust had a healthier debt level and therefore less mis-perception as to where the company is headed. This would also suit the service sector it basis itself in.