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I'm confident that raising capital will not be a problem for IPS. The company has demonstrated, through Mr. Graham's efforts, an ongoing capacity to raise money at fair value through good times and bad. Currently, IPS has no long term debt to speak of, and I suspect that subordinated debt or a convertible debenture will be the means through which IPS will raise additional capital. Since I deal regularly with capital providers, I am confident that despite recent concerns voiced on this thread, they will find IPS an attractive candidate. Aside from proving it can develop innovative products on an ongoing basis, the company has built an impressive global sales, distribution and support infrastructure, its technology is increasingly used by a wide variety of name brand customers (repeat sales) worldwide, it has a strong and growing order book and it is penetrating new markets (auto glass) in addition to taking leadership of current markets (television and computer monitor inspection systems and high speed packaging). In addition, again despite concerns voiced on this thread, the company has an experienced and capable management team and proven development, engineering and sales capabilities. For what is still a developing company in a developing market, that adds up to a potent and attractive mix that is highly attractive to experienced capital providers looking at three to five-year horizons. |
