Member Info for Slam01

I have always said that I think PXS should be valued as 2 separate entities:

Firstly as a company holding the IP for Fruitflow,

Secondly as a Company that Trades in the Fruitflow Product

I have previously estimated that the IP itself could be valued at between 3p and 5p. However everything that Dr Horrible has said has caused me to review that valuation on the upside Even if you ignore the potential crossover into medical trials, I now think that the IP could be worth 7p-10p at the very least If you add the potential drug/medical prospective then ............

We are very close to profitability as a Trading Company now (and you could argue that we are ALREADY trading profitably if you discount the R&D costs from the P&L)

I agree that something positive is brewing but I think that it has been brewing for the last 2 years and I think that the market is only just starting to appreciate that fact.

Maybe I have missed something here - The translation of one of those links clearly states that these tablets are an alternative to both Aspirin AND Statins.

I was aware of the claim as an alternative to Aspirin BUT I had missed the claim that this could be an alternative to Statins. If the Statin claim is true I am not sure where this takes us but it has to be good.

Oops,

You have reminded me to add another reason into what is holding us back...........

PXS are utterly dross at keeping shareholders informed of what is going on!!!!!!

Slam

There are 2 obvious things that are holding us back:

1) PXS have still not posted a profit and have even said that we are not going to be in profit in 2025/26, and

2) It is still possible that PXS might need to raise funds for the next production runs.

Nevertheless we are getting closer and closer to profit simply based on current trade with existing and new clients in Europe and USA. The Hiccup with the last production run has also held us back but I hope that this is only temporary as we cannot afford to be a Company that fails to deliver simply because of a lack of Stock.

I am as frustrated as anyone on the lack of movement in the SP. I still stand by my assertion that you could consider that we are already profitable if you discounted the cost of maintaining the IP (R&D Costs). I also stand by my assertion that the value of the IP far outweighs the current SP.

However, it now looks as though the market views PXS as a binary stock dependent on what happens in China. SAMR Approval would appear to be critical to everything now.

Alf,

When I read about the multiple production runs, the only reason that I could possibly attribute to this statement was that PXS were anticipating a high level of demand from By-Health.

Hopefully PXS will be able to overcome the production delays in the future - this will be massively important for the credibility of the Company especially if/when the level of demand increases. It is probably quite difficult for PXS to juggle the supply side of things at the moment with variable levels of demand - but it is something that needs to be got right.

The minor concern that I have is in regard to the commercial terms for the supply of the product to By-Health. I am fairly certain that we won't be looking at the same level of Profit Margin BUT any form of Margin, based on the potential level of demand in China, will still be eye-watering.

There are a lot of assumptions in the figures quoted - some good and some not so good:

Estimated annual revenue of £500M + is eye watering. I seem to remember that PXS are the designated sole supplier of the fruitflow product which means that our sales of the raw material will also be eye watering. Difficult to estimate the value of these sales because whatever estimate you put on the margins of both By-Health and PXS seems to result in a profit for PXS that is too large to believe.

Estimated annual revenue per person of 500 Yuan (£50) seems low by UK and European standards. It is difficult to see where the margins are at that price.

Roll on Blue Cap Status being granted - but we could need a massive production run if those figures are to be believed.

I have gone from Glass Half Full to Glass Half Empty on the news of the delay over the reporting of the full year results. I have to say that I was really concerned that the reason for the change of Auditors was related to the fact that the previous Auditors might have not wanted to sign off on the Accounts on the basis of the fact that they did not feel that PXS was a going concern.

However, I think that I am back to Glass Half Full again following the release of the current results.

I have always said that I believe that PXS is two separate Companies.

The first is a Company that owns the IP to the product. I have previously stated that I believe that the "Fruitflow IP" is probably worth £0.03 -£0.035 per share. Having seen the development of some of the BH research AND the work Done on the Gut Biome IP I now think that the value of the IP is closer to £0.05 per share.

If you then consider the second part of the Company (being the part of the Company that trades in Fruitflow SD II and Fruitflow + O3 AND if you deduct the costs associated with maintaining the IP (the R&D Costs) I would suggest that we are already trading profitably. If you consider the accounts on this basis then I would suggest that the trading part of the Company could be valued at an additional £0.02 per share (or higher).

However, you measure it, we are still dependent on a positive decision from SAMR but on receipt of this, I believe that we could be worth up to £0.10 per share (or somewhere north of that.

fingers crossed.

Slam

At the AGM in 2024, Shipley's were reappointed as the Company Auditors until the 2025 AGM. The RNS did not confirm the reason for an appointment of a new Auditor and neither did it seek to hold an EGM to consider the appointment of the new Auditors.

I think that we are due an explanation as to why Shipley's did not fulfil the fll term of their appointment.

I have always maintained that the share price should be measured as the sum of 2 Parts:

1) Value of the IP - Kievsky, I think that your guess on this is conservative given the number of new patents and the number of potential new applications for FF.

2) Value of the Company as a Trading Entity: We are not profitable yet but IMO we are getting closer and closer. As soon as profitability is achieved then that could add a conservative 5p to the SP.

To a certain extent I would argue that we are already trading profitably if you take out the expenses of maintaining the Patents etc from the P&L and consider these costs against the value of the IP.

But as Gixer says WTFDIK

The whole article is a really interesting analysis of the expansion of the functional food supplements industry relating to heart health.

What is just as interesting to us pixies is that whilst the article is a general review of the industry, it mentions one and only oneproduct specifically. That product is fruit flow.

This seems to be a new product being introduced to the US Market via the biggest direct sales company in the US.

An expansion of the US Market, together with the possibility of the Indian market coming on stream and the unknown that is the Chinese market.

Things seem to be developing nicely - it is a shame that we get no updates from the Company!!!

If there is another share placing, it will be to fund the cost of manufacturing a new batch of the Product which itself will be revenue generating and will hopefully move us into profit. This new share placing, if it happens, will be a very different animal from those placings that have gone before, which have merely raised cash to keep the Company solvent.

However, I still believe that the Company should issue the shareholders with an update of information that has been left hanging in the air and should in the least cover the following points:

1) The results of the company's review of demand for its product from the existing (and potentially new) clients

2) some form of trading update to cover revenues in H2, and the current asset base.

I think that the Company would be far better placed to achieve a successful placing if it were more open and honest with its existing shareholders

Slam

Why are the MMs reducing the Ask Price when people are buying stock???

They will move us closer to profitability.

What I was saying was that the value of the IP was in the range 4.5 - 6.5 pence per share.

If you add that to a position of profitability then the estimates of the share price obviously increase.

There was a load of hype and glitz when EFSA approval was granted and for a short time the SP jumped to over 17p per share. Who knows what will happen - we live in hope - but we are getting closer to that hope becoming a reality

I understand that there is a lot of frustration around at the moment about the lack of any substantial news from PXS.

The two things that we are currently waiting for are:

1) News of Blue Hat approval for the BH Products - which we are hoping will drive PXS into the level of sales that will consequently drive PXS into profitability, and

2) News of a potential fund raise that might be required to commission a massive supply of new product. I suspect that this is the main reason for the suppression of the share price at the moment.

However, the share price shouldn't be wholly driven by the profitability of the Company. In my view, the value of the Company lies mainly in the value of its IP. I would argue that the value of this IP has significantly increased recently by the nature of the recent Patent Applications in China. These have broadened the potential efficacy of the FF product and I believe have iincreased the value of the IP.

In previous postings, I have estimated that the original value of the IP was 3-4 pence per share. I think that the latest tranche of patent applications could have increased this value to between £100 to £150 Million. This equates to a value of 4.5 - 6.5 pence per share.

Potentially, the new patents are pushing the product into a new MEDICINAL phase - and that could increase the value of the IP significantly higher.

Gixer, or anybody....

Do you know the legal position regarding these Patents as they have effectively been lodged by a 3rd Party (By-Health) even though the Grandfather Patent for the Production etc of Fruitflow is owned by Provexis.

The Patents, if granted, will presumably impact on the sales volumes of the Product but will Provexis be able to advertise the Patents in sales of Fruitflow outside of the By Health Agreement.

Does anyone agree with me that it is quite important that, this year, shareholders receive some form of Trading update shortly after the year end. This current year has been pivotal in many ways but the BOD have left a number of issues hanging in the air and I think that the shareholders would be entitled to know:

1) Total sales in H2

2) Cash in hand at the year end.

3) Updates to the BODs thoughts on the need to commission a significantly large supply of new product - This might well be tempered by answer to Q2.

4) Update on the BOD's thoughts regarding a potential new fund raise to pay for the new production run.

Does anyone have a relationship with IF such that they could e-mail him and ask for such a Trading Update

DP64

To me it just read as though the comments contained within Gixer's Snippet were an extract from a chinese version of our own Share chat page - a little more respectful in tone to ours but nevertheless a similar type of website.

One amazing piece of synergy is that there would appear to be chinese investors buying into BY-Health shares because they see the potential new product line to be pivotal to BH's performance too.

Perhaps we should drop them a line and suggest they buy into Provexis instead - I suspect that the rise in our share price might be higher than that of BH on the same piece of news.

Does that Snippet infer that the application for a new functional food health benefit has now been approved? If so I am surprised that we haven't picked up on it already.

Or am I reading this completely wrongly