PyroGenesis Canada Inc (PYRGF)

[TheCleos]

I have held Proto Labs for about a year. I like them for the following reason.

1) I think they and MTLS are a great play on the transition from conventional ways of making things to 3D. While Proto employees a bunch of "traditional" technologies such as CNC machines, they have been ramping up their 3D capacity with some recent acquisitions. My thesis is that they are digital manufacturing experts and companies will go to them because they do not have in-house expertise .. particularly in the area of 3D.

2) Think of it..you can send an electric CAD file to Proto and have something made using the file ... in 24 hours.

3) They are a great play in terms of the shortage of qualified tech employees. We read about this all the time. And lots of qualified workers are getting older. Do you really want to train someone who is going to retire on how to use a 3D printer?

4) They are cash flow positive and have money in the bank. They announced at the last earning that they were doing a share buy back. they have resources to buy other companies.

5) They partner with the biggies. They were an early partner with HP and its new 3D printer. They have it employed at at least one of their facilities.

6) They are running 24/7. Imagine the economies of scale and the skill sets of their employees who manage 25/30 of the same types of machines. Tough to replicate.

7) The CEO is a women (I am a guy). As a female she must have gotten into the position of heading - a cutting edge digital manufacturing company - because she must be very very qualified and not because she was entitled to it. I know - somewhat sexist.

8) They got into a legal fight with a company that apparently utilized their software for how they electronically receive/process orders. This software is really key in this industry. They settled/won the case. If someone tried to steal their software I will assume it is very good.

9) They took advantage of my interest in the company when I emailed them. They email me once a month to see if I need anything made. I like that.

The stock is very interesting. No big jumps. It has just gradually gone up over the past year or so.

Sorry I know this is not the Prot Board so I needed to find a place to talk. That is the other good thing about PROTO LABS. NOBODY is talking about it.