Alto Ingredients Inc (ALTO)

[Harry Winston]

There are four "realities" that PEIX investors and potential investors should know.

1. As a result of the publication of their Q1 results, the Book Value dropped by 2½%.

2. The Book Value is still well above $6/share.

3. The Price-to-Book-Value ratio is still absurdly low. As a factual matter, yesterday's closing price is 16% of the current Book Value.

4. Anyone who buys this stock Monday morning has a huge potential gain when the price rises to meet the Book Value.

Dutch, this is relatively simple arithmetic. If the Book Value of this stock decreased 2½% every year, how many years would it take for it to reach the current price of this stock, which has been flat all year?