The target is actually to build 4 more in 2011, and another 8 in 2012 -- so 13 total built or under construction in 2012.
This would tally $14M in 2011 revenue and $28M in 2012, derived solely from module franchise fees, construction, consulting, training. SIAF would also have equity in the operations. Appears that the building phase yields 70% gross margins, so about $.16 gross profit per share in 2011, and $.32 in 2012, not counting any income from fishery operations.
They've expressed optimism about attracting ventures once the demonstration farm was built. The Form 10 mentioned expecting signing a new deal in 2010 (tho that may well have been written months ago).
Any announcement(s) of new farms will be hugely bullish.
The next milestone is having the farm generate income, expected July/August. Assume this will boost participation, as well.
Until now Mr. Lee has met all targets I know of, apparently setting conservative guidance, no matter the gaudy growth rates.
IMO,the company can make current 2011 earnings guidance based on HU income growth alone.
Fast fishery ramping is no doubt the major catalyst to turning SIAF into a much larger company. One thing is certain: the business model is highly scalable, allowing the rich targets.
Guess we just stay tuned.