Are you only dividing the annual revenue by the O/S shares? I think we should consider the PV of the Company. It should be the expected cash flow over several years at the 8% rate.
Based on the contracts we are aware of, the financial ability and the time to establish them:
Yr 2011: 500,000 (1/2 yr operation)
Yr 2012: 4,000,000 (4 projects in operation)
Yr 2013-2015: 27,000,000 (9 contracts in operation)
Total PV revenue: 24.4M
PPS = 24.4M /20B = > 0.001
This is only from the existing projects, if more, more value and more cash inflow. You can use 20 yrs, since the Company has 20 yrs contracts.
Also consider the cost of services, cost of services is only salary and equipment usage. I do not think, it will be that much.