Across five posts, we have mapped the US Ordnance and Tactical Systems landscape:

• General Dynamics won by buying the chemical middle (St. Marks).
• BAE Systems won by holding the IP (IMX-101) for government plants.
• D&M Holdings is winning by building greenfield capacity to solve shortages.
• Day & Zimmermann and Olin Winchester are the massive "Loaders" waiting for a new partner to emerge.

The conclusion for our company is clear: Vertical integration is the only path to the top. By securing our Nitrocellulose capability and expanding into propellant manufacturing, we are not just selling a chemical; we are solving the industry's biggest bottleneck.

We are ready to become the platform the industry is waiting for.