"She replied that a dividend wasn't being considered at the time, and that "a growth strategy" was to be pursued and cash reinvested through a combination of product development and "potential M&A activity""

At least it is a creative company that can see opportunities to invest in new products, and finance such investments internally. That should be worth some growth. 

This company has two assets. It has all of that cash, and it has no debt meaning it has debt capacity. A combination of cash, and debt, and even some shares could mean a transformative acquisition(s) that not only further diversify the companies revenue streams which should support a higher P/E, but shouhld  enhances growth prospects also enhancing the P/E. A substantial increase in market cap should also help with liquidity of the stock as there is more dollar volume to trade. The right acquisitions could get this stock to $3.50 once the market sees where the cash is going. They've been sitting on the cash a long time now, so if they have a strategy we could see something in coming months.