Fortunately, Yes, you are wrong. That agreement (now expired I believe) was that PTSC could buy back 2M warrants per month from S&L for a period of time. S&L can sell as many shares as they want on the open market, and can then chose to convert warrants back to the 9.99% share ownership threshold.

I hope this clarifies.

And this I sure of, except whether that agreement has indeed expired.

SGE