"PTSC would shoot themselves in the foot if they sold at this cheap price."

In no way am I suggesting that PTSC would sell itself. IMO they will be doing the buying of another company ( if it is a merger/sock-swap it will be on PTSC's terms). JT plans to sell a product and the purchase of a company with tax credits will off set the huge cash flow that I believe is coming. as you point out .

For all the reasons that you so rightly list ( especially cash flow coming from licenses ) I don't think they will " shoot themselves in the foot".