I don't think we can assume that Crossflo would accept the cash equivalent based on current pps level. What if Crossflo wanted $1.00 for each share? If that was the case and PTSC felt Crossflo was worth that much to them, (the presentation assigns very high importance) then is the use of shares purchased at $.55 an issue? If they want to conserve cash, and they are getting (for arguments sake) a $1.00 value for each share, then its a good deal. Yes?

Looking at it this way is less stressful, and perhaps is exactly the way RG is looking at it. Opty