Any IP valuation was limited in order to only have an equal amount of skin in the JV game with Sanan, and was probably only a particular part of POET's IP that is going to be used in the JV.

Any Pellegrino-type report at this time would be prep work being done by POET, to be acquired, and I do not see that happening.  Any valuation produced for the sake of a valuation, to stimulate a positive market response would not make much sense when we are on the cusp of being associated with some big names, or at the very least, high volume, and high margin production contracts which will stimulate the market response we seek.

As an aside, when I see POET's serviceable available market, the absolute needs of that market, the dynamic platform IP that POET possesses, and that no one else has, I value their IP at $5 billion.  If you consider that too rich, then please consider that Intel does not have what we have, but if Intel could evaluate the IP, and consider the addressable, serviceable, and obtainable markets, with the Intel name attached, and the fact that it is a platform, then anywhere from a 10:1 to 20:1 ROI over a five to ten year period could cause you to reconsider the valuation number.

aimho