the stock much higher, but at the same time must admit we have little unique insight into the motivation

and timing of COMPLANT’s decision process. As a result, we have to weigh more heavily the continued

delays, which mean at the very least a longer process than we expected. While remarks surrounding the

assessment of other offers in light of market dynamics suggest that MAA will attempt to persuade

COMPLANT into accelerating a decision, we believe COMPLANT is certainly still in the driver's seat. In

the event that MAA signs a definitive financing agreement, we believe that the Company’s stock price will

quickly move toward our previous price target of C$1.35, with upside toward our unadjusted NAV of

C$2.85 per share, should the project eventually be completed. Until such an agreement, the stock is likely

stuck in the current trading range. Our C
.50 target is based on a per share value of approximately

C
.40 for the investments made in the Mengo project and approximately C
.07 of cash.

This was Bruce Campbells a few days back