Quincey,

Excellent reporting. Two comments

- Small companies in China: Agree with the approach that, there is no point in dealing with many small companies which may not have enough dry powder to swing a mega deal. Some 20-30 NDAs with large entities are just plenty, since ZEN would need to spend time an effort to deal with each of the potential customers, some of whom out of the group may just want to kick some tire anyway. Usually, in the first meeting a veteran like AE would be able to tell who the real potential customers are, and concentrate their effort in a few.

- Flowsheet for producing high quality graphite: Assuming that the flowsheet is the key info that people are after, and if the flowsheet would be included in the upcoming PEA then it would be worth while for potential suitors, including those that have the NDAs, to wait for the release of the PEA to lay their hands on the flowsheet. But, since they all signed the NDA there would be no impediment for ZEN to reveal the info to "selected customers" to whet their appetite, before the actual release of the PEA. All other info (e.g. NAV, etc.) coming from the number cruching exercise using speadsheets can easily be cranked out by the potential suitor's own staff.

Cheers,

goldhunter