However I question your estimates. I have been on acquisition teams and we generally used a range of let`s say 10-20 times earnings. Or we may have used a percent over current share price, a factor of plus 10%, 20%, etc. We also used revenue as a basis, to validate the other methods for future projections.

Your numbers indicate a factor of 17 to 25 times the pps.

Even though there is a future potential for considerable improvements, no one would pay out that kind of money for an unproven profit potential at those amount of increases.

I realize shareholder approval would be required, but it`s anyone`s guess as to how much of a share price they would accept as being of fair value.

You data calculates to a pps of $3.50-$5.00 which is pretty high based on history.

Next time I am involved in an corporate sale, I want you to prove to the buyer that a price of 20 times the pps is really favorable to them, even though on the surface it appears to be high.