crashing, page-14

We are going round and round here. The share price is determined by buyers and sellers on the market, so if you are going to ask anybody, ask them.

Let's just suppose that PSD comes through with the Pfizer deal - meaning that it gets all of the $203 million the deal is worth (not counting royalties), and that the Medidur trials are successful, followed by good sales. These are exactly the kinds of things that a company of this type does. If they achieve them, do you think the share price will be around 16 cents? If you do, then I suggest that you sell now. But if you think it will be a lot higher, then it's hard to understand what your complaint is, since they will have done exactly what they are supposed to: bring in lots of money from milestone payments and royalties.

Since you are going to the meeting, here are a couple of issues you might consider raising instead of throwing bottles:
1. Express disgust that Gavin Rezos walked away from a sinking company after first making a profit of over $4 million selling options for $1.18 each. Ask the directors how a CEO can possibly deserve that size of reward _before_ he has established a profitable business. If they say that shareholders approved the options (which they did), ask them why Rezos and the other directors _asked_ shareholders for the options in the first place. It is an unfortunate fact that shareholders tend to rubber-stamp these things, and the directors knew that. Tell them that if they want to issue themselves options, link them to recurring profits, not the share price, which can go up (where it was when Rezos sold his options) and then just come down again, achieving nothing of net value to shareholders.

2. Find out the status of Biosilicon for drug delivery purposes (as distinct from Brachysil, which is not drug delivery). PSD began primarily as a drug delivery company with Biosilicon as its golden goose, yet we hear nothing about it. What is its progress, where are the trials, and why does the company say nothing about it?

Pezz