Ann: Investor Presentation, page-3

I agree with your analysis.
The transaction is disappointing IMO.

The worlwide distribution agreements in place have not yet provided much fruit. Definitely not what Dr Luke Reid was promoting at the IPO.

Microba is valuing the company at 30% less than the market was while carrying out this acquisition at 23 cents a share.
I think its a big mistake. They state that Invivo is cashflow neutral but no doubt in Microba's hands it will have added costs in pushing for growth and expanding the product range with Microba products. Also the current owners probably ran the company on a shoestring and now probably have wages that are more in line with market.