call from michael otten, page-13

The assumption that CS is likely to be accumulating is correct. Their job is to underwrite the float and associated delisting. It is the latter event that is of interest to us in the short-medium term. Those of us who are supporters of the technology may well take all or a part of the offer to convert to the NASDAQ listing. The remainder will be offered a very large premium on current prices to hand over our shares. I expect CS will obtain close to 15% of the shares prior to the official offer at knockdown prices. This will include precisely none of mine. As it appears there will be no actual borrowings by TZ to bulk up then the share of TFS that PE/TZ are still negotiating must involve an equity swap in the new listing ie TZ get a share of AGT, say 15-20% or thereabouts, PE through AGT obtain the Intevia license and take a share of TZ in the NASDAQ float in the form of a fixed percentage of the listed shares. This arrangement alone should set the price at the levels Klaas has suggested. I am expecting close to $2.50 for the residual shares. Sell at your peril. Why would you think of selling at some silly offer like $1 that may be forthcoming in the next weeks? The delist was always the play in this stock, not month to month trivial price fluctuations in open trade.