credit suisse usa, page-6

Yes, the quantum added from the new placements should add value to something like US$300M in a US$500M float. No doubt many micro-holders will bale for less but the intrinsic value of the technology should place it at around that figure. Most of the stock is held by about 100 of us. I would be surprised if many of these holders are not fully appraised of the value on forward projections. Remember that TZ holds Intevia. TFS did not sell it to PE. That is why they are under negotiations. With all the new applications and the move to manufacture does anyone seriously suggest the value has not increased several-fold on the original license deal?