prophase labs update, page-7

Oscar- everything you say is correct ( of course). But we made this deal at a time when not much else seemed to be happening - our share price was sub 6 cents and frankly I would have been excited in those dark days if POH anncd it was throwing a BYO everthing shareholder BBQ on the banks of the Yarra.

Yes there was much hubris and merriment at the time of this ann in March 2010. The deal promised much and seemed to be heavily skewed in our favor having been craftly constructed by Harry to give us cash up front:

" Quigley will make a one time payment to Phosphagenics of approximately $1.09 million (US$1 million) and the issuance to Phosphagenics of 1.44 million shares in Quigley common stock (at current market price, valued at approximately $3.185 million).Additionally, Quigley has contributed $545,000 (US$500,000) of initial capital and committedup to $2.18 million (US$2 million) to initial development and marketing costs of new products for Phusion Laboratories."

Harry noted that Quigley (under its founder Gerald Quigley) had demonstratated a proven track record of
distributing its OTC lines throughout the US.... it seemed a marriage made in heaven.

However there was a wildcard/joker in the deck.... New President Ted Karkus (having thrown Gerald Quigley out of his own co in an acrominious Board Spill with more twists and turns than a US Soapie)- was the unknown.... and after 2 years of promises and no action- I reckon he is a complete dud.

Sure something may happen but POH has moved on to bigger things while Phusion is still yet to find First Gear. And do we really want our IP tied up with a bloke stuck in the emergancy lane?

I say thanks to Ted for the cash pmt and speed date but POH has more attractive suitors these days- we've moved on.