I can appreciate what you're saying and if it weren't for the following, I'd tend to agree with you. However, what trips me up in using that reasoning is that in the press release announcing the Crossflo aquisition, PTSC uses the terminology that they "completed the aquisition, effective September 1".

With that in mind, it seems by definition that Sept 1 was the "closing date" and thus the "effective time" as well. However, the date used in the Proxy to define the "record date" for which they were counting shares through is August 29th.

I'm just going by the specific language in the filings, so unless PTSC closed the Crossflo deal on Friday August 29th, it doesn't seem like these shares can be related to Crossflo. However, perhaps they DID close the deal on Friday, and if that's the case perhaps there is some tiered transfer of shares, but if that were the case, it seems odd that they would've used the language they did in the PR. But, stranger things have happened I guess.

Looking at it as I am, I DO think there may be something undisclosed that relates to the 20M shares. I'm not implying that management is being less than forthright, I'm just pointing out that there seems to be a missing piece to the puzzle based on the info released and the dates indicated. Like I posted, I've requested clarification from PTSC. Hopefully I'll get a response.

I will tell you though that since they took IR in house, I've asked 2 other questions and I had to send both of them a second time as I didn't receive any response the first time. I waited a week before resending each. After resending the first one, I received a fairly prompt response to that second request. I sent the second request of the second question last Tuesday I believe, and still have not received a response. We'll see how long it takes for today's question to get answered. I always make it a point to ask clear and ANSWERABLE questions and non-trivial questions, so I'm a bit disappointed with the timing so far, but so far I've chalked it up to them working the kinks out with the new setup.

As for this question, 5% additional dilution to me is certainly NOT trivial. I hope it IS part of the Crossflo deal as that would be anticipated, however it is unclear from the filings, and seems NOT to be from the Crossflo deal from my read. Hopefully PTSC can clarify that it is, or disclose what it is if it turns out NOT to be Crossflo related.