9,005,724 warrants were exercised since March 31st, the date of the financial statements, at an average strike price of $0.5386.

This leaves 33,372,589 warrants remaining at an average strike price of $0.6039.

The company has future potential income of $20,152,705 in warrant money alone based on the remaining warrants, and $8,951,945 in option money (if all stock options were exercised).

As expected, due to the increase in the company's cash position from warrants and hence the significant increase in shareholder equity, the company now qualifies for 2 out of the 3 standards for listing on the Nasdaq Capital Market ... the Market Value Standard and the Equity Standard. Because of this, PTK is no longer bound by the requirement of having to maintain a $2.00+ share price for 90 consecutive business days before even applying. They simply have to hold $2.00+ for 5 consecutive business days and an application can be made. The typical application time is 5 - 6 weeks. Therefore, provided the share price cooperates in the near future, the company could be trading on the Nasdaq as early as sometime in July (provided other non-financial listing requirements are addressed of course, such as securing market makers and meeting the Nasdaq corporate governance standards).

Furthermore, the huge cash position the company is sitting on should allow them to meet the TSX requirements for cash in the treasury. Unfortunately, I believe the TSX goes by your latest financial statements and in this case, as of March 31, the company would not qualify (but if you used their cash position today, they would likely qualify). So in 3 more months, when the next quarterly financial report comes out, I suspect the company could then make application to up-list to the Toronto Stock Exchange because they will be given credit for their current cash position (I would expect the PTK treasury to get even higher by the end of June due to continued warrant exercise).

Respectfully,

BUMBLEBEE