LT -

Perhaps I have rose-colored glasses on but I have come to the following conclusions from the information in the first part of your post:

The delay has been caused by Zen's desire the meet the specific demands of a buyer;

Among those demands, the buyer wants ZEN to do a very detailed flowsheet to demostrate the ROI for their money;

The 20 NDAs will provide this buyer a pool of potential "designer graphite" buyers; and

I suspect that negotiations with the buyer are ongoing.

- panamax