To me it's simple. Who cares about who bought the PP. Whether its a strategic or financial investor, i don't care. What is important is the validation of our valuation at the current market price. We just sold 10% of our stock at a price that justifies, give or take, our market value where we stand today. This flies in the face of what Hocking thinks we should be valued at. Either he is wrong or the investor(s) that just paid $26mio are wrong....the investor has more to lose so I'm guessing they're right.

Secondly, flow through tax benefits to the investor aside, the PP was bought at this level because the investor thinks it is CHEAP here. They are expecting appreciation soon and for an outsized return relative to other investment opportunities.

Lastly, no fees and no warrants. While dillutive, this was a great deal for us. I feel better now about our upside than I have for a long time.

SM