BDAZ...remarkable.

I really must learn to do my homework before I speak out. So I happily eat some crow and give Don the benefit of the doubt for now regarding the reverse takeover for a NASDAQ listing and I sure hope they are well along the way to a deal.

The scenario that ran through my mind when I read the reverse takeover scenario was something like "Zenith Capital Corporation, a privately held investment company specializing in biotech research has acquired all of the assets and debts of XYZ Oil Drilling Inc, a NASDAQ listed oil drilling company operating in Alberta. XYZ Oil Drilling has been fully integrated into ZCC and will be renamed ZCC. The newco ZCC will retain it's listing on the NASDAQ exchange and will specialize in biotech R & D".

So that didn't seem to sound too plausible to me.

The other thing that struck me in Don's comments is that he seems to view the cost of getting a NASDAQ listing as a "cost" as opposed to an opportunity for access to a market at least 10 times (and probably much more) the size of Canada's venture capital markets. Of course, this all depends on his objectives in terms of raising capital and retaining control. He raised $19.5 million in private equity in the past few months. If I remember correctly investors were required to invest at least $100,000. These people, from what I remember, were given an inside view of Zenith developments. So that got me thinking that perhaps they would be looking for a relatively quick ROI that could be generated via a NASDAQ listing. However, in hidesight that probably doesn't hold water.

If ZEL is going to develop and test it's compounds it will need money. From what I see there will be no royalty flow from RVX until probably 2022. Don probably has many options including Eastern, NGN and a new China deal etc. so perhaps there is no business reason at all for an IPO other than the pressure from investors that hold large blocks of Zenith shares with no liquidity.

At the end of the day my objective is liquidity of Zenith shares and I am not hopeful but as usual, I want to be proven wrong.

Of course my views are shaped by the limited knowledge I have of Zenith achievements but it seems to me that even if they are only 1/10th of what Don said in his presentation then there could be many suitors already on the prowel for ZEL and RVX.

Cheers

Toinv