Sortis Holdings Inc. (SOHI)

[illegal_alias]

Correction: book value = $1.126. I looked at an older call report and not the latest one which shows total equity at $10,676,000 (not $4.438 million). The ticking time bomb in this valuation is the 5.1 million warrants exercisable over 3 years @.04. If issued today, that would dilute the BV to $0.737, still well above today's bid price. 1.5X BV is $1.10, so I think MBNC is still a good buy at these levels - a steal if you can get them at the bid!

If you read the 1st qtr rpt, the people purchasing the units (1 share 1 warrant) got a good deal (effective purchase rate of .27), but had to make a leap of faith to plunk down 0.49 per share.

The fact that we are not seeing volume in the 100s of thousands per day tells me that these shares must be restricted and not freely trading.