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Thursday, November 08, 2007 8:31:07 PM
It’s all spelled out in Sect 8.8A on Page 21
of Exhibit 10.1 of today’s 10Q SEC filing:
http://www.sec.gov/Archives/edgar/data/1093649/000095013507006854/b67163ipexv10w1.htm
Royalty Rate for Net Sales in Each Region
Annual Net Sales US EU RoW
<=$[**] [**]% [**]% [**]%
> $[**] and <=$[**] [**]% [**]% [**]%
> $[**] and <=$[**] [**]% [**]% [**]%
> $[**] [**]% [**]% [**]%
Note: “EU” means Germany, UK, France, Spain, and Italy;
other European countries are considered “RoW.”
Well, what did you expect? They told you the royalty rate
was confidential!
We now know that there are four sales tiers and three regions
—twelve different royalty rates in all. There’s more detail starting
on page 21 of the 10Q filing, but don’t expect to find any numbers!
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”
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