Trucept, Inc. (TREP)

[sweet crude]

OT: TEDG - China bird flu vaccine (read)

http://www.theasianinvestor.com/reports/tedg.htm

VALUATION RATING

Reflecting the size of TianYuan Bio-pharmaceutical research facilities and extensive background in vaccine research, we feel it to be 'fair' to give TEDG a target market cap value of $100 million as compared to other bird flu vaccine producers trading today. With 82 million shares currently issued and outstanding, this would give TEDG a short-term price valuation target of around $1.20 a share. Investors should also be advised that many questions still remain on the potential merger and should exercise moderate caution until audited financials can be made available. Thus, Ludlow Capital is currently withholding a rating on TEDG until additional research information can be made available to the general public.