Secure Point Technologies Inc (fka IMSCQ)

[Doctor Detroit]

Now that the IDIQ has been signed up, I think Implant will be a much more attractive buyout candidate. I’ve seen a lot a stuff posted about $5 or $10 stock prices, and that seems a little overly optimistic to me. I'm happy to be wrong on this one, so I’m curious to hear what people believe would be a fair price.

My ballpark figure for a purchase price would be around $500 million for the enterprise, which I figure would lead to a per share price of around $2.60 per share. I got there by dividing A by B, where:

“A” equals $500 million minus $20 million BAM Note and $14 million Management Change of Control Plan =$466 million; and

“B” equals 69 million shares outstanding, plus 67 million shares issuable on conversion of $3.184 million principal and $2.175 million accrued interest on Sr. Convertible Note ($0.08 per share conversion) plus 11 million shares issuable from $12 million Senior Secured Note (convertible to Series H preferred stock which converts to common at $1.09 a share); plus 10 million shares issuable from $12 million Senior Secured Note (convertible to Series I preferred stock which converts to common at $1.18 per share); plus 18 million convertible employee stock options plus 4 million convertible warrants=179 million shares.