Intellipharmaceutics International Inc. (IPCI)

[AngeloFoca]

Angelo- I believe 2018 they will do $4.0-6.0M total on Focalin, 2019 $3.6-5.4M, 2020 $3.2-5.0M. After that revenue will roughly erode at 10% per year.

OK, we'll use your bottom estimates to keep it conservative.

$4.00 + $3.6 + $3.2 = $10.8 Million in royalty payments from PAR for 2018-2020... let's round it off to $10 million.

Factor (1. Commerce. the business of purchasing and collecting accounts receivable or of advancing cash on the basis of accounts receivable.) those 3 years worth of royalty payments to PAR pharma for 70 cents on the dollar and take $7 million... or even 50 cents on the dollar and walk away with $5 million... the most you are giving up is $5 million for the security and stabilization that affords.

PAR is 100% assured they will get their money... they would probably love to do it... and if not, there are plenty of factoring companies that would take that on.

They can easily overcome this fiasco... in fact I would factor the whole life cycle of Focalin royalties for $10 million and use $5 million to buy 5 million shares of IPCI on the open market.