SiNtx Technologies Inc (SINT)

[stealthways]

EBITA on a synergized basis (means large reductions in S&M, G&A from duplications and taking back non-cash expenses). The idea is to look at how a purchase effects the suitor on a cash basis post acquisition. In the case of AMDA you also have to factor in the NOL's in this analysis since there would be very significant tax reductions for any profitably ortho company buying amda.

Taking some assumptions and guestimates on current business run rate of 25 million with a near break even situation, its not hard to see where a purchaser could cut 5 million just on duplications and further cutting. Add to this the PV of the 200 million in NOLs...

So to a purchaser with a 20 to 1 PE running, just the current AMDA test marketing and impeded sales would be worth 100 million plus probably another 70 million in NOL PV ... so 170 million value there just for the basically scratching the surface of potential sales, and until just recently really no meaningful sales program... and basically what I see as test marketing of their material science to date....

So this analysis of course leaves out entirely the much much more significant component of value in amda, which is being dressed down as much as possible currently by those accumulating... and that is the tech itself and its very large potential addressable market.