High Profile Shell Facilitator

[Threeflight]

OCCX-Nasdaq shell-at .06/$6 M cash/0 debt looking for merger/book value of 83 cents

This used to be RHEO, an eye company on the Nasdaq that traded for $10-$12. I used to trade it all the time in the dollars. Recently they disbanded their hopes of their RHEO™ System for the treatment of dry age-related macular degeneration ever being a huge market seller. This was the company's main target as far as making money. Now the stock has fallen all the way to 6 cents!

They are now essentially a shell looking for a merger or some other avenue of making money. The thing is, they have NO debt and $6 Million in cash. Book value is around 83 cents if you add in their other assets. Their cash value for JUST the money they have in the bank is over ten cents. They file complete financials. They are on the NASDAQ. They are looking at a new acquisition, a new merger per a recent PR, whatever. It doesn't matter. As soon as they announce any type of move, with only a 57 M OS and a 28 M float, this is going back to a dollar.

Here is a recent PR....

"The remaining members of OccuLogix' executive team will continue to concentrate their efforts on raising additional financing for the Company, on assessing strategic alternatives to maximize shareholder value, and on managing OccuLogix' ownership stake in OcuSense, Inc. In support of those goals, Elias Vamvakas (Chairman and Chief Executive Officer) and Tom Reeves (President and Chief Operating Officer) have both agreed to accept a 50% reduction of their salaries commencing on February 1, 2008.

As first announced on October 9, 2007, OccuLogix continues to explore the full range of strategic alternatives available to it to maximize shareholder value. These alternatives may include, but are not limited to, the raising of capital through the sale of securities, one or more strategic alliances and the combination, sale or merger of all or part of the Company. OccuLogix stated that there can be no assurance that the exploration of strategic alternatives will result in a transaction. The Company does not intend to disclose developments with respect to the exploration of strategic alternatives unless and until its Board of Directors has approved a specific transaction."

Look at some of these valuation measures...

VALUATION MEASURES
Market Cap (intraday)5: 3.55M (they have cash worth 6 million)
Enterprise Value (29-Jan-08)3: -2.80M
Trailing P/E (ttm, intraday): N/A
Forward P/E (fye 31-Dec-08) 1: N/A
PEG Ratio (5 yr expected): N/A
Price/Sales (ttm): 11.50
Price/Book (mrq): 0.07
Enterprise Value/Revenue (ttm)3: -9.22
Enterprise Value/EBITDA (ttm)3: 0.114
FINANCIAL HIGHLIGHTS
Fiscal Year
Fiscal Year Ends: 31-Dec
Most Recent Quarter (mrq): 30-Sep-07
Profitability
Profit Margin (ttm): N/A
Operating Margin (ttm): -10087.81%
Management Effectiveness
Return on Assets (ttm): -25.54%
Return on Equity (ttm): -52.67%
Income Statement
Revenue (ttm): 303.85K
Revenue Per Share (ttm): 0.006
Qtrly Revenue Growth (yoy): -82.20%
Gross Profit (ttm): -3.34M
EBITDA (ttm): -24.50M
Net Income Avl to Common (ttm): -29.37M
Diluted EPS (ttm): -0.534
Qtrly Earnings Growth (yoy): N/A
Balance Sheet
Total Cash (mrq): 6.24M
Total Cash Per Share (mrq): 0.109
Total Debt (mrq): 0
Total Debt/Equity (mrq): N/A
Current Ratio (mrq): 0.951
Book Value Per Share (mrq): 0.835
Cash Flow Statement
Operating Cash Flow (ttm): -17.00M
Levered Free Cash Flow (ttm): -7.45M
View Financials (provided by EDGAR Online):
Income Statement - Balance Sheet
Cash Flow

Any type of merger they announce, I'm assuming with another eye company, and with the short here and the way this has been beaten down takes to a dollar. This is unlike other shells. There is no debt. They have millions in the bank. They already file financials.

Its a beautiful setup for someone looking to go public.
Look at this chart. It has bottomed and is ready to move up.