Hmm...let me think. Sino-Canada (for example) had a net income 2008 of ~ $ 3 Mio. and Assets of ~ $ 7 Mio. It could be right now $ 4 Mio. (net income) !?? They take the shell and bring his activa into it. $ 4 Mio. / 386 Mio. OS = $ 0,0103 EPS x 10 (PER) = $ 0,10 Maybe they can use the Subs from HRCT...Assets would be ~ $ 10-12 Mio. ?! Then the RS 1:50 = $ 5 (ready for Nasdaq Smaller Cap) Sino would be worth: $ 38,6 Mio. (MC) Steps for a Merger: - Find a shell that is reporting - with few assets - do a RS - change the name - go to a bigger exchange (if possible) Franz ;-)