Protagenic Therapeutics Inc (PTIX)

[buckhunter102001]

With the increased O/S BD no longer held that high of a percentage...They stood a good chance of a takeover by selling Kazaa to Atrinsic and getting an additional 7 million shares but when Stu delisted and the O/S increased to over 60,000,000 BD only owned a little over 3 percent and even less in DEC when the O/S went to 87,000,000. So, at that point it was futile for them to sell Kazaa for the 7 million shares so they pulled the deal off the table and called default on the convertible notes