I wouldn't write off the ability of the XTI relationship to positively impact XERI. Both parties still claim to be interested in pursuing a merger but -- as you pointed out -- had the merger happened 12 months ago, things might be very different. It's unclear what caused the delay, but it's hard to believe XERI was the primary cause. My sense is that XTI needs XERI to complete development of the TriFan -- but XERI doesn't need XTI in order to uplist. That said, I would look for XERI and XTI to continue operating their already successful JV and for the Movychem / XERI JV to serve as the primary funding vehicle, thanks to the $250 million NNC deal and others like it.
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