ballo- It's based mostly at this point on optimism around the EPA evaluation of TOVC technology and potential incorporation into their accumulator technology. There's also certainly some weighting of an OEM deal factored in. Lastly, a listing on a bigger exchange (NASDAQ or Amex) gives them much greater visability and opening the stock to new buyers (institutions/mutual funds). You'll notice for the iBox that there's not a lot of stock around so a break in any or all of the above could mean sudden price changes (hopefully up rather than down).
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