I can't counter you on that, but you have to admit your figure is pure speculation. The aquisition they're working on may surprise us, but whose to say. I make sure most everything I write follows: IMO - because it's just that.
In any case, I wouldn't place a value on operations just yet. If you're in for it, stay positive, there's no reason not to be.
For a company at this stage of development I believe they've done much to add value for us, their use of warrants and the recent retirement of shares speaks volumes of where they want to be.