
|
Re:
|
Premier Biomedical, Inc.
|

|
·
|
The Company is responsible for the adequacy and accuracy of the disclosure in the filing;
|
|
·
|
Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and
|
|
·
|
The Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
|
|
Re:
|
Premier Biomedical, Inc.
|
|
·
|
The Company is responsible for the adequacy and accuracy of the disclosure in the filing;
|
|
·
|
Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and
|
|
·
|
The Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
|

|
Premier Biomedical, Inc.
|
Exhibit 1, Page 1
|
|
Black-scholes Calculation - Common Stock Warrant
|
|
|
(Actuals)
|
Valuation as of June 21, 2010
|
|
Common
Stock Warrants
|
|||||||||||||||||||
|
Black-scholes Calculation
|
|||||||||||||||||||
| (1) |
Underlying price
|
$0.00032 | |||||||||||||||||
|
Exercise price
|
$0.00001 | ||||||||||||||||||
| (2) |
Time to expiration (days)
|
3,647 | |||||||||||||||||
| (3) |
Volatility
|
105.00 | % | ||||||||||||||||
| (4) |
Risk-free interest rate
|
3.26 | % | ||||||||||||||||
| d1 | 2.797 | ||||||||||||||||||
| d2 | (0.522 | ) | |||||||||||||||||
|
Output:
|
$0.00031 | ||||||||||||||||||
|
Black-scholes value of common stock warrant
|
$0.00031 | ||||||||||||||||||
|
Discount for lack of marketability
|
25.0% | ($0.00008 | ) | ||||||||||||||||
|
Common stock warrant fair value - non-marketable
|
$0.00023 | ||||||||||||||||||
|
Common stock warrant fair value - non-marketable (rounded)
|
$0.00023 | ||||||||||||||||||
|
Notes:
|
|||||||||||||||||||
| (1) |
Price per share of common stock. See Supplemental A, Page 1. Summary values per the option-pricing method to allocation as follows:
|
||||||||||||||||||
|
Per share Values
|
|||||||||||||||||||
|
Common Stock
|
$0.00032 | ||||||||||||||||||
|
Common Stock Warrants
|
$0.00031 | ||||||||||||||||||
|
Preferred Stock Warrants
|
$0.00032 | ||||||||||||||||||
|
Preferred Stock
|
$0.00128 | ||||||||||||||||||
| (2) |
Calculated as follows:
|
||||||||||||||||||
|
Days to expiration
|
|||||||||||||||||||
|
Current date
|
6-21-2010 | ||||||||||||||||||
|
Expiration date
|
6-15-2020 | ||||||||||||||||||
|
Days
|
3647 | ||||||||||||||||||
| (3) |
See Exhibit 2, Page 1 for volatility data.
|
||||||||||||||||||
| (4) |
Continuously compounding risk-free rate of return associated with a 120 month term. Source: U.S. Treasury.
|
||||||||||||||||||
| (5) |
See Exhibit 3, Page 1. We conducted an Asian put option calculation to determine the discount for lack of marketability.
|
||||||||||||||||||
|
Premier Biomedical, Inc.
|
Exhibit 1, Page 2
|
|
|
Black-scholes Calculation - Preferred Stock Warrant
|
||
|
(Actuals)
|
Valuation as of June 21, 2010
|
|
|
Preferred Stock
Warrants
|
|||||||||||||||||||
|
Black-scholes Calculation
|
|||||||||||||||||||
| (1) |
Underlying price
|
$0.00128 | |||||||||||||||||
|
Exercise price
|
$0.00100 | ||||||||||||||||||
| (2) |
Time to expiration (days)
|
3,647 | |||||||||||||||||
| (3) |
Volatility
|
105.00 | % | ||||||||||||||||
| (4) |
Risk-free interest rate
|
3.26 | % | ||||||||||||||||
| d1 | 1.832 | ||||||||||||||||||
| d2 | (1.487 | ) | |||||||||||||||||
|
Output:
|
$0.00119 | ||||||||||||||||||
|
Black-scholes value of preferred stock warrant
|
$0.00119 | ||||||||||||||||||
|
Discount for lack of marketability
|
25.0% | ($0.00030 | ) | ||||||||||||||||
|
Preferred stock warrant fair value - non-marketable
|
$0.00089 | ||||||||||||||||||
|
Preferred stock warrant fair value - non-marketable (rounded)
|
$0.00089 | ||||||||||||||||||
|
Notes:
|
|||||||||||||||||||
| (1) |
Price per share of common stock. See Supplemental A, Page 1. Summary values per the option-pricing method to allocation as follows:
|
||||||||||||||||||
|
Per share Values
|
|||||||||||||||||||
|
Common Stock
|
$0.00032 | ||||||||||||||||||
|
Common Stock Warrants
|
$0.00031 | ||||||||||||||||||
|
Preferred Stock Warrants
|
$0.00032 | ||||||||||||||||||
|
Preferred Stock
|
$0.00128 | ||||||||||||||||||
| (2) |
Calculated as follows:
|
||||||||||||||||||
|
Days to expiration
|
|||||||||||||||||||
|
Current date
|
6-21-2010 | ||||||||||||||||||
|
Expiration date
|
6-15-2020 | ||||||||||||||||||
|
Days
|
3647 | ||||||||||||||||||
| (3) |
See Exhibit 2, Page 1 for volatility data.
|
||||||||||||||||||
| (4) |
Continuously compounding risk-free rate of return associated with a 120 month term. Source: U.S. Treasury.
|
||||||||||||||||||
| (5) |
See Exhibit 3, Page 1. We conducted an Asian put option calculation to determine the discount for lack of marketability.
|
||||||||||||||||||
|
Premier Biomedical, Inc.
|
Exhibit 2, Page 1
|
|
Volatility Calculation Summary - 10.0 Years
|
|
|
(Actuals)
|
Valuation as of June 21, 2010
|
|
21-Jun-2010
|
|||||||
|
Historical
|
|||||||
|
Guideline Company
|
Volatility (1)
|
||||||
|
BioCryst Pharmaceuticals, Inc.
|
NasdaqGS:BCRX
|
93.9%
|
|||||
|
Enzo Biochem Inc.
|
NYSE:ENZ
|
62.5%
|
|||||
|
Entest Biomedical, Inc.
|
OTCPK:ENTB
|
266.1%
|
|||||
|
Intellect Neurosciences, Inc.
|
OTCPK:ILNS
|
223.8%
|
|||||
|
Lexicon Pharmaceuticals, Inc.
|
NasdaqGS:LXRX
|
83.0%
|
|||||
|
Osiris Therapeutics, Inc.
|
NasdaqGM:OSIR
|
65.4%
|
|||||
|
Cytori Therapeutics, Inc.
|
NasdaqGM:CYTX
|
75.7%
|
|||||
|
DURECT Corporation
|
NasdaqGM:DRRX
|
87.1%
|
|||||
|
Dyax Corp.
|
NasdaqGM:DYAX
|
84.8%
|
|||||
|
Zalicus Inc.
|
NasdaqGM:ZLCS
|
109.7%
|
|||||
|
Minimum:
|
62.5%
|
||||||
|
Lower (First) Quartile:
|
77.5%
|
||||||
|
Median:
|
85.9%
|
||||||
|
Average:
|
115.2%
|
||||||
|
Upper (Third) Quartile:
|
105.8%
|
||||||
|
Maximum:
|
266.1%
|
||||||
|
Selected
|
105.0%
|
||||||
|
Notes:
|
|||||||
|
Source: Historical stock prices extracted from Capital IQ, a division of Standard & Poor's.
|
|||||||
| (1) Historical volatility calculated using daily prices from June 23, 2000 through June 21, 2010. | |||||||
|
Premier Biomedical, Inc.
|
Exhibit 3, Page 1
|
|
Discount for Lack of Marketability (DLOM)
|
|
|
(Actuals)
|
Valuation as of June 21, 2010
|
|
Common Stock and Preferred Stock Warrants
|
|||||||||||
| (1) |
Holding Period
|
12.0 month term
|
|||||||||
|
Current Price
|
$1.00 | ||||||||||
|
Dividend Yield
|
0.0 | % | |||||||||
|
Strike Price
|
$1.00 | ||||||||||
|
Maturity (years)
|
1.00 | ||||||||||
| (2) |
Risk-free Rate
|
0.29 | % | ||||||||
| (3) |
Volatility
|
115.00 | % | ||||||||
| V2T | 0.492 | ||||||||||
|
vT
|
0.701 | ||||||||||
| (4) |
Asian Put Value
|
0.274 | |||||||||
|
DLOM - Common and Preferred Warrants
|
27.0 | % | |||||||||
|
Concluded DLOM
|
25.0 | % | |||||||||
|
Notes:
|
|||||||||||
|
(1)
|
Based on the estimated holding period required to divest the warrant positions.
|
|
|
(2)
|
Continuously compounding risk-free rate of return associated with a 12 month term. Source: U.S. Treasury.
|
|
|
(3)
|
See Exhibit 3, Page 2. The calculated volatility relies on data from the previous 12 months.
|
|
|
(4)
|
We used an Asian or "average" put option where the payoff depends on the average price of the underlying asset during the life of the option. Traditional put options can overstate the marketability based on the fact that a restricted stock and a put option combined provides the owner 100.0 percent downside protection and 100.0 percent upside participation. However, the owner of a marketable security does not have 100.0 percent downside protection.
|
|
Premier Biomedical, Inc.
|
Exhibit 3, Page 2
|
||||||
|
Volatility Calculation Summary - 1.0 Year
|
|||||||
|
(Actuals)
|
Valuation as of June 21, 2010
|
||||||
|
21-Jun-2010
|
|||||||
|
Historical
|
|||||||
|
Guideline Company
|
Volatility (1)
|
||||||
|
BioCryst Pharmaceuticals, Inc.
|
NasdaqGS:BCRX
|
85.7%
|
|||||
|
Enzo Biochem Inc.
|
NYSE:ENZ
|
63.8%
|
|||||
|
Entest Biomedical, Inc.
|
OTCPK:ENTB
|
266.1%
|
|||||
|
Intellect Neurosciences, Inc.
|
OTCPK:ILNS
|
205.4%
|
|||||
|
Lexicon Pharmaceuticals, Inc.
|
NasdaqGS:LXRX
|
92.1%
|
|||||
|
Osiris Therapeutics, Inc.
|
NasdaqGM:OSIR
|
67.0%
|
|||||
|
Cytori Therapeutics, Inc.
|
NasdaqGM:CYTX
|
72.6%
|
|||||
|
DURECT Corporation
|
NasdaqGM:DRRX
|
59.7%
|
|||||
|
Dyax Corp.
|
NasdaqGM:DYAX
|
62.5%
|
|||||
|
Zalicus Inc.
|
NasdaqGM:ZLCS
|
121.5%
|
|||||
|
Minimum:
|
59.7%
|
||||||
|
Lower (First) Quartile:
|
64.6%
|
||||||
|
Median:
|
79.1%
|
||||||
|
Average:
|
109.6%
|
||||||
|
Upper (Third) Quartile:
|
114.2%
|
||||||
|
Maximum:
|
266.1%
|
||||||
|
Selected
|
115.0%
|
||||||
|
Notes:
|
|||||||
|
Source: Historical stock prices extracted from Capital IQ, a division of Standard & Poor's.
|
|||||||
| (1) Historical volatility calculated using daily prices from June 21, 2009 through June 21, 2010. | |||||||
|
Premier Biomedical, Inc.
|
Supplemental A, Page 1
|
|
Option-pricing Method to Allocation - Option Value by Capital Structure
|
|
|
(Actuals)
|
Valuation as of June 21, 2010
|
|
Breakpoints (1)
|
|||||||||||||||||||||||
|
from
|
$0.0000 | $1,000.0000 | $1,000.0010 | $1,120.0010 | |||||||||||||||||||
|
to
|
$1,000.0000 | $1,000.0010 | $1,120.0010 | n/a | |||||||||||||||||||
|
Value to Allocate (1)
|
|||||||||||||||||||||||
| 986.4891 | $0.0010 | $115.1810 | $14,815.3289 |
=
|
$15,917.0000 | ||||||||||||||||||
|
Participation (2)
|
|||||||||||||||||||||||
|
Senior debt
|
100.0 | % | 0.0 | % | 0.0 | % | 0.0% | ||||||||||||||||
|
Common Stock
|
0.0 | % | 0.0 | % | 83.3 | % | 20.6% | ||||||||||||||||
|
Common Stock Warrants
|
0.0 | % | 0.0 | % | 0.0 | % | 75.3% | ||||||||||||||||
|
Preferred Stock Warrants
|
0.0 | % | 0.0 | % | 16.7 | % | 4.1% | ||||||||||||||||
|
Preferred Stock
|
0.0 | % | 100.0 | % | 0.0 | % | 0.0% | ||||||||||||||||
| 100.0 | % | 100.0 | % | 100.0 | % | 100.0% | |||||||||||||||||
|
Summary Values (3)
|
|||||||||||||||||||||||
|
Senior debt
|
$986.4891 | $0.0000 | $0.0000 | $0.0000 |
=
|
$986.4891 | |||||||||||||||||
|
Common Stock
|
$0.0000 | $0.0000 | $95.9841 | $3,054.7069 |
=
|
$3,150.6911 | |||||||||||||||||
|
Common Stock Warrants
|
$0.0000 | $0.0000 | $0.0000 | $11,149.6803 |
=
|
$11,149.6803 | |||||||||||||||||
|
Preferred Stock Warrants
|
$0.0000 | $0.0000 | $19.1968 | $610.9414 |
=
|
$630.1382 | |||||||||||||||||
|
Preferred Stock
|
$0.0000 | $0.0010 | $0.0000 | $0.0003 |
=
|
$0.0013 | |||||||||||||||||
| $15,917.0000 | |||||||||||||||||||||||
| Total Value | Outstanding Shares (4) |
Value
Per
Share (5)
|
|||||||||||||||||||||
|
Senior debt
|
$986.4891 | n/a | n/a | ||||||||||||||||||||
|
Common Stock
|
$3,150.6911 | 10,000,000 | $0.00032 | ||||||||||||||||||||
|
Common Stock Warrants
|
$11,149.6803 | 36,500,000 | $0.00031 | ||||||||||||||||||||
|
Preferred Stock Warrants
|
$630.1382 | 2,000,000 | $0.00032 | ||||||||||||||||||||
|
Preferred Stock
|
$0.0013 | 1 | $0.00128 | ||||||||||||||||||||
| $15,917.0000 | 48,500,001 | ||||||||||||||||||||||
|
Notes:
|
|||||||||||||||||||||||
|
(1)
|
See Supplemental A, Page 2. Breakpoints represent strike prices used in the Black-Scholes calculation. Value to Allocate represents the result of the Black-Scholes calculation for each breakpoint.
|
||||||||||||||||||||||
|
(2)
|
See Supplemental B, Page 1. Participation results from the capital structure and preferences related to such securities.
|
||||||||||||||||||||||
|
(3)
|
Summary Values are the product of Participation and Value to Allocate.
|
||||||||||||||||||||||
|
(4)
|
See Supplemental B, Page 1.
|
||||||||||||||||||||||
|
(5)
|
The per share values reflect the unadjusted values.
|
||||||||||||||||||||||
|
Premier Biomedical, Inc.
|
Supplemental A, Page 2
|
|
Option-pricing Method to Allocation - Breakpoint Summary
|
|
|
(Actuals)
|
Valuation as of June 21, 2010
|
|
Description
|
Strike Price,
Breakpoint (1)
|
Black-Scholes
Calculation (2)
|
Incremental
Value (3)
|
||||||||||||
|
Base value to be allocated
|
$0.0000 | $15,917.0000 | n/a | ||||||||||||
|
Senior debt obligation fulfilled
|
$1,000.0000 | $14,930.5109 | $986.4891 | ||||||||||||
|
Preferred stock achieves liquidation preference and preferred stock warrants exercise
|
$1,000.0010 | $14,930.5099 | $0.0010 | ||||||||||||
|
Common stock warrants exercised
|
$1,120.0010 | $14,815.3289 | $115.1810 | ||||||||||||
|
The common option
|
n/a | n/a | $14,815.3289 | ||||||||||||
| $15,917.0000 | |||||||||||||||
|
Notes:
|
|||||||||||||||
| (1) |
The Strike Price is the Critical Value; a value which was calculated after an analysis of the quantity, relative seniority, and economic characteristics of the equity classes.
|
||||||||||||||
| (2) |
The Black-Scholes Calculation inputs are as follows:
|
||||||||||||||
|
I. Implied Market Value of Invested Capital - $15,917 (represents aggregate of cash, debt, and patent registration fees)
|
|||||||||||||||
|
II. Strike Price (Exercise Price) - varies; as determined by the critical value analysis
|
|||||||||||||||
|
III. Time Until Expiration - 12 month term
|
|||||||||||||||
|
IV. Volatility - 115.0 percent (see Exhibit 3, Page 2)
|
|||||||||||||||
|
V. Risk Free Interest Rate - 0.29 percent, continuously compounding
|
|||||||||||||||
|
VI. Dividend Yield - 0 percent
|
|||||||||||||||
| (3) |
The incremental value is the value which is to be allocated as prescribed by the option pricing method. After all incremental value is allocated, the common option must be allocated on a fully diluted basis.
|
||||||||||||||
|
Premier Biomedical, Inc.
|
Supplemental B, Page 1
|
|
Capitalization Details - Diluted Shares
|
|
|
(Actuals)
|
Valuation as of June 21, 2010
|
|
21-Jun-2010
|
||||||||||||||||
|
Diluted Shares
|
||||||||||||||||
| (1) |
Common Stock
|
10,000,000 | 20.62 | % | ||||||||||||
| (2) |
Common Stock Warrants
|
36,500,000 | 75.26 | % | ||||||||||||
| (3) |
Preferred Stock Warrants
|
2,000,000 | 4.12 | % | ||||||||||||
| (4) |
Preferred Stock
|
1 | 0.00 | % | ||||||||||||
|
Total
|
48,500,001 | 100.00 | % | |||||||||||||
|
Notes:
|
||||||||||||||||
| (1) |
Balance calculated as follows:
|
|||||||||||||||
|
Common stock
|
||||||||||||||||
|
Founders
|
10,000,000 | |||||||||||||||
|
Issued
|
0 | |||||||||||||||
| 10,000,000 | ||||||||||||||||
| (2) |
The common stock warrants' weighted strike price is $0.000010 per share.
|
|||||||||||||||
| (3) |
The preferred stock warrants' strike price is $0.001000 per share.
|
|||||||||||||||
| (4) |
No preferred stock existed as of the Valuation Date. We assumed one share of preferred stock existed with liquidation preference and pro-rata participation with common stock for purposes of valuing the preferred stock warrant.
|
|||||||||||||||

|
2005 – Present
|
Vantage Point Advisors, Inc.
|
|
1996 – 2005
|
CBIZ Valuation Group, Inc.
|
|
1993 – 1995
|
ADR, Inc.
|
|
1988 – 1991
|
Arthur Andersen & Co.
|
|
•
|
MBA, Marketing, Finance and Entrepreneurial Studies – 1993 Southern Methodist University, Dallas, Texas
|
|
•
|
BA, Accounting – 1988
|
|
University of South Dakota, Vermillion, South Dakota
|

|
•
|
Selected by SMU Cox School of Business Faculty to participate in Dean’s Leadership Class, Spring 1993
|
|
•
|
SMU Cox School of Business Dean’s Scholarship, 1991-92 and 1992-93
|
|
•
|
University of South Dakota Outstanding Male Student Athlete, 1988; Mortar Board; Omicron Delta Kappa; Deans List
|
|
•
|
CPA – State of Texas (inactive)
|
|
•
|
Associate Member, Business Valuation, American Society of Appraisers
|
|
•
|
Principals of Business Valuation – BV 201, 202, 203, 204, offered by American Society of Appraisers
|
|
•
|
Valuation of Intangible Assets for Financial Reporting Purposes – BV 301, offered by American Society of Appraisers
|
|
•
|
Cost of Capital course, offered by Center for Advanced Valuation Studies (CAVS)
|
|
•
|
ESOP Valuation course, offered by Center for Advanced Valuation Studies (CAVS)
|
|
•
|
Real Options Valuation and Monte Carlo simulation course, offered by Center for Advanced Valuation Studies (CAVS)
|
|
•
|
San Diego Rotary Club 33
|
|
•
|
Board of Directors – Association for Corporate Growth (ACG), San Diego Chapter
|
|
•
|
Board of Advisors – Entrepreneurial Management Center (EMC), San Diego State University
|
|
•
|
Board of Directors – University of South Dakota Alumni Association, Vermillion, SD
|
|
•
|
Trustee – University of South Dakota Foundation
|
|
•
|
Past Volunteer – Big Brothers and Junior Achievement
|
|
•
|
Member, American Institute of Certified Public Accountants
|
|
•
|
Candidate, American Society of Appraisers
|
|
•
|
“Staying in or Getting Out- Exploring Exit Strategies and Liquidity Options” – presentation with Allen Matkins and Northwestern Mutual Financial Network – The Entrepreneurial Management Center (EMC) Retreat – February 2009.
|
|
•
|
“The Nuts and Bolts of M&A” – presentation with Duane Morris, LLP – The Entrepreneurial Management Center (EMC) Roundtable Panel – September 2008.
|
|
•
|
“How to Go Up in a Down Market”, panel presentation – BioCom CFO Series, San Diego, California – May 2008.
|
|
•
|
“Valuation Workshop”, panel presentation – The Entrepreneurial Management Center (EMC) Third Annual Family Business Retreat, San Diego, California – February 2008.
|

|
•
|
“Valuation of Early-Stage Enterprises,” panel moderator – Early Stage Investing Conference, San Francisco, California – October 2004.
|
|
•
|
“Valuation Workshop,” – Arizona Venture Capital Conference, Phoenix, Arizona – April 2003.
|
|
•
|
“Valuation and Accounting Touchpoints,” panel presentation – CBI Energy Conference, Monterey, California – July 2002.
|
|
•
|
“Financial Due Diligence,” panel presentation – Mid-Market Investment Conference, Chicago, Illinois – October 2001.
|
|
•
|
“Valuation Implications of Built-In Capital Gains Taxes” – Internal Revenue Service, Western Region, San Diego, California – September 2000.
|
|
•
|
“Valuation Analysis and Executive Compensation” – Valuation Roundtable of San Francisco, San Francisco, California – April 1999.
|
|
•
|
“Intercompany Transfer Pricing Analysis” – Primedia Workplace Learning Accounting and Financial Television Network, Dallas, Texas – July 1998.
|
|
•
|
Sun City RV vs. Damon Corporation (No. 2000-009246), Superior Court of Arizona, Maricopa County. Deposition testimony in May 2003 as to the value of a recreational vehicle retailer.
|
|
•
|
Jerry S. Payne vs. Commissioner (No. 12473-99), United States Tax Court. Trial testimony in December 2001 as to the valuation of certain intangible assets for a Houston area nightclub.
|
|
•
|
Ralph Pipkin Trucking Inc., a California corporation (No. 00-04613-A11), United States
|
|
Bankruptcy Court for the Southern District of California. Deposition testimony in January 2001 as to the value of a trucking company.
|
|
•
|
Gold Car, Inc. vs. Bradshaw, Smith & Company, (No. A367516), Clark County, Nevada.
|
|
Mediation testimony in July 2000 as to the value of a rental car company.
|
|
•
|
F. Scott Salyer vs. Salyer American Fresh Foods, et al. (No. 115481), Superior Court of California, County of Monterey. Deposition testimony in August 1999, and trial testimony in September 1999, as to the value of a grower/shipper of fresh produce.
|
|
•
|
Kimberly-Clark Tissue Co. vs. United States, (No. 97-C-0134), Eastern District of Wisconsin.
|
|
Deposition testimony in August 1998 as to the value of certain intangible assets.
|
|
•
|
Eugene M. Oliver and Anna Oliver vs. WFAA-TV, INC.; and Robert Riggs; Charles James Harman, SR.; and Wilma Harman, (No. 3-96-CV-3436-G), United States District Court for the Northern District of Texas Dallas Division. Deposition testimony in July 1998 as to the value of certain insurance contracts.
|
|
•
|
Geotex, Inc. d/b/a Delta Concepts vs. Delta Concepts, Inc. D. Michael Tiedeman and Joseph
|
|
Weintraub, (No. 94-11624), 68th Judicial District Court, Dallas County, Texas. Trial testimony in December 1997 as to the value of a plastics manufacturer.
|
|
•
|
Douglas W. Fugate, S. Mark Rippley, James Masters, and Cable Advertising Networks vs. Mark
|
|
Weisbart; Michael Curran; Akin, Gump, Strauss; Hauer & Feld, L.L.P.; Jonathan V. Leaver; and
|
|
Cable Advertising Concepts, (No. 17-158151-95), 17th Judicial District, Tarrant County, Texas.
|
|
Deposition testimony in February 1997 as to the value of a cable advertising company.
|

|
•
|
Rendered a fairness opinion to the board of directors of a publicly held title company in connection an acquisition.
|
|
•
|
Served as financial advisor to a software development company and assisted in negotiating the sale of the company to a publicly held strategic buyer.
|
|
•
|
Served as financial advisor to a software development and marketing company for purposes of implementing an executive incentive stock plan.
|
|
•
|
Rendered a fairness opinion on behalf of the trustee of an agricultural chemical manufacturer in conjunction with the formation of an employee stock option plan.
|
|
•
|
Served as financial advisor for a sports equipment manufacturing company prior to its initial public offering.
|
|
•
|
Served as financial advisor to an Internet education company. Our analysis was used as the basis for a major venture capital investment.
|
|
•
|
Rendered a fairness opinion to the board of directors of an oil and gas company in connection with a reverse merger.
|
|
•
|
Served as valuation advisor to an investment company with respect to due diligence and deal consulting related to a major investment in a publicly held aircraft parts distribution company.
|
|
•
|
Served as financial advisor to the board of directors of an optical lens manufacturing company with respect to a proposed sale of the company.
|
|
•
|
Served as financial advisor to a developer of interactive games for purposes of implementing an incentive stock plan.
|
|
•
|
Served as financial advisor to a manufacturer and wholesaler of decorative fountains for purposes of assisting management with a pending sale of the company.
|
|
•
|
Valued the intangible assets acquired in a merger between two national electronic stock exchange companies in connection with SFAS 141.
|
|
•
|
Valued the intangible assets of two biotech firms with multiple pharmaceutical compounds under development in connection with SFAS 141.
|
|
•
|
Valued the acquired intangible assets of a development stage pharmaceutical company in connection with SFAS 142.
|
|
•
|
Served as valuation advisor to an international sports apparel manufacturing and marketing company with respect to the value of certain intangible assets for collateral purposes in connection with a major debt-financing event.
|


|
Premier Biomedical, Inc.
|
Exhibit 1, Page 1
|
||||||||||||||
|
Black-scholes Calculation - Common Stock Warrant
|
|||||||||||||||
|
(Actuals)
|
Valuation as of February 28, 2011
|
||||||||||||||
|
Common
Stock Warrant
|
|||||||||||||||||||
|
Black-scholes Calculation
|
|||||||||||||||||||
| (1) |
Underlying price
|
$0.00225 | |||||||||||||||||
|
Exercise price
|
$0.00195 | ||||||||||||||||||
| (2) |
Time to expiration (days)
|
3,395 | |||||||||||||||||
| (3) |
Volatility
|
105.00 | % | ||||||||||||||||
| (4) |
Risk-free interest rate
|
3.27 | % | ||||||||||||||||
| d1 | 1.741 | ||||||||||||||||||
| d2 | (1.461 | ) | |||||||||||||||||
|
Output:
|
$0.00206 | ||||||||||||||||||
|
Black-scholes value of common stock warrant
|
$0.00206 | ||||||||||||||||||
|
Discount for lack of marketability
|
25.0% | ($0.00052 | ) | ||||||||||||||||
|
Common stock warrant fair value - non-marketable
|
$0.00155 | ||||||||||||||||||
|
Common stock warrant fair value - non-marketable (rounded)
|
$0.00155 | ||||||||||||||||||
|
Notes:
|
|||||||||||||||||||
| (1) |
Price per share of common stock. See Supplemental A, Page 1. Summary values per the option-pricing method to allocation as follows:
|
||||||||||||||||||
|
Per share Values
|
|||||||||||||||||||
|
Common Stock
|
$0.00225 | ||||||||||||||||||
|
Common Stock Warrants
|
$0.00109 | ||||||||||||||||||
|
Preferred Stock Warrants
|
$0.01065 | ||||||||||||||||||
|
Preferred Stock
|
$0.01164 | ||||||||||||||||||
| (2) |
Calculated as follows:
|
||||||||||||||||||
|
Days to expiration
|
|||||||||||||||||||
|
Current date
|
2-28-2011 | ||||||||||||||||||
|
Expiration date
|
6-15-2020 | ||||||||||||||||||
|
Days
|
3395 | ||||||||||||||||||
| (3) |
See Exhibit 2, Page 1 for volatility data.
|
||||||||||||||||||
| (4) |
Continuously compounding risk-free rate of return associated with a 108 month term. Source: U.S. Treasury.
|
||||||||||||||||||
| (5) |
See Exhibit 3, Page 1. We conducted an Asian put option calculation to determine the discount for lack of marketability.
|
||||||||||||||||||
|
Premier Biomedical, Inc.
|
Exhibit 2, Page 1
|
|
Volatility Calculation Summary - 9.3 Years
|
|
|
(Actuals)
|
Valuation as of February 28, 2011
|
|
28-Feb-2011
|
|||||||
|
Historical
|
|||||||
|
Guideline Company
|
Volatility (1)
|
||||||
|
BioCryst Pharmaceuticals, Inc.
|
NasdaqGS:BCRX
|
90.3%
|
|||||
|
Enzo Biochem Inc.
|
NYSE:ENZ
|
59.5%
|
|||||
|
Entest Biomedical, Inc.
|
OTCPK:ENTB
|
266.1%
|
|||||
|
Intellect Neurosciences, Inc.
|
OTCPK:ILNS
|
223.8%
|
|||||
|
Lexicon Pharmaceuticals, Inc.
|
NasdaqGS:LXRX
|
79.6%
|
|||||
|
Osiris Therapeutics, Inc.
|
NasdaqGM:OSIR
|
65.4%
|
|||||
|
Cytori Therapeutics, Inc.
|
NasdaqGM:CYTX
|
75.7%
|
|||||
|
DURECT Corporation
|
NasdaqGM:DRRX
|
86.1%
|
|||||
|
Dyax Corp.
|
NasdaqGM:DYAX
|
82.4%
|
|||||
|
Zalicus Inc.
|
NasdaqGM:ZLCS
|
109.7%
|
|||||
|
Minimum:
|
59.5%
|
||||||
|
Lower (First) Quartile:
|
76.7%
|
||||||
|
Median:
|
84.3%
|
||||||
|
Average:
|
113.9%
|
||||||
|
Upper (Third) Quartile:
|
104.9%
|
||||||
|
Maximum:
|
266.1%
|
||||||
|
Selected
|
105.0%
|
||||||
|
Notes:
|
|||||||
|
Source: Historical stock prices extracted from Capital IQ, a division of Standard & Poor's.
|
|||||||
| (1) Historical volatility calculated using daily prices from November 12, 2001 through February 28, 2011. | |||||||
|
Premier Biomedical, Inc.
|
Exhibit 3, Page 1
|
|
Discount for Lack of Marketability (DLOM)
|
|
|
(Actuals)
|
Valuation as of February 28, 2011
|
|
Common Stock Warrants
|
||||||||||||
| (1) |
Holding Period
|
12.0 month term
|
||||||||||
|
Current Price
|
$1.00 | |||||||||||
|
Dividend Yield
|
0.0 | % | ||||||||||
|
Strike Price
|
$1.00 | |||||||||||
|
Maturity (years)
|
1.00 | |||||||||||
| (2) |
Risk-free Rate
|
0.25 | % | |||||||||
| (3) |
Volatility
|
115.00 | % | |||||||||
| V2T | 0.492 | |||||||||||
|
vT
|
0.701 | |||||||||||
| (4) |
Asian Put Value
|
0.274 | ||||||||||
|
DLOM - Common Stock Warrants
|
27.0 | % | ||||||||||
|
Concluded DLOM
|
25.0 | % | ||||||||||
|
Notes:
|
||||||||||||
|
(1)
|
Based on the estimated holding period required to divest the warrant positions.
|
|||||||||||
|
(2)
|
Continuously compounding risk-free rate of return associated with a 12 month term. Source: U.S. Treasury.
|
|||||||||||
|
(3)
|
See Exhibit 3, Page 2. The calculated volatility relies on data from the previous 12 months.
|
|||||||||||
|
(4)
|
We used an Asian or "average" put option where the payoff depends on the average price of the underlying asset during the life of the option. Traditional put options can overstate the marketability based on the fact that a restricted stock and a put option combined provides the owner 100.0 percent downside protection and 100.0 percent upside participation. However, the owner of a marketable security does not have 100.0 percent downside protection.
|
|||||||||||
|
Premier Biomedical, Inc.
|
Exhibit 3, Page 2
|
|
Volatility Calculation Summary - 1.0 Year
|
|
|
(Actuals)
|
Valuation as of February 28, 2011
|
|
28-Feb-2011
|
|||||||
|
Historical
|
|||||||
|
Guideline Company
|
Volatility (1)
|
||||||
|
BioCryst Pharmaceuticals, Inc.
|
NasdaqGS:BCRX
|
85.7%
|
|||||
|
Enzo Biochem Inc.
|
NYSE:ENZ
|
63.8%
|
|||||
|
Entest Biomedical, Inc.
|
OTCPK:ENTB
|
266.1%
|
|||||
|
Intellect Neurosciences, Inc.
|
OTCPK:ILNS
|
205.4%
|
|||||
|
Lexicon Pharmaceuticals, Inc.
|
NasdaqGS:LXRX
|
92.1%
|
|||||
|
Osiris Therapeutics, Inc.
|
NasdaqGM:OSIR
|
67.0%
|
|||||
|
Cytori Therapeutics, Inc.
|
NasdaqGM:CYTX
|
72.6%
|
|||||
|
DURECT Corporation
|
NasdaqGM:DRRX
|
59.7%
|
|||||
|
Dyax Corp.
|
NasdaqGM:DYAX
|
62.5%
|
|||||
|
Zalicus Inc.
|
NasdaqGM:ZLCS
|
121.5%
|
|||||
|
Minimum:
|
59.7%
|
||||||
|
Lower (First) Quartile:
|
64.6%
|
||||||
|
Median:
|
79.1%
|
||||||
|
Average:
|
109.6%
|
||||||
|
Upper (Third) Quartile:
|
114.2%
|
||||||
|
Maximum:
|
266.1%
|
||||||
|
|
Selected
|
115.0%
|
|||||
|
Notes:
|
|||||||
|
Source: Historical stock prices extracted from Capital IQ, a division of Standard & Poor's.
|
|||||||
| (1) Historical volatility calculated using daily prices from February 28, 2010 through February 28, 2011. | |||||||
|
Premier Biomedical, Inc.
|
Supplemental A, Page 1
|
|
Option-pricing Method to Allocation - Option Value by Capital Structure
|
|
|
(Actuals)
|
Valuation as of February 28, 2011
|
|
Breakpoints (1)
|
|||||||||||||||||||||||||||
|
from
|
$0.000 | $3,489.000 | $3,489.001 | $22,980.607 | $48,805.518 | ||||||||||||||||||||||
|
to
|
$3,489.000 | $3,489.001 | $22,980.607 | $48,805.518 | n/a | ||||||||||||||||||||||
|
Value to Allocate (1)
|
|||||||||||||||||||||||||||
| $3,468.232 | $0.001 | $16,793.587 | $15,392.977 | $54,963.971 |
=
|
$90,618.768 | |||||||||||||||||||||
|
Participation (2)
|
|||||||||||||||||||||||||||
|
Senior debt
|
100.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0% | ||||||||||||||||||
|
Common Stock
|
0.0 | % | 0.0 | % | 0.0 | % | 84.9 | % | 22.2% | ||||||||||||||||||
|
Common Stock Warrants
|
0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 73.8% | ||||||||||||||||||
|
Preferred Stock Warrants
|
0.0 | % | 0.0 | % | 100.0 | % | 15.1 | % | 4.0% | ||||||||||||||||||
|
Preferred Stock
|
0.0 | % | 100.0 | % | 0.0 | % | 0.0 | % | 0.0% | ||||||||||||||||||
| 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0% | |||||||||||||||||||
|
Summary Values (3)
|
|||||||||||||||||||||||||||
|
Senior debt
|
$3,468.232 | $0.000 | $0.000 | $0.000 | $0.000 |
=
|
$3,468.232 | ||||||||||||||||||||
|
Common Stock
|
$0.000 | $0.000 | $0.000 | $13,064.798 | $12,228.259 |
=
|
$25,293.057 | ||||||||||||||||||||
|
Common Stock Warrants
|
$0.000 | $0.000 | $0.000 | $0.000 | $40,556.607 |
=
|
$40,556.607 | ||||||||||||||||||||
|
Preferred Stock Warrants
|
$0.000 | $0.000 | $16,793.579 | $2,328.177 | $2,179.104 |
=
|
$21,300.859 | ||||||||||||||||||||
|
Preferred Stock
|
$0.000 | $0.001 | $0.008 | $0.001 | $0.001 |
=
|
0.012 | ||||||||||||||||||||
| $90,618.768 | |||||||||||||||||||||||||||
|
Total
Value
|
Outstanding
Shares (4)
|
Value
Per
Share (5)
|
|||||||||||||||||||||||||
|
Senior debt
|
$3,468.232 | n/a | n/a | ||||||||||||||||||||||||
|
Common Stock
|
$25,293.057 | 11,223,200 | $0.00225 | ||||||||||||||||||||||||
|
Common Stock Warrants
|
$40,556.607 | 37,223,200 | $0.00109 | ||||||||||||||||||||||||
|
Preferred Stock Warrants
|
$21,300.859 | 2,000,000 | $0.01065 | ||||||||||||||||||||||||
|
Preferred Stock
|
$0.012 | 1 | $0.01164 | ||||||||||||||||||||||||
| $90,618.768 | 50,446,401 | ||||||||||||||||||||||||||
|
Notes:
|
||||||||||||||||||||||||
|
(1)
|
See Supplemental A, Page 2. Breakpoints represent strike prices used in the Black-Scholes calculation. Value to Allocate represents the result of the Black-Scholes calculation for each breakpoint.
|
|||||||||||||||||||||||
|
(2)
|
See Supplemental B, Page 1. Participation results from the capital structure and preferences related to such securities.
|
|||||||||||||||||||||||
|
(3)
|
Summary Values are the product of Participation and Value to Allocate.
|
|||||||||||||||||||||||
|
(4)
|
See Supplemental B, Page 1.
|
|||||||||||||||||||||||
|
(5)
|
The per share values reflect the unadjusted values.
|
|||||||||||||||||||||||
|
Premier Biomedical, Inc.
|
Supplemental A, Page 2
|
|
Option-pricing Method to Allocation - Breakpoint Summary
|
|
|
(Actuals)
|
Valuation as of February 28, 2011
|
|
Description
|
Strike Price,
Breakpoint (1)
|
Black-Scholes
Calculation (2)
|
Incremental
Value (3)
|
|||||||||||||
|
Base value to be allocated
|
$0.0000 | $90,618.7680 | n/a | |||||||||||||
|
Senior debt obligation fulfilled
|
$3,489.0000 | $87,150.5356 | $3,468.2324 | |||||||||||||
|
Preferred stock achieves partial liquidation preference until preferred stock warrants exercise
|
$3,489.0010 | $87,150.5346 | $0.0010 | |||||||||||||
|
Preferred stock and excised preferred stock warrants achieve full liquidation preference
|
$22,980.6067 | $70,356.9475 | $16,793.5871 | |||||||||||||
|
Common stock warrants exercised
|
$48,805.5182 | $54,963.9709 | $15,392.9766 | |||||||||||||
|
The common option
|
n/a | n/a | $54,963.9709 | |||||||||||||
| $90,618.7680 | ||||||||||||||||
|
Notes:
|
||||||||||||||||
| (1) |
The Strike Price is the Critical Value; a value which was calculated after an analysis of the quantity, relative seniority, and economic characteristics of the equity classes.
|
|||||||||||||||
| (2) |
The Black-Scholes Calculation inputs are as follows:
|
|||||||||||||||
|
I. Implied Market Value of Invested Capital - $90,619 (represents aggregate of cash, debt and patent registration fees)
|
||||||||||||||||
|
II. Strike Price (Exercise Price) - varies; as determined by the critical value analysis
|
||||||||||||||||
|
III. Time Until Expiration - 12 month term
|
||||||||||||||||
|
IV. Volatility - 115.0 percent (see Exhibit 3, Page 2)
|
||||||||||||||||
|
V. Risk Free Interest Rate - 0.25 percent, continuously compounding
|
||||||||||||||||
|
VI. Dividend Yield - 0 percent
|
||||||||||||||||
| (3) |
The incremental value is the value which is to be allocated as prescribed by the option pricing method. After all incremental value is allocated, the common option must be allocated on a fully diluted basis.
|
|||||||||||||||
|
Premier Biomedical, Inc.
|
Supplemental B, Page 1
|
|
Capitalization Details - Diluted Shares
|
|
|
(Actuals)
|
Valuation as of February 28, 2011
|
|
28-Feb-2011
|
|||||||||||||||||
|
Diluted Shares
|
|||||||||||||||||
| (1) |
Common Stock
|
11,223,200 | 22.25 | % | |||||||||||||
| (2) |
Common Stock Warrants
|
37,223,200 | 73.79 | % | |||||||||||||
| (3) |
Preferred Stock Warrants
|
2,000,000 | 3.96 | % | |||||||||||||
| (4) |
Preferred Stock
|
1 | 0.00 | % | |||||||||||||
|
Total
|
50,446,401 | 100.00 | % | ||||||||||||||
|
Notes:
|
|||||||||||||||||
| (1) |
Balance calculated as follows:
|
||||||||||||||||
|
Common stock
|
|||||||||||||||||
|
Founders
|
10,500,000 | ||||||||||||||||
|
Issued
|
723,200 | ||||||||||||||||
| 11,223,200 | |||||||||||||||||
| (2) |
The common stock warrants' weighted strike price is $0.001953 per share.
|
||||||||||||||||
| (3) |
The preferred stock warrants' strike price is $0.001000 per share.
|
||||||||||||||||
| (4) |
No preferred stock existed as of the Valuation Date. We assumed one share of preferred stock existed with liquidation preference and pro-rata participation with common stock for purposes of valuing the preferred stock warrant.
|
||||||||||||||||

|
2005 – Present
|
Vantage Point Advisors, Inc.
|
|
1996 – 2005
|
CBIZ Valuation Group, Inc.
|
|
1993 – 1995
|
ADR, Inc.
|
|
1988 – 1991
|
Arthur Andersen & Co.
|
|
•
|
MBA, Marketing, Finance and Entrepreneurial Studies – 1993 Southern Methodist University, Dallas, Texas
|
|
•
|
BA, Accounting – 1988
|
|
University of South Dakota, Vermillion, South Dakota
|

|
•
|
Selected by SMU Cox School of Business Faculty to participate in Dean’s Leadership Class, Spring 1993
|
|
•
|
SMU Cox School of Business Dean’s Scholarship, 1991-92 and 1992-93
|
|
•
|
University of South Dakota Outstanding Male Student Athlete, 1988; Mortar Board; Omicron Delta Kappa; Deans List
|
|
•
|
CPA – State of Texas (inactive)
|
|
•
|
Associate Member, Business Valuation, American Society of Appraisers
|
|
•
|
Principals of Business Valuation – BV 201, 202, 203, 204, offered by American Society of Appraisers
|
|
•
|
Valuation of Intangible Assets for Financial Reporting Purposes – BV 301, offered by American Society of Appraisers
|
|
•
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Cost of Capital course, offered by Center for Advanced Valuation Studies (CAVS)
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ESOP Valuation course, offered by Center for Advanced Valuation Studies (CAVS)
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Real Options Valuation and Monte Carlo simulation course, offered by Center for Advanced Valuation Studies (CAVS)
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San Diego Rotary Club 33
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Board of Directors – Association for Corporate Growth (ACG), San Diego Chapter
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Board of Advisors – Entrepreneurial Management Center (EMC), San Diego State University
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Board of Directors – University of South Dakota Alumni Association, Vermillion, SD
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Trustee – University of South Dakota Foundation
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Past Volunteer – Big Brothers and Junior Achievement
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Member, American Institute of Certified Public Accountants
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Candidate, American Society of Appraisers
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“Staying in or Getting Out- Exploring Exit Strategies and Liquidity Options” – presentation with Allen Matkins and Northwestern Mutual Financial Network – The Entrepreneurial Management Center (EMC) Retreat – February 2009.
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“The Nuts and Bolts of M&A” – presentation with Duane Morris, LLP – The Entrepreneurial Management Center (EMC) Roundtable Panel – September 2008.
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“How to Go Up in a Down Market”, panel presentation – BioCom CFO Series, San Diego, California – May 2008.
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“Valuation Workshop”, panel presentation – The Entrepreneurial Management Center (EMC) Third Annual Family Business Retreat, San Diego, California – February 2008.
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“Valuation of Early-Stage Enterprises,” panel moderator – Early Stage Investing Conference, San Francisco, California – October 2004.
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“Valuation Workshop,” – Arizona Venture Capital Conference, Phoenix, Arizona – April 2003.
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“Valuation and Accounting Touchpoints,” panel presentation – CBI Energy Conference, Monterey, California – July 2002.
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“Financial Due Diligence,” panel presentation – Mid-Market Investment Conference, Chicago, Illinois – October 2001.
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“Valuation Implications of Built-In Capital Gains Taxes” – Internal Revenue Service, Western Region, San Diego, California – September 2000.
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“Valuation Analysis and Executive Compensation” – Valuation Roundtable of San Francisco, San Francisco, California – April 1999.
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“Intercompany Transfer Pricing Analysis” – Primedia Workplace Learning Accounting and Financial Television Network, Dallas, Texas – July 1998.
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Sun City RV vs. Damon Corporation (No. 2000-009246), Superior Court of Arizona, Maricopa County. Deposition testimony in May 2003 as to the value of a recreational vehicle retailer.
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Jerry S. Payne vs. Commissioner (No. 12473-99), United States Tax Court. Trial testimony in December 2001 as to the valuation of certain intangible assets for a Houston area nightclub.
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Ralph Pipkin Trucking Inc., a California corporation (No. 00-04613-A11), United States
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Bankruptcy Court for the Southern District of California. Deposition testimony in January 2001 as to the value of a trucking company.
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Gold Car, Inc. vs. Bradshaw, Smith & Company, (No. A367516), Clark County, Nevada.
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Mediation testimony in July 2000 as to the value of a rental car company.
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F. Scott Salyer vs. Salyer American Fresh Foods, et al. (No. 115481), Superior Court of California, County of Monterey. Deposition testimony in August 1999, and trial testimony in September 1999, as to the value of a grower/shipper of fresh produce.
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Kimberly-Clark Tissue Co. vs. United States, (No. 97-C-0134), Eastern District of Wisconsin.
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Deposition testimony in August 1998 as to the value of certain intangible assets.
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Eugene M. Oliver and Anna Oliver vs. WFAA-TV, INC.; and Robert Riggs; Charles James Harman, SR.; and Wilma Harman, (No. 3-96-CV-3436-G), United States District Court for the Northern District of Texas Dallas Division. Deposition testimony in July 1998 as to the value of certain insurance contracts.
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Geotex, Inc. d/b/a Delta Concepts vs. Delta Concepts, Inc. D. Michael Tiedeman and Joseph
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Weintraub, (No. 94-11624), 68th Judicial District Court, Dallas County, Texas. Trial testimony in December 1997 as to the value of a plastics manufacturer.
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Douglas W. Fugate, S. Mark Rippley, James Masters, and Cable Advertising Networks vs. Mark
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Weisbart; Michael Curran; Akin, Gump, Strauss; Hauer & Feld, L.L.P.; Jonathan V. Leaver; and
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Cable Advertising Concepts, (No. 17-158151-95), 17th Judicial District, Tarrant County, Texas.
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Deposition testimony in February 1997 as to the value of a cable advertising company.
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Rendered a fairness opinion to the board of directors of a publicly held title company in connection an acquisition.
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Served as financial advisor to a software development company and assisted in negotiating the sale of the company to a publicly held strategic buyer.
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Served as financial advisor to a software development and marketing company for purposes of implementing an executive incentive stock plan.
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Rendered a fairness opinion on behalf of the trustee of an agricultural chemical manufacturer in conjunction with the formation of an employee stock option plan.
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Served as financial advisor for a sports equipment manufacturing company prior to its initial public offering.
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Served as financial advisor to an Internet education company. Our analysis was used as the basis for a major venture capital investment.
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Rendered a fairness opinion to the board of directors of an oil and gas company in connection with a reverse merger.
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Served as valuation advisor to an investment company with respect to due diligence and deal consulting related to a major investment in a publicly held aircraft parts distribution company.
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Served as financial advisor to the board of directors of an optical lens manufacturing company with respect to a proposed sale of the company.
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Served as financial advisor to a developer of interactive games for purposes of implementing an incentive stock plan.
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Served as financial advisor to a manufacturer and wholesaler of decorative fountains for purposes of assisting management with a pending sale of the company.
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Valued the intangible assets acquired in a merger between two national electronic stock exchange companies in connection with SFAS 141.
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Valued the intangible assets of two biotech firms with multiple pharmaceutical compounds under development in connection with SFAS 141.
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Valued the acquired intangible assets of a development stage pharmaceutical company in connection with SFAS 142.
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Served as valuation advisor to an international sports apparel manufacturing and marketing company with respect to the value of certain intangible assets for collateral purposes in connection with a major debt-financing event.
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