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Gold/Mining/Energy : Nuvo Research Inc

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To: Mark Bartlett who wrote (12211)	3/9/2003 9:36:14 AM
From: Ron Nairn	of 14101

Mark, I'm not so sure the future value is so much in question, but rather the present value. The present book value of $63 million for patents could be perfectly well supported by capitalized development costs but I suspect it's more a point of how was its market value determined. This transaction was not an arms length transaction. If outside companies were bidding on the patents, the OSC is suggesting it could be worth less. DMX & OXO together determined the acceptable price, the agreement was struck and Dr. Kuhn's participation in the transaction is ongoing. Had he been paid outright in cash, it might not be an issue. REK may be fully justified in her presentation of value but it's likely a matter of perception because DMX and OXO have been in bed together for years. Once a fair market value (discounted PV to use the OSC's terminology)is determined, I suspect we can move forward. I also feel a discount applied to the patents will have a future negative affect on writeoffs resulting in higher EPS. JMO Rondo

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