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Executives

Michael Krall - Chairman, President and CEO

PURE Bioscience, Inc. (OTCQB:PURE) The Wall Street Analyst Forum November 28, 2007 2:00 PM ET

Moderator

Good afternoon, ladies and gentlemen. In our attempt to adhere to the public schedule, we're going to start on time for this next meeting in our healthcare program. Occasionally, an analyst (inaudible) will ask the question on a company: how do you go about scheduling the companies on a particular day? Do you do it by industry? Do you do it by market cap? What we decided today was, based on the type of companies we had here, we would start with the company doing a real-time endoscopy upfront which we saw at 8:30 this morning, where we get to see it visually.

I'm often asked: how we go about scheduling companies to present on a particular day? And I decided, today, based on the uniqueness of the company's share, that we would do the endoscopy company. We would actually do a real-time endoscopy visually shown on the screen with a doctor from Columbia here. I'll just talk loud and everyone over 50 will sit in front.

We had an issue with it all day today. The good news is the webcast has a separate mic. I was going to make a joke. Now, over to my punch line. My punch line was we started the day with an endoscopy company. Then we went to the female condoms, and we're going to finish the day with a disinfectant company to close the industry grouping today.

PURE Bioscience develops and markets technologically-based bioscience products that provide solutions to numerous global health challenges, including Staph/MRSA. PURE's patented platform technology is based on silver dihydrogen citrate, SDC, an electrolytically generated source of stabilized ionic silver.

SDC is the antimicrobial active ingredient, the first new disinfectant active to be registered by the EPA in more than 30 years. SDC has recently also approved or has also been proven affective to kill Norovirus, the cruise ship virus, and the company is actively pursuing this opportunity. In addition to the EPA applications for SDC, PURE has a joint venture with a drug development company to fund and direct FDA regulatory filings. The first IND filed was for hand sanitizer.

Michael Krall, Founder and CEO, is here to discuss the company's technology, its markets and opportunities, and hopefully, he'll have a better punch line. He has got a joker's mind. I completely blew it, and now it's retrievable on the webcast.

So, without any further introduction, I would like to introduce Michael Krall, CEO.

Michael Krall

Thank you very much. Can you hear me back there okay? Okay. I understand the mic is not working. We'll move right into the presentation. Sorry, we have some technological problems and we may still have them here.

I may be winging it today. Well, I'll talk while I'm trying to figure this out here just a second. PURE Bioscience, we were founded in 1992. I founded the company. I founded another technology associated with antibiotics. We sold that company after we had brought this new technology to a point that we were comfortable we could commercialize this technology.

I'm going to have to show it in this mode evidently because it won't go through the other way. So it's not quite as flashy, but you'll get all the content anyway. As I said, we founded the company in 1992. We went public in '96 and have been public since. Is that better? I don't think that's working?

Let me move right into the technology. This is a silver-based technology, and silver has been used for thousands of years. It was used for medicinal purposes long before it was used as a currency, a lot of people don't know that, more than just a shiny metal.

Now, silver has gone through a transition from a technology standpoint, again, over many, many years. First, it was used in a solid form. The Greeks, the Phoenicians, the Romans used it, for example, in their aqueduct systems in their water transportation. They used it to maintain their water purity. They would line their aqueducts with silver bars, and as the water would flow over these bars, a certain amount of ionization would take place that would maintain the water purity.

Now it's interesting to note that silver needs to reach a state of ionization before it can demonstrate any efficacy at all. And although this was sufficient for maintaining water purity, the ions have a very short life. They'll last for minutes to maybe hours. So you need a constant resupply.

Now the next stage of evolution in the technology is moving into a colloidal form. Colloidal form of silver is simply small particles of elemental silver in a solution. The advantage over the solid silver is simple. For the same given mass or weight of the product, there is more surface area. Hence, more ions will be thrown off, but still the same drawback with regard to the short life for the ion itself.

The next stage of evolution was moving into ionic silver using ionic generators. Now this is used today. It's been used for several decades, while hospitals will use this silver ion generators, public pools, recreational type water applications, generally a recirculating type system. Again, as long as it's plugged in and you're generating ions, you have protection. Unplug it, the ions die in minutes to maybe an hour or two.

Now, this is where our technology is different. We generate silver ions electrolytically in a patented process in a solution of organic acid, first case citric acid. This complex is stable enough to be extremely stable as far as shelf life, but weak enough; that it is extremely bioavailable. And a concentrate form of our product has a shelf life well over six years that we know of actuals. So it's a very, very stable product.

Now, these are the tests that would be run on the complex to prove, in fact, it is an ionic silver. And the reason I reinforce that, I'll mention it again, is that we fight this battle constantly that we're a colloidal silver. We're not a colloidal silver. There are many, many silver products out there that are colloidal, we are not. We are stabilized, ionized silver.

Now this is truly a platform technology. I understand a lot of people throw this term platform around. This is a platform, and you'll see I'll bring this full circle in the presentation. But we have products either developed or underdeveloped in all of these categories here in pharmaceutical applications, personal care, preservative, household applications, food and water applications, industrial, textiles including non-wovens and agricultural opportunities.

Now, what are the benefits of silver dihydrogen citrate or SDC? Well, we are experiencing extremely fast kill times, broad-spectrum efficacy, residual antimicrobial activity, that's very important nowadays. Safe and non-toxic does not induce bacterial resistance, that's probably the most important issue nowadays. Formulates extremely well with other products. It's tasteless, odorless, colorless, non- corrosive, non-flammable, doesn't stain fabrics and it's protected by worldwide IP.

Now this is where I normally show you an animation, but of course, is it going to work because of the problems we are having here, but what this animation would show you, would be basically the mechanism of action for the product. Now there are two basic mechanisms of action. The first is that the organism actually sees our product as a food source. Bacteria will see the citric acid being carbon based as a food source and it will actually bring that complex into the organism. When it does so, the ion will actually attach the DNA, disrupt the DNA, basically the organism implodes, prevents its reproduction.

The second way is somewhat of a magnetic attraction. The ethyl groups have a physical attraction to the silver and these will attach. So you have an internal and external method for mechanism of action of kill for this product. On the external, these will attach to the proteins, they will penetrate the membrane; the second part is the same. It will actually disrupt the DNA and prevent the reproduction of the cell.

Now, a couple of things are different about this in a disinfectant-type application. Number one, typical disinfectants will try to completely envelope the organism. Organisms are, I am not going to say they are smart, but they understand that this is a poison that's coming after them. The organisms will actually, they repel themselves, they move away from disinfectant. In our case, they are actually attracted to it. Now this is largely the reason that we use so little silver in our product. It's stabilized, it lasts, it has persistence associated with it, and the organisms don't run for it. So we don't have to completely envelope the organism to kill it.

Now, as far as the intellectual property on this product. We have, I think, done an outstanding job on the IP. Our patent counsel was Needle & Rosenberg, that's one of the biggest IP firms in the country. We've worked with them for many years. We have four issued patents in the US, and then many abroad. It's our practice to file our patents domestically and then file PCT applications in over 70 countries.

Now on the issued patents, I have four, as I said. The first two are method of manufacturing and compositional claims, and that's 2001 and 2003. In 2005, that was the first of our application or used patents. That was for the potabilization of water, as a chloramine type replacement to water purification.

In '07, and just recently in September, we received probably one of our most important patents. And as I said earlier, it became obvious to us in the development process that other organic acids could take the place of citric acid or potentially take the place. So we went well outside the box and filed patents on all of these organic assets. We targeted 14 in particular. That patent got issued in September, so we feel that we have absolutely completely captured this technology, and again, filed our PCTs on those. So we are now patent or patent pending and most of them are patented.

In North America for sure, Canada, Australia, New Zealand, Asia, Middle and Western Europe, China in particular, South America, Africa, so we have very wide patent coverage on this. We have never been turned down by one country on an application. So this is solid technology.

Now, this slide will show you, these are product application examples. And again I'll say, many of these are either developed or under development currently. You'll notice that I have these separated between EPA and FDA. On the EPA side, this is what we do as a company. PURE is very comfortable with the EPA side of regulatory. I have got microbiologists, good regulatory people on staff, it's what we know and understand. The FDA is not what we do as a company, although there are countless applications for the product on the FDA side, that is the pharmaceutical.

We've chosen a revenue sharing model, where we will work with a drug development company, that will supply the resources necessary to process the product through the FDA, under initially an IND and eventually an NDA. They'll put up 100% of the money, they'll put up 100% of the resources. Really our financial involvement is limited to the IP, that's what we agree to put out. We think this is a good model for us for the time being, and it's a revenue sharing at the end. So we are sharing the licensing, the royalties with the drug development company. In all cases, we maintain 100% rights to the sale of the raw material. In the end, we want to be the supplier of the raw material in a concentrated form for all of the applications, farmer or non-farmer.

Now PURE's business model is very simple from a sales perspective. There are three tracks that are all operating in parallel right now. The first track is a private label distribution network, whereby PURE will formulate a product, process it through regulatory and then move this product into private label distribution channels. An example of that would be the product I have here today, it's called Staph Attack. This is our first EPA approved product. It's a hard surface disinfectant. This particular application is going in the institutional channels, being used in prisons and jails and schools and that type of thing. I will tell you more about the product in just a few minutes.

The second track, again operating in parallel, is the resale of our concentrate product. Now this is done through large resellers like Ciba Specialty Chemicals for example. We sell them the concentrate. They take the concentrate and sell it to their customers. Now, to that particular group, there is a value added. Ciba for example, has taken our product and the molecule itself and characterized it. They have applied it to formulation. They actually have provided generic formulations for deodorants, anti-perspirants, soaps, lotions, shampoos, mouthwash, toothpaste, and they'll run the tox, they'll run the efficacy data on these products and they will present this to their customers and their customers are large companies.

We have been working with Ciba and these companies for over three years now, products are in development, I can assure you. This product is working beautifully from a formulation perspective. So we expect great things out of the reseller side of the business.

Now the third prong to it is the area we just discussed and that's the pharmaceutical side of the business. So, all three of these are operating together.

Now, going back to the hard surface disinfectant, this product -- and by the way, this is under several different labels. There are or will be approximately six private label distributors for the product. Half of them are through regulatory. Now the others are just finishing up their regulatory, so they'll be selling shortly.

But couple of things I'd like to point out on this hard surface disinfectant, and then I'll actually show you a comparison. But we're recently approved for the items that you see in yellow here. We not only kill MRSA, we kill the new more virulent strains the community associated and the PBL strains recently approved. Campylobacter jejuni two-minute kill is unheard of, C.diff vegetative, 30 seconds. We're setting new marks on these.

Moving down to the viral side, the human corona virus, SARS surrogate, three minutes; rotavirus ,three minutes; avian influenza, ten minutes; and the noro or norwalk virus, that's the shipboard virus in 10 minutes.

Now, how does this stack up with the traditional disinfectants? We're comparing a few against the leading brands. If you look at the EPA safety category, now this is a very important part of our product. You'll notice that it's a Category IV and the other products are Category II. The EPA rates products for toxicity on a one to four rating system. One is the skull and crossbones, everybody is familiar with that. And four is the least toxic you can be and make a claim to kill anything.

Now, although we're nontoxic to humans and animals, we're extremely toxic to the organism we claim to kill. Therefore, in the EPA's way of thinking we are, at least, toxic to that organism. It prevents us from saying nontoxic.

Now that being said, standard bacteria, Staph, Pseudomonas and Salmonella, we kill in 30 seconds what the other products kill in 10 minutes. Resistant bacteria, MRSA and VRE, these are the methicillin and vancomycin-resistant organisms, we kill in 2 minutes, the other products don't even make a claim. The fungal and viral kill time, you see 3 to 10 minutes for our product and 10 minutes for theirs, this is even more impressive. A Category IV product shouldn't even kill a virus. That's how impressive this product is.

Residual bacteria protection, 24-hour residual with this product. Spray a tabletop, come back 24 hours later, attempt to culture the bacteria, and you'll kill it in less than 2 minutes. Nobody makes that claim. In addition to that, there's no rinse required with our product, no irritating fumes, no skin irritation, and you can extinguish the flames of their product with our product.

Now, these are some of the distributors that are launching the products right now. I just showed you the Staph attack [ag and up] above it is going into institutional channels. Germ Control 24, the blue one in the middle, this is in the Home Depot's and we're in all the Home Depot's with this. Actually, we're just going to encap status with them, so it's selling very well at Home Depot. The purple one is the institutional side of the Germ Control 24 product.

And as I said, you'll have at least three more distributors on here over the next 60-day period. So sales are ramping up with this product. It's looking very well. We're breaking new ground with this product. It is disruptive to the status quo and people are hesitant to move into it initially. But the results just cannot be ignored. I'll give you one of those quickly.

The Tulsa jail, Tulsa, Oklahoma, 1,500 cells, 1,700 inmates were experiencing three to five cases of Staph/MRSA and resistant and non-resistant Staph on a weekly basis historically. Since day two of putting our product into that facility and going out almost 14 months now, they have had zero cases of Staph reported.

Now that's pretty impressive. The reasons for this are not only the high efficacy of the product, but simply having a product, a disinfectant that you can use where you couldn't use the other products before. You don't need to displace a population. You have residual protection. Its non-flammable, you don't need to worry about that. They can get high off of product, they can get healthy

Now, as I discussed earlier, our model for the pharmaceutical side of the molecules to work through a joint venture with drug development companies. In the first case Therapeutics Inc., they are a San Diego based company, the first IND they filed is for a skin or hand sanitizer. The goal here is to have an alcohol-free hand sanitizer demonstrating persistence. It's their opinion we would own the market with that product. Everything else is basically alcohol-based. Now they have four other INDs that are scheduled for submission in '08, for athlete's foot, nail fungus, vaginal anti-infective and acne.

Swabplus is the most recent of our distributors. They are an international distributor. They are located just north of Shanghai in Chendou. They have recently constructed 300,000 foot facility. They've allocated 70,000 feet one building to the blending and packaging of our product and distribution of our product into China.

Now, this doesn't sound very impressive, it's just another distributor, except that they are well established in China right now, throughout China. Their sales channels are identical to the sales channels that we would select for disinfectant products. So they believe that introduction of our product and penetration into those channels will be much, much easier since they already have products in all of them now.

Now, the response to the product by the regulators in China have been overwhelming. They are moving us through on a fast track program, and that's my descriptive word, but we're moving through much quicker than we expected to. They expect to be up and operational by the end of January. They are sourcing their equipment right now to produce the product.

Life Biociencias and PCI International is our other international distributor currently. This is in Brazil. Brazil had about a four-month head start on them. They are up and operating right now. We just sent a team down to train them on their equipment to setup and blending our product into other products.

They have over 20 products going through regulatory right now in Brazil, both on the EPA and FDA type products. The first product, the disinfectant product, should be approved. It was scheduled for the end of November, early December. They are telling me that they are right on target with that. So we expect sales to begin to develop in the first calendar quarter of '08 in Brazil.

Now this is a company, by the way, that is extremely well connected politically. They have a fleet of layer jets at radio and TV and newspapers. So they really cater to the politicians down there. They do an excellent job and we're getting very good service through the political side of regulatory. In addition to that, they are a conglomerate. They are primarily food chain oriented. So they raise the animals, the pigs and the cows, and the horses, and hogs, and the poultry. They have the slaughtering facilities, the processing facilities for those right on through the distribution, and this is throughout Brazil, and, as a matter of fact, they export to Europe. So this is a large scale operation. Initially, they will use our product for their own purposes in-house once they get their feet under them then they will launch product countrywide.

Now our partnership with Ciba Specialty Chemicals. As I said, we have been working with Ciba for over three years now. Ciba has done an outstanding job with regard to the value add that they bring. The lab test, the characterizations of our product, the formulation work that they have done has helped us out incredibly. Taking these generic formulations, finished products to their customers, expedites the process much more than we could ever do. We really enjoyed working with Ciba. They bring a lot to the table to a small company like us.

These are just examples of the reports that Ciba has put out, and I know you can't read, this but these are available, I think, actually they are in the packages, there are a couple of the examples for this. But they will take, a say a toothpaste, and then they will model this, they will run all the tests, they will put out a nice brochure on this for their customers. So all the test data is there, at least enough test data to see if you are interested, and then a characterization of the product and how you could use it.

Ciba sells a product under the name of Tinosan. Tinosan is a product that's used worldwide and it has for 30 years, basically, it has outlived its usefulness. Our product is called Tinosan SDC in their chemical index. So we're trying to roll one into the other.

Now as far as the platform applications, I'm bringing this back now full circle, so you can see that on the pharmaceutical side, we're moving forward. And by the way we're working with several other drug development companies. I am just not in a position to announce their names, yet.

On the personal care, preservative and household applications, Ciba for sure, there are a couple more that will make you [over up] shortly. Food and water, working with, again large companies, but I just can't take their name right now, but you would recognize them, institutional applications, textile including non-wovens. Non-wovens is going to be a big part of this technology, and if you're not familiar with that term, that would be wet wipes, surgical gowns, shoes or little booties, hair nets, the curtains, the sheets that they use. We're working with companies that have developed a process to lay our product into these, both in a dry and wet form. And then the agricultural opportunities, we are just beginning to get into.

Now, we spoke to the cruise ships earlier. We were contacted by one of our distributors to develop a product specifically for the cruise lines. This was a product that they were looking for a 24-hour residual protection for the norovirus.

As far as we know, there is not a product on the planet that provides a 24-hour protection for a virus in a disinfectant form. We worked about four-and-a-half months to develop the product. We ended up developing the specific product that they asked for, a [field dilatable] product that we now offer a 24-hour residual protection. Now this is not EPA approved yet. We will begin shipping it ex-USA initially for the cruise lines, so we can begin very quickly. That product is now going into test with the cruise lines. So there has been progress since the last meeting.

The size of this market is huge. The company we are dealing with services over 500 cruise ships. They purchased over 100,000 gallons a week for these cruise ships. That would put us in 300 million to 350 million a year if we capture that entire market. The product that we would be displacing, in most part, is a product called Virox, it's a JohnsonDiversey product and obviously now doing the job. It's a hydrogen peroxide based product.

This year we've gone through a facility expansion that was important for us to become GMP, as we are producing the API material for the pharmaceutical side now. We have increased our production capacity. If everything I sold, in a concentrated form, I sold to the cheapest entity that we deal with, we'd have capacity about 250 million a year right now. So we've got good capacity for a small company and under GMP.

As far as expansion for this technology, it's extremely modular. We can hit any number that we'd [beat around] in the 60 to 90 period, we'd be up in running and we could continue to provide that going forward. The manufacturing products are extremely inexpensive for us. We are required to manufacture everything in plastics. So, I'm not dealing with stainless steel equipment. Everything has to be plastic in our process.

So as far as revenue development for this product, you can see there is a short, mid, long term plan. Short-term plan is to continue to work through feeding products into a private label distribution, that will bring in the short term revenues. Mid-term is to continue with the integration of our product into third party products working through companies like Ciba and that are long-term on the pharmaceutical side.

I suppose I have gone through most of the year-end review items here. I am just glancing over to see if there's anything I missed and I don't think I have, and again I apologize for the technical problem here.

And I guess at this time I would open myself up for questions. The target's on.

Question-and-Answer Session

Michael Krall

Yes ma'am.

Unidentified Audience Member

I am curious that, because one of things I've adored is some of the [intensive care] complications, which made me little nervous about germs and infections. And so I also have a propensity to use ethyl alcohol as an apparently effective disinfectant, and I mean: I can wash my hands and you know like rinse my hands in ethyl alcohol and have an apple. With something like this, will I be able to do that?

Michael Krall

That's the goal. Probably you would experience particularly if you are a doctor, a nurse or somebody in healthcare, is that you would be required to do that at least after every patient. And the drying of the hands is the more significant problem, really compliance. The products they have now work, compliance is the issue. You can't use them like you need too.

Unidentified Audience Member

(Question Inaudible).

Michael Krall

You covered a lot of ground there. We're moving aggressively into the dermal applications initially, and so you're going to understand that. There is evidence that the product could provide a systemic benefit. There are products that we're discussing with several people that would be products used in surgery type applications, replacing irrigants that type of products. That's the next step. The five that we have right now, we're including in addition to that burn care and wound care, it looks like we're moving quickly than we anticipated into those areas. It's going to mushroom, because the product is just so pliable. I mean: it's a very simple molecule.

Unidentified Audience Member

(Question Inaudible).

Michael Krall

…and the ion. So it looks like it will just mushroom. Our belief is that after the FDA have seen two or three of these products move through with the tox profile of silver in particular that we'll fast track for sure on the follow-on products. That's the feedback I am getting from people smarter than I am. Yes, sir?

Unidentified Audience Member

(Question Inaudible).

Michael Krall

It really doesn't. You'd be shocked at the amount of silver in the product. This product right here, a 55-gallon drum of this product would have less than the equivalent of 2 dimes of silver if they were solid silver. So it's really insignificant. I benefit both ways because the perception is that's it's a very expensive product to make. I can't say anymore. I'll kill myself with my customers [doughnut] but it's just a non-issue. Yes, sir?

Unidentified Audience Member

Mike, we were on our research before it came out last week. And, based on your projections for revenue, I find a difference of opinion. I read where you said you would not be cash flow positive till probably 2011. Now knowing you raised money already, I don't see the (inaudible) between the two?

Michael Krall

This is a difficult one for me to answer. All I can say is that (inaudible) disagree with his conclusion. I really won't say. Anybody else?

Unidentified Audience Member

(Question Inaudible).

Michael Krall

We've said for the last six months that we expect 2008 to be our breakout year. We expect Q1 for the revenues for this company to ramp up to the point of operational breakeven. There is absolutely no reason that we can see today why that isn't the most likely scenario. Yes, sir?

Unidentified Audience Member

You touched on the conclusions in Norovirus: could you elaborate a little bit on that opportunity?

Michael Krall

All I can tell you is that we are shipping product to be used for the next step, which is the actual onboard testing of the product. When we initially discussed this with the distributor of the cruise lines, we asked them to break it down and tell us what will the sequence of events be, we are willing to invest the money and time to develop those products, specifically for you. How will this benefit us? And basically they've gone right down the list with what they said they would do. We produced the product, we produced the test results, they reviewed those test results. We've agreed on pricing, we've agreed on everything up to the esthetics for the product. So as far as I know, the tests that they are conducting is simply an esthetic test, the efficacy is already being determined by way of the labs. So my understanding is, they are going to test both products side-by-side on several different cruise lines and that's all the information I have.

Unidentified Audience Member

What other products kill MRSA?

Michael Krall

There are quite a few products that will kill MRSA. The difference is they are highly toxic. That's the difference between them. Yes, sir.

Unidentified Audience Member

(Question Inaudible).

Michael Krall

To get my company listed. We are basically ready to go. Corporate governance is all we are lacking right now. I need to bring on one new director to head up my audit committee and that's basically balls in our court for that. We are current in every other way. In 11 years, we've never been a day late on our plans.

Unidentified Audience Member

(Question Inaudible).

Michael Krall

Yes we are. I didn't hear that part.

Unidentified Audience Member

(Question Inaudible).

Michael Krall

Yes, sir.

Unidentified Audience Member

(Question Inaudible).

Michael Krall

Per ship, yeah. Our information was the distributor purchases approximately 100,000 gallons a week and he services over 500 ships, slightly over 500 ships.

Unidentified Audience Member

(Question Inaudible).

Michael Krall

Actually, we suggest the same use with our product. The 24 hours, the protection in those areas that you miss, because you just can't cover everything. So hopefully they will get an overlap in there and we think that will help a lot, but we are not suggesting that they only treat once a day. They treat multiple times a day and we suggest they continue that.

Unidentified Audience Member

(Question Inaudible).

Michael Krall

On private label side, we got three or four now. They should be online over the next 60 days. They are going through the last parts of regulatory right now to be approved, then they can be sell. Labels are designed. Everything has done. They are ready to go.

On the brand side, we have some very large companies. You would recognize these names for sure, they are household names. They will be introducing ultimately an entire platform of products based on our technology, initially disinfectant products in both liquid and wipes. Should see liquids out late spring or early summer. You will see wipes approximately a from a year from now, actually with one company 18 months. So, it takes about 12 to 18 months, just to get through the EPA, after you have done everything else. So we are on the short side of the timeline now. Anybody else? Yes, sir.

Unidentified Audience Member

What's the status of the listing on the national exchange?

Michael Krall

Well, we meet the requirements. Now, one of the requirements we need to do is to raise some more money. So now the balance sheet looks good. We already raised it. We’ve done raising money. We're good there. And I need one more Director, I need another independent Director and, the person we are looking for is to head up our audit committee and he will also serve on the compensation committee. So that's all we are lacking right now. Applications prepared, it would be safe to assume my meeting with those companies there, that company this week.

Unidentified Audience Member

(Question Inaudible).

Michael Krall

Our plan is NASDAQ. We were NASDAQ for eight years, we fell off for our ability to maintain the dollar price. NASDAQ liked us, we liked them. The gentleman that's working with us on the re-listing is the former head of listings with NASDAQ. So we are real comfortable. Anybody else? Yes, sir.

Unidentified Audience Member

(Question Inaudible).

Michael Krall

We assume that it is not happening. Let me tell you how this product came to beat. When we developed the concentrated form of the product, we took it to the big companies. We took it to 3M, we took it to Monsanto, we took it to the big chemical companies and said here, what do you think of this? They said, well that’s great, what's the deal? Well, in a concentrated form, it's a new killer, it will kill anything, but you would never sell a product like that. So it became very obvious, we needed to make a product to show them what it would do. This was the first product that we made, okay. Now, with that information, that got the companies really, really interested in the technology, and it would be safe to assume that dozens and dozens and dozens of companies are formulating their products, removing more toxic active ingredients with our active ingredients. And I can just tell you that's a matter of fact. Anybody else?

Well, thank you very much for having me today, and again I apologize for the technical problem.

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