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8. Subsequent Events
9 Months Ended
Feb. 29, 2012
Subsequent Events [Text Block]
8.  Subsequent Events

On March 23, 2012, we and TPL each contributed $150,000 to PDS following a determination by PDS’ management committee that additional funds were required so that PDS could fund an installment of a legal retainer payable to newly engaged IP counsel.

During March 2012, we reached a confidential settlement with the three principal officers of Crossflo which is subject to certain conditions.  If the conditions are not met, the arbitration will be rescheduled in fall 2012.  If the settlement conditions are met, the settlement consideration will have neither a positive nor negative material impact on us.

On March 27, 2012, we executed an interim agreement with the potential purchaser of the assets of PDSG.  The interim agreement requires the purchaser to fund the operations of PDSG including the lease renewal beginning with the month of April 2012 and continuing until the transaction is closed or until three full days after advising us that the transaction will not go forward in order to hold open the proposed sale transaction while the terms of the purchase agreement are being finalized.  We expect the sale transaction to close on or around April 30, 2012 and no later than May 11, 2012.

During April 2012, we renewed the PDSG facility lease of Suite 100 on a month to month basis at $11,028 per month.

On April 13, 2012, we and TPL each contributed $150,000 to PDS following a determination by PDS’ management committee that additional funds were required so that PDS could fund an installment of a legal retainer payable to newly engaged IP counsel.