About eight years ago, an Eastern University published an IPO study. The study reviewed one hundred attempts to do an IPO. It compared S-18 filings. The S-18 was earlier version of SB-2 filing. The study concluded that less than half companies that started IPO process were funded. It showed average costs for IPO process to be about US$750,000.

I'm interested in a current IPO study. I doubt that SB-2 form has cut costs. While there are more IPOs today, interest in doing IPOs is greater. So far, I haven't found a recent study.

You can't buy a clean public shell in North America. I doubt you can buy a clean shell anywhere in World. I offer a startup spinoff service because your spunoff public company is clean. Also, spinoff format allows me to arrange a European Million-Dollar Private Placement for your newly spunoff public company. My startup spinoff fee is equal to retail price for an OTCBB shell. I offer a better deal. However, since most entrepreneurs think OTCBB shell and not spinoff, I'm not overwhelmed with clients. As noted above, [Spinoff Interest] I can't handle more than four startup spinoff clients a quarter. To date, I've never had four new clients in any quarter.

In 1998, OTCBB shell price was US$125,000. In January 1999, OTCBB shell price moved to US$150,000. The increase was explained by shell sellers "as expectation that 3,400 non-reporting companies, being delisted from OTCBB, would rush to buy OTCBB shells." The rush didn't happen. Most non-reporting companies are being delisted from OTCBB, without a whimper. However, I moved my startup-spinoff fee to US$150,000. The attorney receives US$75,000, auditor earns about US$15,000. Incidental expenses are about US$10,000. I'm paid US$50,000.

In past two weeks, an experience OTCBB shell buyer appears to be offering US$350,000 for OTCBB shells. He's a stock broker, who has worked with shell buyers for over a decade as an agent. He should know value of an OTCBB shell.