Ann: Completes Investment in US Battery Technology Group C4V, page-42

the arrangement locks in C4V IP into IM3NY for 5 years per the announcement and Upreti had them over a barrel.......you only need to look at the valuation

C4V valued at US75m based on MNS investment
IM3NY valued at ~US41m based on MNS 8% ownership increase for putting up the full $5m

Take into account that IM3NY has equipment and some subsidies from NY state and you then get a sense that Upreti really was in the driving seat here to demand a $75m valuation for IP