“The exaggerated valuation of Nexus and the attempt to misrepresent the value of the Anzon offer in the Target’s Statement are the product of a selectively contrived set of historical data which disregards the present market,” said Anzon executive chairman Steven Koroknay.

Ernst & Young Transaction Advisory Services oncluded that Nexus was very undervalued and the most likely value per Nexus share was $1.13, far above Anzon's takeover offer of two Nexus shares for one Anzon share, which has been flucatuating between 65 and 75 cents based on the value of Anzon stock.

But Koroknay was dismissive of this argument.

“Why is the Nexus Board recommending rejection of the Anzon offer (which stood at around 75c at last night’s close) while beneficial interests associated with the chairman and the CEO of Nexus have been selling Nexus shares at between 51c and 59c, in the first quarter of this year?,” he said.

“The Nexus Board appears to believe the valuation. Will it reprice the proposed share placement for a second time in accordance with the precedent set three weeks ago for their share pricing policy? How does the Board feel about its 47c shares issued to a lucky few; that price being at a greater than 50% discount to the most likely valuation the Nexus Board have now released?”

Koroknay said the Ernst & Young report relied on a Euroz report on Anzon from last year, but a March 2006 Euroz report valued Anzon at $1.60 per share and Nexus at 64c per share.

“Does the Nexus Board consider the market is a ‘fool’ by accepting a valuation which defines a range totally beyond the value of any share price ever attained by Nexus in the market?,” Koroknay said

“The expert’s valuation does not adequately take into account Nexus’ historical trading price before Anzon’s bid, which has never traded anywhere near the valuation range.

“Anzon sticks by its offer for Nexus shares of now approximately 75c as implied by the

market.”