Stephen Bethel valued two esoteric bio-chemistry patents for NeoTherapeutics, Inc. this year. These patents were for pharmaceutical compounds, the purpose of which is to remedy a wide variety of neurological activities and to therapeutically or prophylactically treat a number of neurodegenerative and neurological disorders. The purpose of this valuation was to support the financial and tax aspects of licensing and transfer pricing of these patents to our subsidiary in Switzerland.

These two patents were complicated in that they needed to be valued based upon future FDA approval and the difficulty of obtaining Phase I-III approval. To complicate matters, both the domestic and international rights needed to be valued. Stephen Bethel’s knowledge of finance, capital markets, business valuation and his experience with patents greatly helped in this complicated matter. Mr. Bethel performed his work in a highly competent and professional manner, completing it within the estimated time period and cost estimates. I highly recommend Mr. Bethel for valuing intangible assets and intellectual property. I look forward to working with him in the future.

Sam Gulko
Chief Financial Officer
NeoTherapeutics
Stephen Bethel has been qualified by Cathay Bank to conduct appraisals of commercial and industrial real properties in California since 2001.

To the best of my knowledge, the appraisal reports appear to be professional and satisfactory. Turnover has been efficient without any delay.

Stephen has been a responsive appraiser and my working experience with him has been very pleasant.

Shu Lee
Regional V.P.
Cathay Bank
We greatly appreciate the thoroughness with which you…prepared the appraisal necessary for the estate of Eugene Zobelein. In reviewing the final copy, we recognized the tremendous amount of detail and verification that must be included in such a report. The final figures were quickly utilized by our tax accountant, and the Form 706 mailed promptly by the required date. This brings to a conclusion many months of work by you, our accountant, our attorney, and ourselves. Thank you for a job professionally done and on time.
Craig Zobelein-Trustee
The Zobelein Company
Steve Bethel completed an evaluation report for my client regarding gifting of a limited partnership interest. During the project, Steve responded quickly to the client’s needs and changing parameters. He offered valuation suggestions and produced an excellent evaluation report. I strongly recommend Steve Bethel as an evaluation specialist. He is a pleasure to work with.
Michelle King, Tax Manager
Grant Thornton, LLP
Accountants and Management Consultants
We have referred Stephen Bethel to our clients because of his extensive experience in business valuations. Our clients have expressed great satisfaction with Mr. Bethel’s business valuation work and his professionalism. It has been a pleasure working with Mr. Bethel and we look forward to working with him on future client matters.
Jack T. Cornman, JD, CPA
Cornman & Clinebell
Thank you again for all of your help on valuing the 456 unit apartment complex in Vista, CA. I know the deadline was tight, and I appreciate your effort on making it happen. Having reviewed your report, I find it thorough and comprehensive.

With Boston Financial being in the institutional market, it is critical to obtain competent, third party consultation. Your knowledge of capital markets, commercial real estate investments, and your professionalism is refreshing.

Thank you again!

Institutional Real Estate
Boston Financial
Steve Bethel has been most responsive and I as a Business Broker can recommend him to you without reservations.
Joseph Goldberg
President
Sunbelt Business Advisors
I just wanted to express our appreciation for the thorough and accurate valuation report that you performed for us last year. We are a small family initiated custom plastic injection molding firm. Our founder had retired and wished to retire his stock in the company prior to his passing. Your valuation report was used as a basis for an agreement to retire that stock.
Tom O'Keefe
Vice President
Daum Tooling, Inc.
Mr. Bethel appraised the total invested capital of our Transfer Station and MRF for purposes of negotiating a potential sale with the Department of Public Works of the City of Los Angeles.

He was the third financial consultant who was designated as the specialist in the Solid Waste Industry in order to decide between the appraised values of two companies: Price WaterhouseCoopers and Desmond, Marcello & Amster. The reason for the need for a third appraiser was due to the significant discrepancy between the other two appraised values.

Mr. Bethel worked well with all of the parties involved, including BLT, the County of Los Angeles, the City of Los Angeles, and the appraisers involved. His appraisal helped us conclude our $60 million dollar transaction with the City of Los Angeles.

Bernard Huberman
President
BLT Enterprises
With reference to the market value appraisal of my client, Angelus Plating Works, we have received the report and reviewed it. Speaking for all concerned, we are most pleased with the presentation and analysis you have made and are satisfied that the valuation is fair. Our thanks for the thorough job you have done. I look forward to working with you again, should the occasion arise.
Robert P. Bozajian, CPA
It gives me great pleasure to recommend Frazier Capital as experts in evaluating the net worth of a business. Their advice and professional assistance has indeed been very helpful.

Frazier Capital performed these timely and important functions for Chem Arrow Corporation. Frazier Capital made a very thorough analysis of all relative and pertinent data relating to the business and the real estate occupied by the company.

At the conclusion of the study, extensive and comprehensive narrative reports were furnished to me. These reports have proved useful in estate planning, gifting, and other strategic planning issues and objectives.

A.L. Spalding
Chairman, CEO
Chem Arrow Corporation International
Stephen Bethel appraised a complex limited partnership with diversified national and international holdings for me earlier this year. I consider Mr. Bethel to be professional and competent in analyzing complex financial matters and determining appropriate and fair valuations. He is an open and pleasant person to discuss situations, problems and possible solutions. I recommend him highly as an appraiser.
Leo B. Helzel
Law Offices of Leo B. Helzel
The Enterprise Valuation recently provided by Frazier Capital for our company, has not only changed our perception of appraisal services received in the past from other firms, but has become a key element in achieving our most important financial goal this year.

The prospective market value assigned to our business for purposes of loan underwriting assuming the completion of our facility’s expansion projects, helped to convince our lenders that there is more than enough value on the enterprise to support the required financing; which prior to your excellent report had been contemplated with some reservations by the bank.

We were highly impressed with the ability that your team demonstrated during the process, particularly Ariana Arredondo, Senior Financial Analyst, by clearly understanding our business, analyzing our unique industry, and revealing the value of our permit, competitive advantage and full potential; to quickly and effectively represent the prospective value of our enterprise, its projected revenues and cash flow.

The cost of the valuation was worth every dollar; the results of your professional opinion, priceless!

Jesus Romero
Chie
Evergreen Oil, Inc.

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Frazier Capital Valuation provides appraisal services in the disciplines of business valuation, commercial real estate, and equipment.

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