Columbia West Capital News
07.06.09 Columbia West Capital Completes Fairness Opinion for Zila, Inc.


July 6, 2009
- Columbia West Capital is pleased to announce it served as the exclusive financial advisor to Zila, Inc. ("Zila"), providing a fairness opinion regarding the consideration to be paid to Zila's stockholders in connection with the proposed merger with TOLMAR Holding, Inc., a Delaware corporation ("TOLMAR").

On June 25, 2009, Zila's Board of Directors approved and entered into an Agreement and Plan of Merger with TOLMAR and its wholly-owned subsidiary. Pursuant to the Merger Agreement, ZILA will survive as a wholly-owned subsidiary of TOLMAR.

As financial advisor, Columbia West Capital reviewed ZILA's historical financial statements and forecasts, conducted numerous discussions with management concerning its business and prospects, compared ZILA's business with those of certain other companies which it deemed relevant, conducted a review of the company's liquidity and capital position as of the date of the opinion, compared the financial terms of the Merger with the financial terms of certain other mergers and acquisitions which it deemed relevant, and performed other analyses and reviewed other information as it deemed relevant in arriving at its opinion.

Zila, a publicly traded company (NasdaqCM: ZILA) headquartered in Scottsdale, Arizona, is dedicated to the prevention, detection and treatment of oral cancer and periodontal disease. It manufactures and markets ViziLite® Plus with TBlue® ("ViziLite® Plus"), its flagship product for the early detection of oral abnormalities that could lead to cancer. In addition, ZILA designs, manufactures and markets a suite of proprietary products sold to dental professionals for periodontal disease, including the Rotadent® Professional Powered Brush, the Pro-Select Platinum® ultrasonic scaler and a portfolio of oral pharmaceutical products for both in-office and home-care use.