Well they are ASKING for $1M. Nothing says they'll get a buyer.

Or am I missing something?

Heads up - I'm from the Apptopia team- but yes they're asking $1 M & the app has made over $1.4 M total already(whereas apps like Instagram & SocialCam got acquired for much more with no revenue at all).. In terms of a buyer there's no guarantee, you're right about that, but big companies like Energizer would benefit so much from acquiring the app as a branding play that the $1M wouldn't mean much.

Sure, but "asking price" isn't necessarily "getting price." And may or may not have much to do with "actual long-term value." :-)

Yes, good point. We're very experienced in app valuations and I agree with you 100% that asking is not getting. But this app has millions of users, which is a huge deal because so many people can be reached through the app! In addition, they are only available to 25% of people with iPhones since the app only works for the iPhone 4 & 4s.. think about how crazy their user base will be once the iPhone 5 comes out next month! This is a huge asset you can not overlook during the valuation process.