What exactly does AddTeX2Eps do and how does one use it?

What exactly is Janko Slavic's addon package AddTeX2Eps supposed to do, and exactly how does one get it to work?

I do understand it's supposed to allow one to use TeX psfrag processing upon a Mathematica-generated graphic, but I cannot discern from the meager docs what's going on. And I can't get the supplied sample notebook AddTeX2Eps-Example to process correctly. When I evaluate the notebook, from the EpsExport command there I get a long list of errors starting with OpenRead::noopen : canot open EpsExport.ps

(So I never get to the point of being able to use the exported file from within LaTeX where, I presume, psfrag is going to process it.)

-
May we assume that you have followed all instructions in the Readme file? –  Sjoerd C. de Vries Apr 17 '12 at 20:29
Yes, I followed the instructions in the readme file -- except that I put the AddTeX2Eps folder in \$UserAddOnsDirectory/Applications –  murray Apr 18 '12 at 15:00