Ann: Letter to Shareholders-POW.AX, page-2

This letter finally gives an inkling as to what is going on. Obviously the WEC prototype was not as good as hoped and they are making the necessary improvements to enable commercialisation.

Positive:
They are not going into manufacture without optimising the WEC.
Received the final 200K from Korid and the share consideration attached to that deal for Korid shares come out of Escrow shortly, which might help avoid a CR at these levels.
Acknowledgement of government grants available
CEO seems committed and convinced there is a path forward


Negative:
More delays means more cash burn.
Technology might not be as good as previously thought
SP to remain at these levels or lower for some time.

Overall the communication is welcomed given the frustrating total lack of information that has been forthcoming since the change to POW from SHE