Ann: Forthcoming Release of Restricted Securities, page-8

Given the timing/volume was around the escrow release. It should be safe to assume that the sale was from original founders or promoters. Them being willing to sell at these prices (which are well below the new raise), to me infers that they have no confidence with either the original technology (especially given the lack of sales, references etc) nor with the contents of the proposed new deal.

If the founders/promoters have no confidence & getting out at these levels, it's going to be hard to restore confidence & create value for shareholders.