Ann: Appendix 4C & Company Update, page-50

Hash... Mkt Expectation, based on company announcements was that the first batch would be completely successful or at least working to some extent with a little tweaking to achieve the desired performance goals from the four measurable parameters. Instead we were told that chips had been delivered for testing and it was "back to the drawing board" (sic).

Time frame was initially 12 to 18 months from Nov 2017.

14 Months later all we know definitively is that the materials 4DS used did not contaminate the IMEC fab and that the first batch was not testable (They identified a showstopper almost immediately).  Sometimes that is a good thing. Because it points to a basic misunderstanding/ config issue. On the other hand it can mean that  previous assumptions critical to success were incorrect and caused major set backs. I suspect the latter in this instance.

Currently, according to announcements and feedback from most recent meeting the board does not know the state of progress. This should be alarming to any investor in a binary outcome (It works or it doesn't)...and they only have one product in development!

Goal posts have moved to completion some time in 2019 on a specific undefined production fab. It is important that we know what chip makers use that equipment as it is the target market.

Even if successful they will still likely need to scale the geometry down before sale in my opinion.

Hope it works out but at this stage it looks a bit dicey....seen it all before.