Carefully reading the MD&A section there are a few possibilities that may have been misinterpreted by some in relation to delays. We need to be absolutely clear about delays.

The MD7A said the following at page 2 about the rogue machine.

‘This delayed the team’s progress in the last 3 months. The issue was resolved in the last week of March 2015 with the root cause identified as an inappropriate installation by a third party. Appropriate repairs to this equipment have been made.’

Points:

I would emphasise that the term in the last 3 months in the MD&A should not be read as 3 months delay, as I have seen some posters state.

The date of the report being 7 April 2015 means the last 3 months were January, February and March 2015. I acknowledge that this has been said before but is worth repeating, the MS are therefore due in Q2.

Because work at the lab and fab would not have come to a halt, progress will have been made. The rogue machine was brought under control in the last week of March, we are already two weeks into catch up on matters it particularly delayed..

Delays caused by technical issues, the bleeding edge of technology, as I call it, along with the malfunctioning machine have not been specified as a particular time in the End of Year (2014) MD&A . It is clear that PC’s phrase at the CIC event in early February; “you can’t rush genius” indicates his awareness at least of the ‘bleeding edge of technology problems’ at that time. I see no reason that the stated date of NASDAQ listing as June, “with time built in for delays” as PC said, can still be on target.

For those following my discussion with brother David my conclusion was that the Ring Oscillator is not on the PET/POET critical path. This is a requirement of our multi-billion dollar fruit company for testing and gee whizzz performance purposes.

My point of all this is that we may be much further down line in development of PET/POET than the ‘wailing and gnashing of teeth’ on this board would have you believe.

Sula