"With an immediate view to commercialization, the Company has continued to develop the base process technology necessary to build the complete suite of optoelectronics devices. The new management team is focused on exploiting existing high growth markets where the disruptive power of the POET platform IPprovidescompetitive differentiation. To that end the planned milestones - “PET PDK”, the “electrical 100-nm ring oscillator” and the “50 GHz VCSEL” will be replaced with market relevant and product driven milestonesthat maximizes the commercialization potential. These milestones will also capture the aggressive lab-fab transition plans being put in place, ensuring that the technology can be commercialized with no additional transfer delays from concept validation to product realization. The Company is engaged in discussions with multiple companies as it finalizes its choice of foundry and epitaxial wafer partners and has recently signed memorandums of understanding with some of these companies and expects to continue this process."