No doubt todays news of the LOI with Sanan is terrific news for all POET investors.  I will, however, be even more thrilled when both sides of this bilateral deal have ponied up their respective $50 Million and the JV becomes a reality preliminary to product being manufactured and out into the market place.  I think it may have some benefit to illuminate just a little bit what Letter Of Intent means.  I hope the following provides illumination instead of just mucking up the water on that issue.

"By using this LOI, a foreign investor can outline its intention to purchase all or part of the registered capital in a domestic Chinese company that is not listed and may have subsidiaries. An LOI is also often referred to as a heads of terms, term sheet or memorandum of understanding. The LOI China is drafted for a single buyer and a single seller. It includes legally binding provisions relating to the exclusivity of negotiations and costs, and assumes that a confidentiality agreement has already been entered into. It has been drafted from the perspective of the foreign buyer and assumes that Chinese law applies."

Found that last definition on: https://www.acc.com/resource-library/letter-intent-loi-china#

Another Canadian company, CytoDyn Inc., in their February 2020 NR about one of their pharmaceutical products and their LOI with a Chinese company described thier experience as:

VANCOUVER, Washington, Feb. 12, 2020 (GLOBE NEWSWIRE) -- CytoDyn Inc. (OTC.QB: CYDY), (“CytoDyn” or the “Company"), a late-stage biotechnology company developing leronlimab (PRO 140), a CCR5 antagonist with the potential for multiple therapeutic indications, announced today that the Company signed a nonbinding letter of intent (LOI) for the joint development and licensing of leronlimab in China with Longen China Group (“Longen”). CytoDyn and Longen will begin exploring opportunities for leronlimab for the treatment of the 2019 Novel Coronavirus (2019-nCoV) and cancer.

Notice the wording:  "nonbinding letter of intent (LOI)"  That seems on the surface of it to be at odds with the definition preceding it that uses the terminology:  "It includes legally binding provisions relating to the exclusivity of negotiations and costs."

KPMG issued this advisory about negotiating deals in China several years ago:

https://assets.kpmg/content/dam/kpmg/cn/pdf/en/2016/12/our-view-negotiating-letters-of-intent-in-china.pdf

Who is KPMG?  According to Wikipedia:  "KPMG International Cooperative (or simply KPMG) is a multinational professional services network, and one of the Big Four accounting organizations. Seated in Amstelveen, the Netherlands, KPMG is a network of firms in 147 countries, with over 219,000 employees and has three lines of services: financial audit, tax, and advisory."