Ann: Company Update, page-7

Positive news all round. Burning through $1M is expected for the development phase, it would be concerning otherwise. I don't know about a CR, however it was mentioned that M3 & M4 (revenue) will be hit near each other.

Some interesting things to take from the update:

"Two leading experts in low power design have been recruited to the Team" "Two talented chip design engineers have been added to the team in Aliso Viejo, California." - does anyone know who? Are they referring to already identified staff?

"Milestone 3 is on track for release  in  Q1,  2016" "This  significant  milestone  enables  BrainChip  to  progress  licensing discussions with various Fortune 500 companies who expressed a commercial need to use the  technology within a server environment. " - very positive news on still being on track. This milestone being accomplished will allow BRN to go to higher high's because it can progress and announce who they are working with.

"During  the  quarter  BrainChip  developed  new  business  relationships  that  will  lead  to  various  alliances  and  access  to  potential  new  licensee  opportunities." "Founder and interim CEO, Peter van der Made said “We are very pleased with the interest in our  technology.  2016 is a very important year for BrainChip during which we expect to license our  technology to a number of companies." "Ongoing marketing efforts were  conducted  during  the  quarter  in the US and South East  Asia  including Singapore, Hong Kong and Australia." - very positive news.

"we  anticipate filing a significant number of patent applications during 2016." - strengthening IP, positive news.

All in all, nothing new exactly but enforcement on very positive news.