Ann: Half Year Accounts, page-18

After the 25/8 announcement I exchanged a couple of somewhat testy emails with Fred Bart. I sought some detailed clarification of whether the situation simply indicated that small adjustments in the manufacturing process were required to up the yield, or whether the delay indicated a more significant problem in getting the MEMS to handle the electrical signal correctly. Bart basically sidestepped each of my pretty searching questions by trying to reassure me that everything was under control and that we just needed to trust the board and management to do their job and make their announcements without giving too much technical detail away.

I cannot agree with his playing his cards so close to his chest. This level of ambiguous and opaque announcement is not only frustrating but does not allow holders and co-owners of the company to assess their risks adequately. I feel that Mr Bart is still acting as if AP is still his private venture, not a publicly listed company.

The latest announcement goes a little way towards reducing my concerns, but that is precisely what it is designed to do. Waving the juicy market potential of a digital sound chip at shareholders does not give us any actual details about the likelihood of our product being ready to address that market any time soon.

Fortunately the end of the current fiscal quarter is sept 30, so we will not have long to wait for an update.