Ann: Letter to Shareholders Hearables are here to stay, page-48

I'm somewhat concerned that if Doppler can't flourish even with the backing of Hans Zimmer, Peter Chernin (of Chernin Group fame), Universal Music Group, Coachella, David Geffen, Dan Gilbert, Henry Kravis etc. all throwing in tens of millions of dollars - is there as much demand for hearables as previously thought? That being said, NUH have proven to be very fiscally conservative in maximizing the impact of each dollar spent - efficiency like that should be acclaimed in the small cap end of the market. I have no concerns about cash flow.

We all recognise Doppler's marketing was very slick and their social media outreach was quite impressive. I guess NUH can now capitalise on all the marketing muscle and elbow grease Doppler invested in promoting hearables. To the victor go the spoils! Very impressed NUH management have been able to keep a steady hand on the tiller. Less competition is good for NUH - I just hope it's not because the market is not there for it. High risk, but exceptionally high reward is possible now. I fully admit I was wrong in thinking that Doppler could beat Nuheara - Nuheara absolutely steamrolled them - the writing was on the wall when Doppler had to withdraw from brick & mortar stores. This has changed my perspective on future outlook (for the positive).

Very excited to see what they come up with at CES 2018. Only a couple of months left - in past interviews they alluded to potential augmented reality audio experiences in video games - something along the line of the Oculus Rift (which had humble origins and quickly grew to $2 billion USD) but for the ears. Watching with interest, as always.