Bob, I too share your frustrations, both from a long in the tooth and investment longevity perspective. While the lack of clarity around comms and delivery of updates on an as legally required basis is very frustrating this is not a priority for management and the directors. This I understand. I too am more interested in demos to potential clients and order taking which should result in revenue flowing to AKP. We have previously been told AKP expects sales to take place in the last quarter of 2023. We are almost at that timeline and there have been no announcements to counter that expectation.
My greater concern at present is related to EM. When first announced I had some concerns about the risks of being exposed to a dedicated FAB located in China. The dollars and people committed to the project by EM as detailed on their website provided significant comfort that just maybe this was a partnership that would deliver for both parties. Unfortunately nothing is what it seems when dealing with China. A business colleague with many years experience of transacting business in China has recently returned from a business trip to mainland China and reported the frustrations dealing with what we take for granted in the western world. As an example he reported only Chinese based search engines work. Google has been blocked from use within China. Internet speeds are so slow that even downloading emails is to be avoided. On a positive note, in the sector in which he is doing business minimum order quantities are now negotiable within reason whereas previously they were fixed at much higher levels.
We see EM has revamped their website and despite my best efforts I have been unable to access their new site. I have no idea why they would do this if it was not to improve their comms with potential customers and others interested in their business. Could it be that AKP have asked them to make access to their website less accessable for outsiders? Maybe the EM site is easily accessable from within China?
I am also advised that very strict controls on currency movements outside China have been in place for sometime, reminiscent of 20 years ago when exchange controls meant Chinese businessmen developed work arounds in order to move their cash out of the Chinese system. This could be the main reason EM have not been able to gain approval for remitting the funds they wish to invest in AKP. If this is fact then AKP should communicate this to shareholders and not blame the application process. These are understandable cause and effect delays which should be clearly communicated to interested and affected parties and I believe we are in that category?
In the absence of any announcement to the contrary it seems obvious the Gen 2 chips have been delivered to AKP in Tel Aviv, been tested and met the required specifications. Demo boards are being populated with these chips and demos to interested parties being undertaken.
An EGM and demo to shareholders would be a bonus but not important at this stage in the progress of the AKP business development strategy. Customer orders will reward us for our patience. A live demo would be great but not the top of my list of priorities for AKP to deliver over the next three months.
AKP Price at posting:
$9.00 Sentiment: Buy Disclosure: Held
(20min delay)