Ann: Trading Halt, page-95

This is a great ann. IMO.

The take home is the validation of the tech in the commercial aviation space ... however, there's no clear obligation on Delta to purchase CVM units and SMN's best revenue estimates from the agreement are lower than some may have expected, although in line with earlier anns. (i.e. max. 10-15M if Delta apply CVM across all their aircraft types).

There's also an interesting incentive clause whereby Delta get a commission on sales of every CVM unit sold to any other commercial carrier IF their purchases of CVM units reaches a certain threshold. This gives some idea of the challenge SMN have had in getting early adoption of the CVM tech. even by Delta, in spite of the length and duration of the Delta test program.

There's a lot of blue sky here folks, even though the ann. just makes passing reference to what else may be waiting in the wings (yes, I'd like that to be Boeing, among others). Patience remains the key with SMN, for both management and investors. Expect a sell-down short-term... IMO R-7