Ann: Q2-2019 Company Update, page-10

I've been impressed in the past with CFO's ability to secure funds from government for the expansion of its business in a way that is cost-effective and non-dilutionary (i.e. low interest loans). That said, in my experience it's rarely a good thing when a company starts talking up government grants... let alone restructuring its business to be able to access them. This doesn't inspire confidence going forwards.

I've been bullish on CFO for a while now, especially Alain's plans to explore diverse new applications for CFOAM across a myriad of industries, but with Brian back, CFO appears to again be focussed on tooling. IMO it's again having issues with SH communication. The latest update has ambiguous wording ("commercialisation fund valued at US$700k" when US$350k is coming from CFO, etc.), contains no news on the Navy contract and has some pretty alarming (obligatory) reporting on production failures (reminiscent of production issues pre-Alain).

I still believe CFOAM has real potential and wish all those invested well, but I'm out for now. GLTAH R-7