Ann: AGM Presentation, page-55

In terms of the speculation of whether this will be used in TVs first or sound bars etc , I personally and humbly don’t think it matters. Fred mentioned at a previous presentation that we already have some form of partnership with the top 120 semi conductor companies either through finance or through using their equipment , which would have to then include brands like Sony , Samsung and Apple just to name a few as they are some of the biggest players in the space. Thanks to all that attended and provided the information we now also know Danny mentioned at this meeting that the production would be in the millions to start , which even at 10,000 chips each for each one of these companies to play around with in their 1000s of product offerings would be a small amount. This also ties in with the question on marketing whereby Fred was unconcerned about any marketing even as we move towards mass production at years end as we really don’t need marketing if we go down this route , whether a Sony or a Samsung or Apple decide they want to bring it out in a tv , phone or laptop is not our issue. We just sell the best audio chips on the planet , the rest is up to them how they want to market it in their products , but if for example Samsung is quickly able to bring out a phone that sounds like a boom box rendering all the small speakers we carry around with us to the beach , picnics , parties useless , I have 2 of those myself from UE boom and Bose mini and all of my friends have at least one each , no need for anymore of that or Apple having a laptop that sounds like a home cinema , or Tesla having it in their cars whereby the kids could watch movies in the back while parents have peace and quiet in the front on trips thanks to directional sound those would be statements that would beat any kind of marketing. Also for anyone that is interested , Newingonstocks has provided an updated research report released a couple of weeks ago which also ties in with all of the above whereby his valuation was done purely on chip sales and leaving it up to the big names to decide on what they wanted to do with the chips. He had the NPV at 591 in a low volume premium market scenario , on a 11% dcf which is the most conservative of his valuations , it goes up way more into the 1000s if we aren’t being so conservative and he also mentioned a buyout would be the most likely scenario with a conservative estimate at 200 going up all the way to 400 in a bidding war scenario. Its an excellent report that covers a lot of different scenarios and ties in nicely with what has been discussed at the AGM. I re read it yesterday with all the information provided by all you kind folks from the AGM and it read nicely , thanks again and good luck to all