Ann: Validation of the SPL of the Gen-II MEMS transducer, page-107

My understanding is that (from memory) AKP has committed to buy $10m worth of devices from EM once they have proven they can deliver. Someone can correct/clarify that. They will need to raise that amount plus outstanding friendly loans plus whatever to get them to a comfortable operating level to see them through the rest of commercialisation journey.

Just like EM, I see the capital raising comprise some large corporates who will be buying the product and other friendly sophs and cornerstone investors. If Fred has learnt anything from WBT, he will minimise the number of shares that make it into the hands of financial companies who lend stock for shorting. The raising will hopefully maintain a tight register.

It will also be interesting to see what happens in terms of qualification. Qualification will happen at many levels. Internally with AKP/EM and also with the product companies. This will take time and it will be interesting to see how much the product companies will finacially carry that burden and to what extent AKP will. A good demo and I can envisage product companies will be willing to carry that risk.

I'm looking forward to an in-room demo. The online demo was impressive. The in-room demo will be mind/ear blowing.