@ricky182: Yes I think it does include those events.
From the Explanatory Response to ASX
Please explain why AKP was not able to perform a demonstration of its product by 30 June 2021.
For sake of accuracy, the Company was able to perform demonstrations of the technologies well prior to June 30 2021.
On 28 June 2021 (Israel time) management determined that the many upgrades made to the demonstration system to that date had yet to achieve the required objectives for demonstration to industry players, and that to do so will necessitate additional upgrading of the system to use our more advanced packaged MEMS chips.
On 29 June 2021 management concluded a)that the progress made so far to the chip packaging process was sufficiently viable as to anticipate the availability of our more advanced packaged MEMS chips, b)that the availability of the newly packaged chips and the then combined efforts required to achieve the targeted performance objectives of the demonstration system could be accomplished within a timeframe of 14-21 days.
ASX notes that AKP did not provide a new timeline in the Announcement in which it expects to demonstrate its product, and instead referred to “Packaging of the more advanced generation of chips ... within the next 14 days”, and the subsequent “upgrade [to] its current out-of-cleanroom demonstration systems with the improved generation of packaged chips”. Please advise when AKP expects to be able to demonstrate its product. If no timeline is available, please explain why, given AKP was previously able to produce such a forecast.
The announcement explicitly states the updated timeline for a viable demonstration to be within 14-21 days of the date of the announcement. This estimated timeline accounts for receipt of packaged chips, testing, installation and finetuning of the current out-of-cleanroom demonstration system.
In accordance with Listing Rules 3.1A.1 and 3.1A.3 detailed timeframes occurring within the 14 - 21 day period will not be exposed, due to the sensitive commercial nature of the information.
It should also be noted that in accordance with Listing Rule 3.1 the announcement goes a step further; warning of the potential for an additional delay should unpredictable complications arise as a result of the recent emergence of the COVID-19 ‘Indian’ variant in Israel which is outside the control of management.
Our demonstration systems are designed to serve the strategic commercial interests of the company, attracting and engaging potential customers and industry influencers. Upon achievement management intends to announce confirmation that the out-of- cleanroom demonstration has been sufficiently upgraded as to commence demonstrations in Israel to select industry players.
Taken together these comments seem clear to me that the progress time line on or before 21/7 would have resulted in a viable out-of-cleanroom demonstration of the 80-chip demo unit to eager industry players with personnel resident in Israel so long as Israel does not go into any lockdown that prevents such a demo being conducted at AudioPixels factory in Tel Aviv. The final paragraph above does not explicitly say what "upon achievement" refers to, so it does seem a bit inconsistent with what has been stated clearly previously. But being capable of doing a demo does not demand that customers can be compelled to attend, but I think it is reasonable to expect that they will let us know a) when they are ready to do a demo, b) when they have done one or more demos. I do not expect that the results of such demos will necessarily be made totally public unless that is commercially warranted.
But I expect at least one announcement tomorrow, and I assume that ASX will expect an announcement too.
(20min delay)