Ann: CEO Letter to Shareholders, page-131

I personally can't believe the gall of these guys to make a statement like this

"This was an important achievement for the Company, and our team worked incredibly hard to deliver this milestone by the date set in the prospectus three years ago. To achieve this date required a twenty four hour per day, seven days per week development effort spread across the winter months. To eliminate the risk of delay from inclement weather and winter storms, it was decided to conduct the development work indoors."

This milestone was relevant with the CAT MoU and its achievement now only means that the Pivacs got a shit load of shares for what? They spent a huge amount of money invested by Caterpillar and other investors to achieve this by running their crews 24x7!? And somehow they're trying to spin this that it benefited the shareholders??

Then to risk getting their payment they brought it inside!? This is a joke right?

We're now left with a trust us statement on the way forward and future revenues with 2 x nearly working machines. Frankly I think its become a private'ish company that will make decisions based on their own interests and milestone payments.

I hope they improve their approach and transparency on their manufacturing, financing, contracts and modelling in detail enough to assure me they will have revenue consistently coming within the next year. Otherwise the $21m will burn away in no time.

This still has a $200m MC for what? 10 houses built in 2019?...hmmm