Ok yes I know we are all a bit displeased with the selling of shares etc from board members last year as well as what seems to be the slow pace of taking forever, however I feel that maybe some are taking this announcement the wrong way IMO. Firstly I have pasted the announcement regarding Dennis Roach coming on board the SMN team see below
Structural Monitoring Systems Plc (“SMS” or “the Company”) (ASX: SMN) is pleased to provide an update concerning an important formal, strategic relationship between SMS and Sandia National Laboratories (“Sandia”). Whilst Sandia has been an important advocate of, and collaborator with, SMS for several years, the Parties have now signed a multi-year contract with Sandia to engage Dr. Dennis Roach and his staff to focus on multiple aerospace industry opportunities (commercial and military) and the subsequent commercialization and regulatory approval of CVM™. Dr. Roach will essentially play a central role in the Company’s newly created “Global Task Force”, whereby Dr. Roach and other key global aerospace participants (these additional personnel to be released shortly) will target rapid civilian and military industry adoption for CVM™ technology. Dr. Roach, is arguably the world’s leading industry expert in structural health monitoring (“SHM”) technologies, and is uniquely suited to leverage both his expertise and industry relationships in pursuit of full commercial adoption for CVM
Now todays news directly shows the benefit I feel of this appointment so a great move and a correct move IMO regarding this relationship with Sandia. Also notice in the above snippet the emphasis is on GLOBAL
Now I have pasted 2 snippets from announcements one in july 2016 and one a bit more recent. Now surely one can see that the announcement today IMO
does not relate to the major agreement with a major aerospace organisation it relates to this bit from the snippets below
The twin goals of the Programme are to obtain general approval for multiple applications on multiple different aircraft from global regulators, and most importantly, to have CVM™ as a fully mandated, recognized and accessible tool for future maintenance needs which would not require any subsequent, or case-by-case regulator approval on these aircraft
If you read the snippets below they are both talking of multiple things eg major agreement (which should be close IMO based on what they have said ), getting global approval, also more work programmes with helicopters other airlines etc so for me the news today was actually great news its about like I said earlier these approvals which they had already pegged as first quarter if you read these snippets, i have underlined in the snippets where they speak of this first quarter approvals.
Hence for me I totally think it was an overreaction to time it has taken for major agreement still to come IMO, selling of shares and with a few people not understanding what this announcement is actually showing plus the doomsday merchants and we have a perfect storm in a tea cup. Anyway I may be soo wrong and live to regret my holding but for now I am prepared to wait and stand by my own research plus what the company has espoused but hey I could be wrong. Lets hope for all I am right GLTA
SMS entered into negotiations to execute an agreement with a major aerospace organisation designed to provide the scale and path to a material global licensing/royalty revenue for CVM™. SMS completed the testing regime for our CVMTM sensors related to the Sikorsky Helicopter Programme and the sensors clearly exceeded the requirements for the probability of detection (“POD”) measurements for the chosen test application. SMS look forward to potentially multiple FAA approvals for applications on rotorcraft in the foreseeable future. SMS confirmed the successful install of CVMTM sensors on the Apache AH-64 attack helicopter fleet operated by one of the world’s sovereign defence forces. SMS, Sandia and Embraer collaborated to select representative “hotspot” applications on multiple aircraft types. Currently, three far-reaching, generalised CVM™ Service Bulletin (“SB”) revisions have been written for entire aircraft regions (not just single applications) – this represents a dramatic advancement in more global CVM™ approval. The twin goals of the Programme are to obtain general approval for multiple applications on multiple different aircraft from global regulators, and most importantly, to have CVM™ as a fully mandated, recognized and accessible tool for future maintenance needs which would not require any subsequent, or case-by-case regulator approval on these aircraft.
Currently, we are informed that the pre-requisite approvals from the domestic aerospace regulator will be finalized in Q1-2017, followed shortly thereafter by critical FAA approval, essentially a formality given the bilateral agreements in place between all the major global aviation regulators
APPENDIX 4C - QUARTERLY REPORT AND BRIEF COMPANY UPDATE During the quarter: Structural Monitoring Systems Ltd (“SMN”) is in negotiations to execute an agreement with a major aerospace organisation designed to provide the scale and path to securing global licensing/royalty revenue for CVM™. SMN hosted an investor conference call in August 2016. During the call, SMN management and senior staff provided up-to-date information pertaining to the Company’s activities with key partners including Sandia, Delta/Boeing, Sikorsky, NLR, Embraer and Airbus. SMN successfully completed the critical initial testing regime for our CVMTM sensors related to the Sikorsky Helicopter Programme and the sensors clearly exceeded the requirements for the probability of detection (“POD”) measurements for the chosen test applications SMN confirmed the successful installation of CVMTM sensors on the Apache AH-64 attack helicopter fleet operated by one of the world’s sovereign defence forces. SMN and Sandia collaborated with a major OEM to select representative “hotspot” applications on multiple aircraft types. Currently, several far-reaching, generalised CVM™ Service Bulletin (“SB”) revisions have been written for entire aircraft regions (not just single applications). The twin goals of the Programme are to obtain general approval for multiple applications on multiple different aircraft from global regulators, and most importantly, to have CVM™ as a fully mandated, recognized and accessible tool for future maintenance needs which would not require any subsequent, or case-by-case regulator approval on these aircraft.
Currently, we are informed that the pre-requisite approvals from the key regulators, including the FAA, will be finalized in 2017, commencing as early as Q1. 
(20min delay)