Ann: Panorama March 2016 Quarter Review-PSY.AX, page-2

The Company is developing its first version micro-spectrometer test units. Key achievements completed during the quarter include:

• -  optical design;
  
  
• -  component selection;
  
  
• -  microfabrication of the initial filters, and
  
  
• -  mechanical design of the casing and components
  
  Bench-top testing of the optical components and assembly of demonstration instruments targeting specific industry needs is now underway. Given the licencing arrangement with UWA for spectroscopy was completed in November 2015, this represents substantial progress in a relatively short period.
  

“An increasingly strong team, the continuing assessment of the best opportunities, and the progress that has been made and continues to be made on product development, when combined with a debt free balance sheet, positions the Company well to take advantage of significant demand for sensors of various types. The introduction of the micro-spectrometer technology is broadening the range of opportunities that make up our addressable market. I believe this is the strongest position the Company has been in since it’s inception and I am looking forward to the future as we build into a successful micro -sensor solution company”