Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-108

Look I think after that person/s complained to the ASX, Fred and the gang have now made up their mind:

1) they are the largest holders with their friends so have most to gain or lose
2) if we dont give any exact future date expectation, guess what they cant report us
3) if we dont give future expectation they cant complain so we give broad future goals
4) if they are close and a believer they will benefit (and they know are involved some way with management), and outside of the top 20, there is probably like 15% or less of the holders (given some of the top 20 also have holdings not shown in related entities).

Anyway after the first read of the recent announcement, I thought here we are with another wishy washy quarterly but to be fair it would seem after a second reading they are making a real attempt to put in place contracts for future smaller and larger scale production which would mean orders.

It would be good (although maybe still in negotiation) saying to tower jazz, thanks so far and thanks for agreeing to a few million chips but if we need 100's of millions could you a) give us funding some cheap funding or b) defer payment until we get our own cash.

For some time it is evident Fred and the gang dont want dilution, they want to keep control (hence why the sony deal probably never happened). They could easily got to market at $20-$22 and raise 15m and they could get a jump on whatever expenditure they need but they haven't.

Why?

I would say they are so bloody close and they have got this far without giving away the golden goose, why would they now. And they may have some real suiters.

Im just waiting for the updates to change from "Market Update" to "Commercial Agreement"

Until then we wait but each time we get to a quarterly we are getting bloody close, sending out 3rd party demo boards, encrypting data on the ASIC.....I mean it doesnt get closer. One thing I just dont get (and Fred has said this in the last two AGM's) - once demo's occur they would publish specs for us all to understand the magic that Audio Pixels can deliver to the Audio markets, yet we have heard nothing.

Im still starting to get an imminent feeling but in 2022.

I doubt we will hear much until then.