Ann: Quarterly Company Update, page-2

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December 2016 Quarter Update
BrainChip Holdings Ltd, ("BrainChip" or the "Company") (ASX: BRN), a leading developer of software and hardware accelerated solutions for Advanced Artificial Intelligence and Machine Learning applications, is pleased to provide an update on the quarter ended 31 December 2016 to accompany the Company’s quarterly cash flow report.
Significant developments for the quarter ended 31 December 2016 include the appointment of Julie H. Stein as a Non-Executive Director, Cossette Drossler as the Company’s Vice President of Finance and Administration, and the integration of the Spikenet technology and the Company’s Spiking Neural Adaptive Processor (SNAP) on an FPGA solution for pattern recognition applications.
Ms. Stein, located in San Francisco, California, brings experience in capital markets, fundraising and innovative thought leadership in branding and marketing to the BrainChip Board of Directors. Ms. Drossler previously founded, and was President and CEO, of CQ Confidential, a finance and accounting firm located in San Francisco, California.
The Company has integrated the Spikenet learning rules and software plug-ins with its Spiking Neural Network Adaptive Processor (SNAP) on an FPGA PCIe card as a hardware accelerated solution for Civil and Commercial Surveillance applications and Machine Vision for manufacturing. Applications include airport intrusion detection, facial and pattern recognition, pedestrian monitoring, consumer behaviour, casino gaming analysis and visual inspection.
As previously reported, the Company has deployed its Game Outcome product at the Mohegan Sun casino for select card games and has engaged legal counsel in the U.S. and Australia to provide guidance to the Company’s Board of Directors regarding the domicile of the Company and the exchange listing of its stock.
"The integration of our software solutions with our spiking neural network processor on an FPGA creates an exciting product that we expect to demonstrate and offer in 2017. At this juncture, we have commercial engagements, trials and meaningful discussions with large casino operators, airports, schools, natural resource providers and traffic control authorities that would benefit greatly from the hardware accelerated SNAP technology," said Mr. DiNardo.
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