Has ELS just taken us for a Ride?, page-28

ELS had one major problem which has been resolved and that was they came to the market early with a product that was not ready for any sort of commercial rollout but had military applications which were never going to be a quick road to success as dealing with Governments take years not months (look at EOS for example) and we were sold the dream and told lies (mobileye for example) at the IPO time by the listing broker ..... Again a mobileye deal could be possible and could be still years from now . What has been achieved is the development and refinement of HALO and that is complete and ready and been given the tick of approval from a few different bodies globally across a few different verticals . They used the cash they had to get to this point and raising money now makes perfect sense and the fact that we could now be looking at 11-12 mio in the bank and possibly more with the balance of NIR options converted plus any further revenue puts this company in the best possible position it has ever been in ... signed contracts and more to come.... 12+ mio in the bank.... many open POCs and possible new ones....FAA approval within the coming weeks to month ... NIr has stepped aside for personal reasons which is a good thing as he obviously thought that was the best thing for the company and has endorsed that decision by already being the largest shareholder and applying for more stock via the right issue .... many good things lie ahead and that is why the rights issue was successful . The structure or deal is in question but i did not invest in ELS and nor will my decision to exit or invest further be a decision based around what the fee structure of an external party ...