What's happening with Coty?

I'm just a little frustrated and confused with the status of the Coty-OBJ relationship.

On 3 December 2014, OBJ announced that it had signed a "License Term Sheet" with Coty in relation to an OBJ device. The License Term Sheet specified developmental "milestones" in relation to product development which, if achieved, "will lead to a formal licensing agreement" and that the development program was expected to commence immediately.

It's now been almost a year since this announcement, with minimal updates on progress. All that shareholders have been told via public announcements from OBJ is as follows:

1. work is proceeding well (30 January 2015);
2. the project has progressed to an advanced stage with initial testing of the device currently underway (13 July 2015);
3. extensive consumer concept test is imminent and Coty has committed to a licensing agreement once testing is completed (14 September 2015);
4. the end product prototype devices are now in the hands of Coty's New York team for approval (25 September) 2015;
5. hardware now being developed ahead of consumer validation (20 November 2015).

I'm afraid I'm just a bit confused as to where the company is at with Coty, particularly having regard to point 5 (which was made in OBJ's AGM presentation last week) which seems to suggest that the company has actually gone backwards since point 4.

Have the "milestones" in the Licensing Term Sheet been met? If not, how far away are we? My concern arises from the fact that point 4 (the 25 September 2015 announcement) gave me the distinct impression that the licensing agreement was imminent, but the AGM investor presentation suggests it clearly is not.

I've email Glyn about my concerns. Hopefully we'll have clarification soon.

Other thoughts from posters in the interim most welcome.


J