Hi Dufjam and others,

Thanks for using the Agoracom board to start this conversation.

Before I start my answer, I would like to remind Investors HPQ is involved in an R&D project with a long lead time, financed with short-term capital. 

Therefore in our case, no news for some time is normal, and it is not the same as bad news.

Disclosure rules are clear, we have a fiduciary duty to inform the market in a timely fashion and that also applies to bad news...   So in our case, no news is good news...

Finally one of the issues we are facing is that we need to find a way to balance the fact that we have to give the venture the time needed to advance the innovation against our needs for capital to advance the project.

One of the strategies we are implementing to deal with that is that we are looking for investors with longer time horizons.  The problem with that is that these type of investors have very long lead time before finalizing any transaction.

Regarding the specific questions ask, I will try my best to shed some light on what is going on, but you have to realize that since BB's are not true disclosure venues, the scope of my answers will be very limited.

What's Gen2 been up to?  Any more results coming?  

We finished a first series of test with the machine, and since the Gen2 Purevap is a proof of concept of the commercial scalability of the process tool, we used the last month to take apart the equipment and see what we could learn from the operations that could be transferred to the Gen3 Purevap operating process.

Now that this is completed, we should be restarting test soon.

Project financing - we know management is working on this, will it come in Q2?

We are dealing with one entity that does not have the same concept of time that we do.... But once all is over and done, I will be very happy to give you guys a play by play... My best guesstimation is that we are close to the end of the process, but it is only a guess.. 

AGM approaching, will we receive mail to vote on the spinout?

Yes, but because of the spinout and the plan of arrangement,  we do not have yet a definite control on the final timeline, that is more under the control of the regulators and the courts. 

Since a spin-out is a very expansive endeavor, budgeted cost around $300K (about $141K already paid by December 31, 2017), we will wait for the regulators and the courts to have cleared our timeline before making any official comments. 

Will Apollon break their silence at some point?  

Apollon is a private company, so they have no obligations to break their silence as you say.  Also, they are working as a consultant for us, their inputs are crucial to our project, but we control what they can disclose on our project. 

Very quiet lately, hopefully, the calm before the storm.  Would like an update soon please and thank you.

My goal is to finalize the financing first, and then I will give a complete update on our project. 

Regards,

 

Bernard Tourillon
CEO