It seems to me, from the information supplied by the company, that they are at the stage where the technology works in a laboratory and that attempts to produce a defined integrated circuit (IC) are underway. It seems we have reached a point where the involvement of an external manufacturer to assess and produce such circuits is either arranged or under negotiation.

If you read between the lines, it may well be that the appointment of Ajit Manocha was a necessary step in such a process. It is even possible that all this has been achieved some time ago. I am reasonably confident that the costs incurred by his appointment and his willingness to undertake such a task indicates the widespread efforts of the company to monetise the endeavour. I have no doubt that such an appointment gives the clearest possible signal that there is interest and, maybe considerable interest, in this technology. I really hang on to one obvious point.No person of Ajit Manocha’s pedigree would ever joint a small company like POET unless he was convinced of POET’s potential.To court failure would question his whole lifetime’s work.You! Please, remember that single fact.

It is equally clear that, in such circumstances, no announcement is likely to be given until others agree to a release of such information. If you sit and think about the complexities and uncertainties of a larger company wanting to investigate, produce and test any technology before agreeing to contracts, then the management of PTK have quite a lot on their collective minds. Their suggested time frame indicates a range of time between Q4 (October - December 2014) and Q1 2015 (January - March 2015). That cannot be surprising to anyone with knowledge of manufacturing processes in this type of technology. I can vouch for this in the field I worked in. It is important to understand that nothing in a complex scientific project goes precisely to a time table and when other parties are involved then we investors, looking inwards, may well hear or see little. It is probably as well we do not.

This means we have entered a period of uncertainty as investors. The share price may well drift. But, one day, it is increasingly likely that an announcement of a production partnership will be made and, following that, an announcement of sales and revenues. Until that time, other announcements such as Pellegrino 2, further management appointments, an AGM, are subjects to this pervading uncertainty.Revenue removes some uncertainty to be replaced by how great the product take-up will be (that is when Pellegrino 2 will be truly relevant).

All I can do is to wait, more hopefully than previously, and accept this uncertainty. Please do not grumble about the daily share price, if you really want certainty then sell, but I will not. Be assured that if and when revenue comes, this technology does have the potential to produce vast revenues and the share price will rise, probably dramatically. The evidence points to a period as long as 6 perhaps 12 months and then we can be more assured of our position. Until then significant uncertainty will reign.

David