Reviewing the IBK Confrence Call from Feb again, this is what I expect:

TM and SV highlight the advantages of transitioning to fab-lite and TM is confident that the sale of DL ($34.5 - $40M CAD) will support their fab-lite model for at least 2 years:

TM mentions short term debt, as we have seen through the debentures, and the long term sustainability through DL sale.

TM highlights the Information Memorandum will contain two important items:

• Supply Agreement

• Strategic Cooperation Agreement

Based on their statements, these two items will weigh heavily on our financial health/growth for the next two years.

However, I’m doubting the announcements will detail any forward looking revenue based on the agreements. I’m expecting we will meet or exceed the projected 8-10M with prototypes. TM stated they are targeting the 2020 product lines with the 2019 prototype qualifications. I think it is too soon and conflicting for revenue guidance.

As much as I want forward looking revenue, I believe the SP will initially reflect only the reputation and potential of the buyer based on these agreements. We will directly inherit the reputation of the buyer. It’ll be interesting to see the SP react to external forces and reflect the political extreme we might fall into. Whatever the case, the relationship concerning the large buyer is about to shine a light on us. Good luck.