Let me preface by saying I don't necessarily advocate the historical silence. Like everyone else here on this board, I would dearly love to know more about progress but......we have been told in the past by our CFO (like him or not) that the dissemination of information will be either to announce a material event or a NR required to conform with ongoing reporting.

Do I consider the receipt of $13M material? Yes, and therefore a reasonable conclusion would be that it has not been received. Are we entitled to know the status? No, it would be nice but we're really not entitled according to ongoing reporting issuer requirements. We were told that the funds were anticipated around December 31st and to date they have not been received. If however there ends up being a 'material' delay in the receipt of the $13M that is significantly different than the clauses within the PSA (purchase and sale agreement) then, consistent with Tranche #1 a NR will likely be issued.

In addition, there were no news releases issued to report the successful qualification of each of the first 7 components so why would there be an expecation for a NR to be issued for the 8th? Would it be nice? Absolutely, but again in the eyes of management it may not be considered a material event.

The issue and conclusion? I think we all want more information but OUR definition and expectation of 'material' is considerably different than those of Poet management.

Like it or not, that's the hand were dealt. If you like it, hang in there and hope the management team can pull this off. If you don't like it, well, don't go away mad, just go away.

respectfully,

Hogan