BRN Discussion Ongoing

[chapman89]

Everyone needs to take a breath and understand that everyone’s got different opinions on how BRN is progressing.

In my opinion the current brainchip management has under achieved so far and it’s nothing to do with the share price.

It means nothing that our management have nice CV’s,

results in the real world is what counts.

In my view every month that goes by without a new ip deal means that other tech company’s are surpassing us.

You blink and new technology makes you irrelevant.

So over 40 known partners, global tier ones, MCU’s hitting the market soon and a world class board has underperformed in current global conditions? There’s companies laying off hundreds of people from Qualcomm Microsoft SiFive and many others and Brainchip is still hiring and making progress has underperformed?
In a field where it’s disruptive and new to the world and nobody in the world has sold IP before?

 

[Galaxycar]

Yes but with new management come a hope of something better,a share price uptic,new direction,the problem we have now is that shareholders don’t trust or believe management,once manage loose that there is no coming back, how many time do we see with a new CEO do we see a large uptick in shares. What will you all say at the end when the money is all gone and we do a capital raise at $0.03 (purely a example hopefully will never happen) and management say we got it so wrong all shareholders have lost their money and management just start up another company rinse and repeat. I am really suprised there hasnt been a extraordinary AGM with what 100 shareholder signatures required. No use waiting until there is no way out of this shitfight. If we are not there already. I’m proud to say I voted with strike 1.

 

[GazDix]

I agree pushing the current board out will cause a big shitstorm that no one wants. I doubt we will get anyone better.

The fact is, as a ship we were turned around twice on our course already with our current management.
The first one is OK, going from a chip model to a IP one and ignoring quick returns. The second was realising that AKD1000 was insufficient to continue to push and go to market. Rightio - fair enough, and I think many shareholders don't understand this.

But...these tough decisions were had to be made for long run success and to fulfill our dreams of a NYSE listing, dividends etc.

In my research, I am confident of the tech, and I am actually quite happy of the low price right now because the big bull for markets will happen in mid - late 24 or early 25 at the latest and if we can boom then, we will all be very happy. If we signed IP contracts earlier this year or late 2022, they would mean very little in our market cap because of the current macro enviro IMO.

What worries me is that we are never on a level playing field. Sean Hehir is brought up in the corporate world and its games and nuances.
The more partnerships we develop with others makes us tied up as well to do our own thing. This is why we cannot do what ESQ thought about toys and FF and myself like the doorbell idea. The risk is that our leadership team is just following what they know from working in the semi-conductor industry and using the contacts they know but without paradigm changing ideas with the tech that this industry needs to really be a first mover. Fortune favours the brave and it is cutthroat world out there. In previous AMAs and comments managment know this as well (beta vs. VHS example), so all that remains is us to trust them. We are putting a hell of a lot of trust in this company with what we know as well. Do they know it? I damn hope so because this forum researches the hell out of stuff but with less critical thought at times.

To digress, the world is waking up that decentralisation is the way to go. Bitcoin is up 100% this year in spite of what is happening and there are so many usecases on the blockchain that will be ubiquitous damn soon because of its non restrictive nature. What Edge AI does is different, but the whole world will may be entering a new age, a technological one? Who knows? Competition is fierce, but once next year kicks in and money waiting on the sidelines comes in, we want to be ready.

 

[Meatloaf]

I agree with your second last paragraph.

My first buy was 5 cents, and like many have kept buying on the way up and on the way down, and despite my very large holding, I am actually in the red but I am not worried.

Sean stated in an interview in May this year with ASX investor when asked a question about a cadence of revenue, he was asked will it be 3 years or 12 months, he said somewhere in between.
So just based off that interview, we know there won’t be any “cadence” of revenue until at least May next year, now that doesn’t mean we won’t get licensing payments and royalties from Renesas.

I am as frustrated as anybody, but I remain armed with the knowledge of what I’ve outlined many many times.
As for the share price by this time next year if there’s no revenue? Well who knows, what if we sign 3-5 new licensing agreements between now and then, and only a few million in revenue? Would that be good enough? I suppose everybody’s answer would be different.

As for raising money, I don’t believe they will need to raise money besides the capital call with LDA, I could be wrong but if it’s at let’s say 50 cents, and they need 20 million dollars, it’s not so bad but yes, if it’s at current prices or even lower, then it sucks.
But one of the positives I take from having 1.7 billion shares on issue is that yes, it’s kind of a lot, but compared to Intel and a few others it’s not that much, and the industry we are playing in which AI, Semiconductor/technology and when we do bring in more revenue, a cadence if you like, and more agreements, then it opens us up to the US market….it won’t be that many shares on issue.
If let’s say we were a listed company on the asx in an industry where only Australians play, then it’s a a lot but we are in a global arena so I take my confidence in that later down the track.

Thanks Chapman
Appreciate your response

 

[GazDix]

So over 40 known partners, global tier ones, MCU’s hitting the market soon and a world class board has underperformed in current global conditions? There’s companies laying off hundreds of people from Qualcomm Microsoft SiFive and many others and Brainchip is still hiring and making progress has underperformed?
In a field where it’s disruptive and new to the world and nobody in the world has sold IP before?

Don't bite my man. You are the guv.

 

[Galaxycar]

Look at a company that was called ook blockchain company,spruiked to the market they were dealing with tier1 top 100 companies but could’nt tell us who kept on blaming the ASX why they couldn’t disclose them to the market,(sound familiar)everyone lost a shitload,they just were taken over through a back door listing 1000 for one deal you know the bullshit, management kept their jobs with new company and walked away. Shareholders screwed asx did nothin rinse and repeat. So don’t think for one minute it won’t happen

 

[Meatloaf]

Just want to say that despite conversations I have had tonight, with a few people, I am optimistic about Brn and keep buying shares at every opportunity that I can.
However, I will voice my opinion if I don’t agree with something and also appreciate people responding to me if they feel likewise.
GLTAH

 

[Getupthere]

So over 40 known partners, global tier ones, MCU’s hitting the market soon and a world class board has underperformed in current global conditions? There’s companies laying off hundreds of people from Qualcomm Microsoft SiFive and many others and Brainchip is still hiring and making progress has underperformed?
In a field where it’s disruptive and new to the world and nobody in the world has sold IP before?

You are 1 of 5 people on this forum that I have total respect for everything you write on here

As a long term holder I just voice my opinion.

A lot of things the current BRN management have done right, however we don’t know how many of these monthly partnerships announced are new partnerships or existing partnerships under LND watch.

Remember what LND said when he was in the drivers seat.

We had over 100’s NDA’s back then and now the NDA’s are being removed and the partnerships can now be announced.

In my view the current management at this point in time has failed and it’s not because of the share price……not because of no revenue……. It’s because they have not achieved more IP deals.

 

[Diogenese]

Hi D
Yes, I fully agree, the Board can only do so much. However, the Board has the power to apply pressure to the CEO and upper management to ensure results are achieved.
As I have stated, no one wants a second strike but the first strike was a clear message to the board, time to get things rolling.
Don’t get me wrong, I read a lot about Brn and the ecosystem they are forming, I am not naive and understand that it takes time.
I first brought shares in Brn in mid 2020. Since then I have been accumulating as the price has gone up and as it’s gone down. But I can tell you that I was not fortunate to buy at 0.031 as Tech stated and that was why I responded to his post. And I can tell you that if by the next AGM we do not see revenue, the shorters will apply so much pressure on the SP that it will drop to under 5 cents.
The problem with that is when the company requires funding, what happens then? How many shares do you have to offer at 5cents to raise millions to keep the company going?

Please don’t think that I’m trying to spread negativity, I’m not. When I read Tech’s post, it was too defensive and quite insulting. I had to react.

I still go on HC to read the rubbish that’s being posted to gauge the negativity towards Brn. This is not to transfer it here but to understand what gives shorters/down rampers fuel. Certainly the lack of revenue has provided enough fuel. I have done my bit, on HC, to argue with them and stick up for Brn.

I come on here and read about the positives that Brn are achieving. But we as SH’s should not become complacent. We have every right to demand results. I do not see a problem with that.
Just my opinion.

As far as influence and control go, it's turtles all the way down. Our sales and marketing cannot force customers to adopt Akida.

Akida is truly revolutionary technology, and the merest glimmer of its capabilities is only stating to dawn on some of the cognoscenti. Apart from the odd research chip or two, the rest are still mired in last millenium's power-hungry, tardy software solutions or unreliable analog spikes.

So building our ecosystem of partners and licensees has been a tall order. Just getting a foot in the door of the "good enuf for now" customers has been an achievement. To be linked with established market leaders and behemoths like ARM, IFS, Megachips, Mercedes, Renesas, Socionext, TATA, Valeo, or rising supernovas like Prophesee, Edge Impulse, SiFive, did not happen serendipitously. Then there are the other known knowns and the unknown unknowns spread across the spectrum of technology from DMS (now compulsory in new vehicle models in EU), video analytics, key word spotting, speech recognition, cognitive radio (software defined wireless), DVS event cameras, nanotech biological sensors, gesture recognition, radar, ultrasound, lidar, vibration detection, satellite, novel computer operating systems, cyber security, ...

How many neophyte or start-up companies cover such a broad range with such complex technology, and do it with such a small crew?

Looking at startups, Prophesee is basically a one trick pony. Even Mercedes just does cars (well vehicles - you know what I mean ... )

Every different application requires a specific model library which we often need to assist in designing or adapting.

And then there is the 3 year plus delay in implementing the IP into silicon. Most of the known partnerships have come into being in the last 18 months. We know that Valeo dates from at least 2020, and that Renesas and Megachips may be out soon, and even VVDN is expected out within a few months. But these are things which are not within our control.

So the 40 odd known partnerships and licences will consume a lot customer support, and then there are the unknown partnerships.

It was not so long ago that we had a worldwide headcount of about 50, spread across sales and marketing, silicon design engineers, software engineers, customer support engineers, finance and administration. Our hardware design team has been burning the candle at both ends since 2020 to produce 2 generations of Akida for a market which is undergoing a Cambrian Explosion.

Much as I'm an advocate for the IP licensing business model, I personally thought the dropping of the chip sales to concentrate on IP was a mistake because of the enormous up front investment required of the customers and the extended lead time to get a product out the door, and now, with VVDN's Edge Box, it looks like the company has come to realise that, as I'm guessing we will be providing Akida 1500 for a PCIe board.

So I think we need more VVDN style hardware deals to generate near term cash flow.

Edit: ... although hopefully the cash will start rolling in from existing customers soon so we won't need to go back to chips.




.

 

[DerAktienDude]

Well there goes another week with a performance of -5%.
This dreadful 4C was even worse than I've anticipated ngl.
Regarding the letter. It was written with a lot of emotions attached and reminded me a lot of the defendants on this page.
Let's hope that it leaves an impact on the BRN management.
Have a good weekend, guys.

 

[Damo4]

Unless you have ulterior motives, I don't see why we can't drop this 2nd Strike speculation until the time comes to actually voting.
I can't see any good reason to keep pushing the narrative of it coming if there's even a single license sold or Renesas/Megachips/Valeo revenue in the reports before the AGM.

All good if you aren't happy with the progress, to each their own, but the strike thing is getting nuts considering we have so much time left to make a full judgement.
It's like making a report card for a child before their year starts. Give them a chance sheesh....Akida 2 has only just been released.

 

[DingoBorat]

You are 1 of 5 people on this forum that I have total respect for everything you write on here

As a long term holder I just voice my opinion.

A lot of things the current BRN management have done right, however we don’t know how many of these monthly partnerships announced are new partnerships or existing partnerships under LND watch.

Remember what LND said when he was in the drivers seat.

We had over 100’s NDA’s back then and now the NDA’s are being removed and the partnerships can now be announced.

In my view the current management at this point in time has failed and it’s not because of the share price……not because of no revenue……. It’s because they have not achieved more IP deals.

"You (Chapman89) are 1 of 5 people on this forum that I have total respect for everything you write on here"

Thanks Getupthere, it means a lot to me, Im sure many others feel the same way

Remember what Tony Dawe said to me in an email, only in July this year, when I queried the current number of customer engagements..

"The number of engagements we have is commercially confidential. You can reasonably assume that it is many times larger than the number of known engagements that we have announced"

That is "many" times 40, so I think it's safe to assume that we could easily be closer to 200 or more now..

I don't agree that management not securing more IP deals is a reflection on them.
It's a process and it takes time, especially when what we are offering, is such a complete change in direction, for many companies.

I believe once the ball gets rolling though, the possibility of a "watershed" moment is great.

 

[raybot]

I may be wrong but revenue has actually increased year over year?

Sean said lumpy revenue, it’s happening.
The company has been partnering with 1-2 companies every month, clearly stating they will adopt akida. They will not buy a board and simply evaluate it, they said they will adopt and drive akida into products.

Development cycles takes time with IP, 2-3-4 years, it is not Brainchips role to update at every achievement of their partners that they make and announce where they are up to!
An example, Renesas/Meagchips license the IP, Brainchip would not be allowed to tell shareholders exactly where they are up to in the cycle, that is up to Renesas.
Brainchips hands are tied running with the IP model, it is simply not up to Brainchip when all the boxes are ticked with prototype, design, test, implement, production with those companies to announce everything.

Sean stated at the AGM that one of their licensees would have akida in commercial products “hopefully” this year.
Now let me ask you all, if there’s been delays, is that Brainchips fault? Absolutely not.

As Antonio said, you don’t hear what’s being designed into the iPhone 16 or the Galaxy S26, it’s just not how it works. Yes some less sophisticated companies may announce things, but most won’t. We all need to get used to it otherwise our money is best invested elsewhere.

Let me say this, let’s say Brainchip was a private company not listed on a stock exchange, and we looked at Brainchips technology, the board/management, the massive growing ecosystem which is 1-2 a month, the industries in which these companies are involved in and service, the recognition we and neuromorphic are getting, would we be complaining? No we wouldn’t.
Show me another neuromorphic company that has the ecosystem we have? Show me another neuromorphic company that has the experience of the board we have?
No other company has what we have.

People are using Chris stevens departure as some type of negative? How is it a negative?? Look at his employment history, it wasn’t exactly stable to begin with and at the end of the day he was in it for money, he clearly got a better offer at Untether AI and good luck to him, maybe he couldn’t handle selling IP? He never sold Neuromorphic IP before, nor has anybody in the world for that matter.

When Nandan left Amazon did that mean Amazon was a bad sign for Amazon? NO.

When Duy-Loan left Texas Instruments did that mean it’s a bad sign for Texas Instruments? NO.

When Rob Todd Antonio Nandan and our Japanese Sales guy all left ARM at different stages did that mean it was a bad sign for ARM? NO!!

When our recent product development manager just left Facebook (Meta) and joined Brainchip does that mean that it’s looking bad for Meta? NO.

When Sean left Hewitt Packer (HP) as Global Ecosystem boss and joined Brainchip did that mean that HP was going under? NO.

People leave their jobs for all sorts of reasons.
People need to stop looking at Chris stevens departure with the eyes of a shareholder and start looking at it like he got a better opportunity which he did!!

This argument and the same people on this forum who keep projecting their emotional insecurity of their investment are just that, emotional.

I just read a post above that the share price may go to 6 cents? Please let it go to 6 cents.
With Renesas coming to market in the next few months, large tier ones working on driving akida into applications, with akida being rocketed into space in January, with neuromorphic being written about more and more and with the technology and board and ecosystem that Brainchip have and growing, I’ll keep buying shares and reap the rewards, whilst others suffer in fear.

People actually think that it’s like selling a new energy drink to the servo or the convenience store, we are talking about a technology that is ahead of its time, never been worked on before until recently.

Ill take my chances with Brainchip over any other neuromorphic company out there.

Let me say it again, if Brainchip was not a publicly listed company, and we knew the rapidly growing ecosystem, the partners we have, the multiple different industries, the experience of the board & management we have, the technology, the growing recognition, the soon to hit the market in mass volume mcu’s containing akida and everything else, we would be jumping for joy, only question we all want to know is how long is it going to take, but it is a wait I am happy to endure.

Best post for ages, considering the cr*p you have to wade through nowadays on this forum. Well said Chapman

 

[Stockbob]

Unless you have ulterior motives, I don't see why we can't drop this 2nd Strike speculation until the time comes to actually voting.
I can't see any good reason to keep pushing the narrative of it coming if there's even a single license sold or Renesas/Megachips/Valeo revenue in the reports before the AGM.

All good if you aren't happy with the progress, to each their own, but the strike thing is getting nuts considering we have so much time left to make a full judgement.
It's like making a report card for a child before their year starts. Give them a chance sheesh....Akida 2 has only just been released.

Absolutely agree Damo, people talking up second strike, I don’t see any suggestions of what should the board be doing differently than what they are doing, If you are a customer or a prospective of BRN , you are putting in time , efforts & hundreds of your engineering staff to learn the technology before spending millions to actually design a chip. It is not the job of these companies to keep BRN shareholders happy, they have to keep the competitive edge, one sure way to do it is keep your competitors guessing. It’s hard to fathom these conversations are happening right after partnership with TATA saying they are building products using our IP. People should wake up to the fact that ppl on our board are not there because of a lack of options, they wanna be part of the next revolution and they own the company shares as well, isn’t a better share price in their interest ?
And if you haven’t noticed already TATA have said they will be bringing products to the market and have not signed an IP deal, so everybody obsessing about IP deals should spend sometime to understand how this would work , who knows how many more partnership are going to be structured this way going forward.

 

[charles2]

Hi ML,

The Board can only change or influence things which are within their control or sphere of influence.

What would you have the board do differently to avoid the 2nd strike?

I suspect if principals took a 10% pay cut and refrained from awarding themselves more stock and options until BRN was on better financial footing (which would be clearly defined) the shareholders would more likely feel that shareholders and management were sharing the same boat....not one group in a luxury liner and the other group in a leaky dinghy.

And a second strike avoided.

 

[cosors]

We could give ALL the EAP’s a standard 30 days/1month to sign uptakes of our IP before offering to both Russia and China Vlad

I don't know about you guys.
Here, the Office of Export Control will prevent someone from delivering to Russia. Draconian penalties. Some entrepreneurs already had to experience this bitterly. Keyword dual-use goods. Nobody should sell to warmongers.

There are companies that obviously do not comply. One example: Hezbollah's official page, which is operated from Lebanon, is protected by Cloudflare's cyber security software. So a US cyber tec company makes deals with terrorists and Islamist terrorists make deals with their bitter enemies the USA.
Please no Akida to Russia.

___

Cloudflare: The Bad, The Worse and The Criminal? @GoldmanSachs @USTreasury #OFAC

Translated from German. Original here. Cloudflare: The bad, the worse and the criminal In the US, a large technology company is about to go public. Cloudflare, a San Francisco-based company, …

thetrichordist.com

"The spectrum of its customers ranges from credit card fraudsters and spammers, to sites that engage in copyright infringement as a business model, to terrorist sites. Even US embargos are undermined."

I don't want to see Brainchip there or I'm out. Red flag for me.

 

[Doz]

Evening Chippers ,

Idea for a money spinner ..

Most consumers if not all, annually have to pay for virus protection for their computers / flap tops.

1, Norton Life Lock , Norton's merged with AVAST mid 2022 in a deal worth $8,100,000,000.00 to $8,600,000,000.00USD
Roughly... in 2023 revinue of $3,300,000,000.00USD.

2, McAffe anti virus... bought out in March 1st 2022 for roughly $14,000,000,000.00USD
Bought by ADVENT International Corperation.
No longer a public listed co.
Whilst public ... in 2021 NET revenue for the year $2,000,000,000.00UDS
& had roughly 500,000,000 users.

So just the two main companys above annually generate something in the order of $5,300,000,000.00 USD . ANNUALLY IN SUBSCRIPTIONS much to the annoyance of consumers.

Well apparently BrainChip lists security as a selling point , University of Thrace, works to encript satellite data.

So imagine if you will ...

BrainChip created a in house product... a DONGLE thingi.

..plugs straight into a consumers computer via the USB port.
... either bypasses or has its own router, internet connection spliced into an AKIDA chip.
...all signals transmit through this plugged in dongle thingi in a highly secure , encrypted manner thereby saving the consumer the cost and annoyance annually of buying anti virus products.
... one time purchase.

Incredibly this only took 4 beers to imagine.

Love to know what our scientific advisory board members do , short of opening the odd toll gate , don't seem to hear boo out of them.

Have a good weekend all.

Regards,
Esq.

* only expect 8,500,000 fully paid shares.
. Trailing commission of 2.75% on annuall sales
.and a unlimited gift card at DanMurpys .
. Well go on then through in free medical & dental.

.

Hi Esq , looks like the Department of Homeland Security and Department of Energy may have a head start on your idea .

 

[cosors]

Hi ML,

The Board can only change or influence things which are within their control or sphere of influence.

What would you have the board do differently to avoid the 2nd strike?

Maybe continuously appear at the companies in person, ring the bell in storm, get on their nerves and repeatedly ask them to accelerate their development and beg to finally buy and pay
I wonder if this is a good concept. I can't follow or agree with some here. Do one just have to be tougher as a salesperson and the other side will work faster?
...
I am completely in your opinion.

 

[Tony Coles]

The link mean anything, found it interesting though, check it out.

Qualcomm CEO Cristiano Anon

HotCrapper

Just a dried up old turd.

hotcrapper.com.au

 

[cosors]

I may be wrong but revenue has actually increased year over year?

Sean said lumpy revenue, it’s happening.
The company has been partnering with 1-2 companies every month, clearly stating they will adopt akida. They will not buy a board and simply evaluate it, they said they will adopt and drive akida into products.

Development cycles takes time with IP, 2-3-4 years, it is not Brainchips role to update at every achievement of their partners that they make and announce where they are up to!
An example, Renesas/Meagchips license the IP, Brainchip would not be allowed to tell shareholders exactly where they are up to in the cycle, that is up to Renesas.
Brainchips hands are tied running with the IP model, it is simply not up to Brainchip when all the boxes are ticked with prototype, design, test, implement, production with those companies to announce everything.

Sean stated at the AGM that one of their licensees would have akida in commercial products “hopefully” this year.
Now let me ask you all, if there’s been delays, is that Brainchips fault? Absolutely not.

As Antonio said, you don’t hear what’s being designed into the iPhone 16 or the Galaxy S26, it’s just not how it works. Yes some less sophisticated companies may announce things, but most won’t. We all need to get used to it otherwise our money is best invested elsewhere.

Let me say this, let’s say Brainchip was a private company not listed on a stock exchange, and we looked at Brainchips technology, the board/management, the massive growing ecosystem which is 1-2 a month, the industries in which these companies are involved in and service, the recognition we and neuromorphic are getting, would we be complaining? No we wouldn’t.
Show me another neuromorphic company that has the ecosystem we have? Show me another neuromorphic company that has the experience of the board we have?
No other company has what we have.

People are using Chris stevens departure as some type of negative? How is it a negative?? Look at his employment history, it wasn’t exactly stable to begin with and at the end of the day he was in it for money, he clearly got a better offer at Untether AI and good luck to him, maybe he couldn’t handle selling IP? He never sold Neuromorphic IP before, nor has anybody in the world for that matter.

When Nandan left Amazon did that mean Amazon was a bad sign for Amazon? NO.

When Duy-Loan left Texas Instruments did that mean it’s a bad sign for Texas Instruments? NO.

When Rob Todd Antonio Nandan and our Japanese Sales guy all left ARM at different stages did that mean it was a bad sign for ARM? NO!!

When our recent product development manager just left Facebook (Meta) and joined Brainchip does that mean that it’s looking bad for Meta? NO.

When Sean left Hewitt Packer (HP) as Global Ecosystem boss and joined Brainchip did that mean that HP was going under? NO.

People leave their jobs for all sorts of reasons.
People need to stop looking at Chris stevens departure with the eyes of a shareholder and start looking at it like he got a better opportunity which he did!!

This argument and the same people on this forum who keep projecting their emotional insecurity of their investment are just that, emotional.

I just read a post above that the share price may go to 6 cents? Please let it go to 6 cents.
With Renesas coming to market in the next few months, large tier ones working on driving akida into applications, with akida being rocketed into space in January, with neuromorphic being written about more and more and with the technology and board and ecosystem that Brainchip have and growing, I’ll keep buying shares and reap the rewards, whilst others suffer in fear.

People actually think that it’s like selling a new energy drink to the servo or the convenience store, we are talking about a technology that is ahead of its time, never been worked on before until recently.

Ill take my chances with Brainchip over any other neuromorphic company out there.

Let me say it again, if Brainchip was not a publicly listed company, and we knew the rapidly growing ecosystem, the partners we have, the multiple different industries, the experience of the board & management we have, the technology, the growing recognition, the soon to hit the market in mass volume mcu’s containing akida and everything else, we would be jumping for joy, only question we all want to know is how long is it going to take, but it is a wait I am happy to endure.

Thank you for this new thought for me. I fully agree with you too!

____
That's how it works with startups here in Germany. They are rarely listed, German Angst from the .com time. They do their work, someone buy their company because it is good. Nobody hears anything about this. Nobody whines about the SP. Nobody whines because others don't work faster or regulations don't allow it otherwise. Your picture is very interesting especially for us here.