Commercialization of the Epsilon printing head.

Dear Sir,

In the first place, thank you for your words of appreciation for our work and our commitment to ensuring the highest level of communication with you.

As regards evaluation of the intended implementation of the Epsilon printing head for industrial applications, the process is reflected in all the projects that we have included in our pipeline presented during earnings calls and in our materials ( Currently, we have a total of nine projects in the second stage of advancement. On top of that, we are also developing projects that are now at earlier stages than those presented by us on a regular basis. We carefully select new projects in terms of complementarity, existing technological solutions, market value, etc. We try and aim to have up to five project at this stage. Ultimately, they will ensure substitution for those initiatives which will be taken off the portfolio for various reasons.

These nine projects are moving forward at a different momentum (a stage or two may be leapfrogged in some of them), and progress is heavily dependent on our industrial partners. It is they who set the pace for the technology evaluation and adjustment of the Epsilon printing head to their production equipment. It should be borne in mind that implementation of a new technology into the production process of a manufacturer – and therefore modification of existing procedures – is a multi-stage and time-consuming process. Furthermore, please note that XTPL technological solutions are being analyzed by our counterparties in terms of applications in next generations of modern electronics, which also affects the complexity and length of implementation processes. In addition, our partners reserve high confidentiality of any evaluation activities in order to maintain their competitive edge. Please be assured that all information about achievements in the ongoing evaluation processes that we can provide will be published in relevant current reports.

In the case of the two companies you mentioned, the evaluation process has either slowed down (OSRAM Opto Semiconductors) or has been suspended (HPK) due to internal organizational changes at both firms. This was not related to negative assessment of the XTPL technology.

We keep in touch with representatives of the OSRAM’s management team. This contact is also maintained by our new distributor – merconics. It is also worth noting that one of our objectives connected with having a network of trusted distributors is the need to build and maintain relationships with already acquired industrial partners.

I trust that you will find this answer sufficient and clear. Should you have additional questions or comments, please contact us again.

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