SYDNEY, May 28, 2012 /PRNewswire-Asia/ -- Audio Pixels
Holdings Limited (ASX:AKP; OTCQX:ADPXY) announces that
Fred Bart, Chairman of the company,
presents an address at the Annual General Meeting of shareholders
to be held at the Westin Hotel, Sydney at 09:00
am May 29 (Sydney time).
Full text of the address is as follows:
"Ladies and Gentleman,
Thank you for attending the 2012 Annual General Meeting of Audio
Pixels.
I would like to start by acknowledging the management team and
staff, and my fellow directors who have worked tirelessly in the
pursuit of our goals, to commercialise our industry game changing
digital speaker technology, and to make our company, Audio Pixels,
a company of international standing.
This past year we continued our focus on the development and
commercialisation of our digital speaker technologies into a high
demand competitive product. The overall objective remains the same,
which is the delivery to the market of our digital speaker
technology innovation while securing solid margins for our
company.
We have made significant progress toward the concurrent
completion of product development, in combination with the
development of mass production capabilities. In September 2011, we successfully completed what
was considered to be the most critical of the four top-level
development milestones. This phase involved a complete transition
to more cost effective fabrication methods combined with a very
significant alteration and optimisation of the electromechanical
structure. All that without compromising sound levels or sound
quality. The results of this phase have exceeded expectations;
not only enabling advancement to subsequent phases but in fact,
doing so at an accelerated pace. The results of this phase were
validated using proprietary highly specialised measurement
equipment developed in-house. These results have proved the
underlying theory, that the pressure generated from the far smaller
structures is equivalent, if not greater to, the pressure generated
in the earlier larger structures. As a result the company was able
to proceed with the subsequent two phases of development
simultaneously (Phase 2 - geometrical optimisation for drive
electronics, and Phase 3 - essentially a pre-production product).
This should allow the company to enter the final phase of
development, which is a fully integrated mass produced product
earlier than originally planned.
To support the expedited commercialisation efforts, the company
successfully attracted and engaged three of the world's leading
micro electro mechanical systems ('MEMS') fabricators ('fabs').
Since the beginning of 2012, all the fabs have been working in
close co-operation with the company to rapidly complete the next
phases of development. The shorter-term objective is the
fabrication of demonstrable playing speaker chips using mass
production methods. If all goes as planned, the pre-engineering
samples of playing chips will become available for market exposure
in the last quarter of this year.
Yole Development, the leading research firm tracking the MEMS
industry, recently forecasted that the MEMS industry would roughly
double in size in less than five years (growing from US$10B achieved in 2011 to US$20B by 2016). Other industry experts have
further predicated that within the relative near future the MEMS
industry will exceed the US$300B
semiconductor industry. All experts point to the emergence of newly
developed MEMS components and applications (including digital
speakers) as the leading driver behind this phenomenal growth. This
magnitude of opportunity permits, if not compels, MEMS fabrication
companies, in particular world leading fabricators such as those
currently engaged with AP, to be highly selective when choosing
where to devote their resources. As global market leaders in MEMS
fabrication, all three fabrication partners are highly sought after
for cooperation by MEMS application companies. Therein lies the
significance of having three of the world's leading fabricators
pursue collaboration with Audio Pixels for the commercialisation of
our digital speaker technologies. Standing perhaps as an even
greater testament is that in the case of Audio Pixels, the fabs
have decided to break from their normal practice and absorb the
majority of the significant costs involved with developing mass
fabrication methods. We believe that this unique situation
offers a glimpse of the industry's perception as to the value and
potential of our disruptive digital speaker technology.
I am sure, as a shareholder, you are also very interested in our
intellectual property. This year, the company reached a very
significant milestone having secured patent grants for the first
two patent requests it submitted in 2006. On December 27, 2011, the US Patent and Trademark
Office (USPTO) issued patent number 8085964 covering the
fundamental speaker structure and its operation principles. This
was followed by the USPTO's issuance to Audio Pixels of patent
number 8126163 covering methods of controlling volume and tones in
digital speakers. During the past year the company submitted an
additional four patent requests, expanding its already formidable
IP portfolio to 17 application categories.
The company recently engaged Merriman Capital to serve as the
Principal American Liaison (PAL) for Audio Pixels Holdings Limited
trading on the OTCQX (ADPXY). Our recent engagement with Merriman
has afforded management an early opportunity to begin its
connection with the global financial community. It is increasingly
clear that we are rapidly gaining the recognition we deserve as the
global leader of digital audio speaker technologies. In addition,
our confidential discussions with most of the leading consumer
electronic and computing device original equipment manufacturers
('OEM's'), has helped our value and brand gain significant
worldwide market attention, acceptance and recognition.
Looking back on the past year, our achievements have paved the
way for what is surely to be a very exciting year ahead. In the
coming year, we anticipate making the formal introduction of our
digital speaker technology into the marketplace with playing
speaker chips.
I want to assure you that the relative lack of information
coming out of the company is simply the natural course of a company
making phenomenal progress in both the technological and business
areas, whilst being prudent about not adversely affecting the
company's position with unnecessary 'noise'. We do however
anticipate that in this coming year a number of very exciting
activities will reach optimal maturity, to share with shareholders
and the broader market.
Last but not least, I want to thank all shareholders for their
continued support.
Thank you for your attendance today.
Fred Bart
Chairman"
Contacts:
Ian Dennis
Director
Audio Pixels Holdings Limited
Telephone: +61-2-9233-3915
SOURCE Audio Pixels Holdings Limited