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Art: Good afternoon gentlemen. Two items I'd like to ask about. The first one is in surveying the competitive landscape; I know in technology competitive situations change rapidly, is there anything that has changed rather for the better or for the worse in terms of the competitive landscape, vis a vis, new or improving existing technologies. Then I'll have a follow up question after that.

Alex Tokman: Sure, we continue to receive further and further validation that the areas where we are targeting are of interest to many players globally. Most recent announcement by several players shown the new small projectors they claim they can be embedded inside portable devices, this is a further validation. I'm not going to dance around it, TI most recently announced that they have something very small and compact that they think could be a solution. If you have however followed TI's announcement you that their technology is based on the DLP chip, and there is some fundamental constraints in size, power, and performance that TI needs to overcome to get inside the handset, even though we never take competition lightly, we feel pretty good about the ability to get inside the cell phone well before anyone else does.

Art: And does the DLP have the ability to produce an image as visible in outside light conditions as a laser?

A: I believe what was shown by TI was a projector with a higher brightness; however, it was far lower resolution. So what cell phone manufacturers have mandated, is that if you want to get inside a portable device you need to have an engine that is less than 10mm thick, and 10mm for you who are not familiar with metric system is what. I'm not familiar with conversion rate. It's one third of an inch. And if you look at TI's description their device is about one inch, so its about 3 times thicker than it needs to be to get inside a cell phone. It also draws about 5 watts of power, while we are targeting an engine that will draw 1.5 watts of power, going down to 1 watt. So we feel we're on the threshold of getting inside the cell phone. Although other people are claiming that they're capable of doing this, we feel good about our position for this specific application.

Art: And in terms of the significance of the power consumption. 1.5 vs 5. What does that mean in terms of your average battery life.

Alex: It's pretty much viewing it 10s of minutes vs. viewing it an hour or and hour and a half or more. And the reason we're able to achieve this, is a very simple reason. Everybody else, including DLP, including TI, they drive their light sources, in this case lasers, all the time. We only turn on the lasers when we need them to be turned on. So for example. If you're looking at an image, whereby half of it is covered with green grass. For half of these pixels, our technology will only turn on the green lasers, while keeping the red and blue off. TI has to keep all three lasers turned on constantly despite the fact that they only need green. So what happens then is that the other two that are staying on, the energy gets converted into heat, and therefore very power inefficient.

Art: Ok, very interesting. And my follow up question. You gave me a couple of clues to the answer on this one, but in terms of the value proposition, potential value proposition improvements, with microvisions platform vs. others, some of the additional product areas that might be applicable to our platform technology that might be coming about and then you also mentioned that as I see it the value propositioning increases by being able to have an increase in the unit sales by getting the supply chain cost down, and then potentially, it sounds like I just heard multiple picop components per vehicle on the head up display type. Is there anything else that is improving in terms of the value proposition?

Alex: Everyday as we mature our technology and business roadmap, we become more and more attractive to customers and investors and I think you can attest to what has been happening with most recent announcement and fact the stock has been pretty strong. So I think you know, every time you're going to see a progress update from us, it's going to be consistent with what we said in January of 2006, and we just basically completing one at a time. The goal is to do what we said we were going to do, and I think we have been consistent with this proposition.

Art: Alright Alex. Thank you very much


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