"The fact that Heddle has not closed on a sale in
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That should definitely be a clue. Of course PTOI won't mention the nature of the sales hurdle because that would raise questions about the value proposition of the process.
In my opinion, a savvy investor would notice that PTOI isn't providing any details on how well the process actually produces results and would realize why the company isn't providing those details. Likewise, a half-savvy investor would at least note that PTOI isn't describing the value proposition and would start to demand that the company provide that information. A naive investor would say that Rome wasn't built in a day and the company just needs more time to complete its behind-the-scenes, haphazard progress and that the company-sponsored darkness is just fine.