Another weird press release

 According to the today's press release,  

Nanox is Scaling up Semiconductor Fabrication Plant in South Korea in light of Increased Demand

and

Nano-X Korean Inc, ... boosts construction to support key source manufacturing in light of growth in global demand

So, Nanox already has a fabrication plant, but is now scaling it up, and actually boosting the construction of a new plant, to meet increased demand for its products?

Turns out, none of the above.

The press release explains down below that the plant or FAB is only in the planning stage, and no construction has began.  It is just a piece of barren land and a nice design.  The CEO further hedges that there is no demand, but just a "growing interest in demand," whatever that means.  Clearly, demand is zero, as the product has no regulatory clearance (it is, in fact, fake, after all).  He also seems to admit that the company is "undergoing a smooth transition from development to manufacturing."  Meaning, there is no manufacturing.

Investors also learn that Dr. Ilung (IU) Kim is now a Chairman of Nano-X Korean Inc.  He had previously been introduced by Nanox as a President of SK Telecom (Hong Kong Office) just before his RSNA 2020 testimony disappeared.  He was not considered an executive officer or part of the management team as late last last month, based on the prospectus and latest (January) slide deck.  In a press release by another company, he was introduced in February as the president of SK Telecom, ICT committee.  Eli Reifman, the convicted felon, claims to be a marketing manager at that company.

So, Dr. Kim states:

Scaling up the production line to meet market demand is one of our main priorities, as we would like to see the Nanox.ARC systems tested and operating globally as soon as possible

But, again, how can a production line be scaled, if it does not exist yet.  Why do you need a production line, if all you need a is a few units to be tested?  Didn't Nanox assemble 10 such systems in November, per investor call, and all of them have now vanished, per latest investor call?

Nanox claims in its prospectus to be manufacturing the chips of the cold cathodes in the clean rooms at University of Tokyo in Japan using its own equipment, but that is a lie because the University prohibits commercial use and all the equipment belongs to the University.  So, the novel cold-cathode x-ray source is just a figment of Nanox imagination, as of today, yet Nanox claims that the device it has submitted for clearance uses that source.  I wonder what the FDA thinks of that.

Update March 11, 2021:  The Kim/Reifman connection was first pointed out to me by Steve @ Yahoo.  

Update March 22, 2021:  TerraPharma1 @ Twitter found the FAB project on the website of the reputable Korean architectural and construction management firm Samoo C.M.  Turns out the actual design/plan is different from what Nanox and its promoters have been posting.

The parcel covers about 10,000 square meters, while the building is about 4,000 square meters, per Samoo.  Nanox claims to have paid $6.2 million for the land, per Prospectus, page F-34 (which seems on the high side - who sold the land to Nanox?). The project is supposed to be completed in October this year.  The parcel is located at about 37.1527, 127.2995 , closely in line with the coordinates first published by BH @ Yahoo.com in February.

Numerous discrepancies are visible - The Nanox and Samoo designs are essentially two different designs:

• a long ramp A in Samoo vs very short one in Nanox.
• a cut in section B in Samoo vs no cut in Nanox, and section B is shorter than then middle section in Samoo vs taller than the middle section in Nanox
• section C is same height as middle section in Samoo, but shorter in Nanox.  Shape is different.
• section D is equal height to the middle section in Samoo, but taller in Nanox

If Nanox were serious about getting 150,000 nano-Spindt cold-cathode chips (for the supposed 15,000 ARC units), it won't be building a new fab anyway.

Update April 19, 2021;  Someone posted on twitter the info about the permit for the building granted on April 15.

After OCR and google translate:

경기도 용인시 처인구 원삼면 학일리 원삼 일반산업단지 산업-2

허가구분               신축허가          허가/신고일              20210415

건축면적(m2)            2208.43          대지면적(m2)             11124

연면적(m2)              4810.1

주용도                 공장              기타용도

착공구분         미착공       착공예정

실착공일

사용승인구분                 사용승인일

Industry-2, Wonsam General Industrial Complex, Hakil-ri, Wonsam-myeon, Cheoin-gu, Yongin-si, Gyeonggi-do

Permit Category New Construction Permit Permit/Report Date 20210415

Building area (sq meters) 2,208.43  Site area (sq meters) 11,124

Total Area(sq meters) 4810.1

Main use Factory other use

Start of construction Classification Not to be started Construction scheduled to start

Actual date of arrival

Use approval category Use approval date

Update October 15, 2021:  The Nanox design appears closer to what is on the ground so far.  Images below are snapshots from recent TV footage.