When you get it in writing, it is hard evidence admissible in court. What you hear over the phone would be considered hearsay, which is legally worthless.
That should speak volumes. No public email address? WOW!
You don't have to tell me to call him because I've talked to him on several occasions and have asked him the questions you call "tough". Based on my realistic expectations of a development stage startup, in my opinion his answers were more than adequate and sufficient.
By the way, don't you think that it's a better sign that a CEO prefers to talk to his shareholders instead of distantly communicating with them via email? Just saying...
I'm only trying to help Armstock. I just think it would be better for you to call instead of sitting on the sideline with your frustrations.