If you wish to be so pedantic, I quote again from the the Kickstarter Prospectus:-
"In 2012 our founders, Nicola and Marco, knocked on the factory door and FILM Ferrania, named in homage to the original 1923 company, was born."
"We have set up our new operations in the former Ferrania Research & Development (Dead Link Removed) building, which contains a miniature film production line. Our team has been working for more than a year to refurbish and re-engineer this building to prepare it to start. We can make film from this facility, but only a small amount - at a high cost."
OTOH, all that really matters the fact is we're well into 2017, and the film market, particularly for E6, has changed significantly since 2012 when the project was conceived. Is the original project still viable?.....I really hope so, but my own business training and experience keeps ringing alarm bells for them. IDK?
In 2012 Nicola and Marco, as the article explained, were just looking for splitters for their Bulgarian endeavour, they knocked on Ferrania's doors because they wanted to buy slitters. The kickstarter money collection begun at the end of 2014. That is, at most, the date at which your clock can begin ticking.
Honest criticism is OK but certainly you are making the devil worse than he is.
The project is late and that is due to some factors which are often not accounted nor accountable for. This is a very complicated project and is, in a sense, "unprecedented" and delays are to be considered not a tragedy.
See it this way: maybe if they had foreseen all the difficulties at the beginning of the project they wouldn't have even tried. Maybe they were too optimistic, but that's in a sense a luck for the project. A new project is successful not because all difficulties were foreseen (that wouldn't be a new endeavour) but because difficulties are solved when they emerge.
I believe that Ferrania is and was in good faith at any moment they gave some dates, and this good faith is the metre whereby I judge the correctness of their attitude.
The main point I want to make is that whatever "deadline" for such a project is not be seen as a "deadline", but as an indicative date. There is no contractual obligation and there cannot be. It's a "best effort" promise, always.
Kickstarter founders know well that a project can, also, fail. Any investor knows that. You give money and you buy a hope, not a certainty. It's called capitalism.