Ann: Corporate Presentation, page-19

I spoke with Howard Digby the other day and agree the prospects for this company are good. If they can execute expansions into developed markets next year then ImEx will be worth multiples of what it is now. The tech they have is top notch.

A few added points I'll make:

- Yes the recent presentation noted delays to some of their expansion but I missed that they have actually brought forward by 3 months their commercial launch of their Cardiology vertical to this current quarter. I believe they have re-prioritized this as there may be immediate opportunities here.

- As well as the Cardiology vertical they are close to releasing a Pathology product too. Both these new verticals can be sold to their existing radiology customers (ie hospitals) as well as new.

- They have recently signed on three new distributors in Mexico and and are progressing with other distribution agreements in new territories.

- Q4 (Dec quarter) is traditionally their biggest quarter for one off revenue sales. So I would expect this currently quarter to be quite good on the revenue front. From the Prospectus, "In the 2015 to 2017 financial years an average of 67% of one off sales by value occurred  towards the end of the financial year (Q4)."

- Director fees appear modest and not inflated. The new chairman, as noted elsewhere has been granted options but at a strike price of over double current SP at 7 cents. Rare to see this and it is aligned with the interests of the rest of us shareholders.

Performance hurdles aligned with shareholders.

- There are 150m performance options attainable by the founders but what I like here is that they are truly aligned with the rest of us shareholder:

- Firstly they are options not just straight out FPO shares. So they will have to actually stump money up into the business to convert. Not just straight out dilution.

- 50mil of the options will automatically vest but the strike price is 5 cents a share. So if you are entering the stock now you will have already done well if these options end up being in the money.

- 50 mil options require 4 rolling quarters of EBIT of $5 mil with a strike price of 3.75cents. Being tied to EBIT will mean the company is truly performing well rather than being tied to revenue or another lower value metric that can easily be manipulated (ie generating very high revenue but at low gross margin). Given they have some hardware components to the business EBIT also occurs after depreciation too.

- 50 mil options requiring 4 rolling quarters of EBIT of $7.5mil with a strike price of 3.75cents. Again as above and if you have entered the stock at these levels then the strike price is already above where you are at.

Looks like a really good business with a lot of potential. I think at the moment it is suffering from LatAm discount but if they are able to execute and enter Asia Pacific, AU and US markets then I see it being rerated in line with its peers.

I'm now holding.