Ann: Reminder-IMEXHS Investor Conference Call, page-7

I was on the call. Firstly no company will ever officially say they need a raising ahead of doing one. Companies are always fine until it happens so this will be a test on their credibility.

PaaS is big in Latam because when many clinics upgrade software the are also upgrading equipment. Overhaul essentially. When they do, they want turnkey solutions. Good deals but takes up working capital and it seems its a high mix of deal flow so new deals come with more working capital needs that aren't met by cash inflows. Without debt funding they are at risk of needing one as ARR doesn't cover the cost base yet. The pipeline is big but future potential revenues doesn't fill today's cash deficit for implementing known deals. There is a temporal mismatch that has to be solved. The market thinks its going to be filled with a CR.