Ann: Appendix 4D , page-3

Viney,

Neagtives; slow sales growth, descretionary expenditure (travel, admin costs) too high, equity raisings allowed debt and current ratio to improved.

Positives; Cash burn adjusting for working capital adjustments is low, company working on pricing, a number of previous announced partnerships yet to flow to revenue line e.g. analytica burette (reported sales of approx $8k), medivet UK/US, Japanese OEM. Potential upside from court case.

Still like the story and would make an interesting take over target in a consolidating industry.