Ann: CEO presentation to AGM, page-6

I attended the AGM today.

Yes lots of questions were asked about the deal.

MM explained that under the terms of the contract with Navigant (who subsequently have been bought out by a much bigger merchant bank now) they can provide absolutely no detail.

MM said we hear more about the takeover of Navigant soon. But the people who have been closely working with the Directors etc are remaining.

MM was asked questions like the following.

1. Have they rejected any deals so far ?
2. Advise how many presentations they had participated in ?.
3. How many times they had travelled to the states and Europe ?.
4. Names of interested companies past and present ?.
5. Details of the new strategy they they have now determined with the merchant bank ?.
6. Sell Vs Licence ?.
7. Medical Company Vs IT Comapny preference.
8.Time Frame ?.

None of these questions could be answered.

What I took away from today was that the negotiations with any company that is interested in striking a deal only started in August 2018 as the empirical evidence that V3 actullay has some clinical benefit was only released in August 2018.

It was explained that this is what the bankers needed to move this forward, so really the clock reset in August and we are three months into the process.

They seemed pretty excited by the fact that they had the evidence and real world examples that the device works.

When asked if V3 has everything required to make the sale the answer was yes.

There will be a V4. The V4 would include wireless charging etc etc no radical changes to the clinical application.

MM said that the new owner can deal with V4 as they see fit.

It was also mentioned that they have one of the big 4 Accounting Firms advising on Tax implications of the total sale of the company Vs a licensing deal.

Next 6 months will be telling and in my opinion they are not going to accept a low ball offer.