This is what I heard as I was coming to work on the train....

This is what I heard as I was coming to work on the train.

Before Brent started there was the matter of stating "This call contains forward looking statements which carry risk and should not be relied upon."

- First quarterly Investor Call. Presumably another in 3 months.
- 2000 shareholders currently.
- St Vincent's processes ~400 plates a day. German lab processes ~5000 plates a day.
- 5 new people already employed last quarter with 10 more expected. All in AI, Science and Software Engineering.
- $12 million raised from market and SA Govt fully funds company till 2020.
- Last quarter cash outflow $2+ million
- Instrument installed and commissioned successfully in German Lab
- (Still) unnamed distributor in Germany was trained at the same time as the German Lab technicians.
- Expects to receive first purchase order in 7-10 weeks.
- Still expects to sell 5 instruments by 31 Dec 2018 as per PAC Partners report.
- They claim to understand the sales process. Customers want to trial the instrument and see how it works in their particular workflow before making a buying decision. My thought here is once we start getting a few (St Vincents, German Lab) trials completed and they publish their findings, other labs will be able to refer to these and not have to do their own trials as much. Hopefully it will be case of achieving critical mass.
- Re the SA Govt loan. $1 million on signing. $1.5 million drawn down by 31 Dec 2018 and another $1.5 million in 2019 pending meeting milestones.

There were 2 questioners in the Q&A session. Both institutional. Their questions were expansive and sounded a little dorathy-dixer. They didn't seem like hard hitting questions. Note: The answers are from memory and very precie.

A Simon from PAC Partners
1. Did things accelerate as you expected when to joined 2 years ago and are we were you expected us to be.
ANS: Had great support from the board and we would all like things to go faster, but things take time.
David from
1. Can you advise on the competitive tensions you are setting up.
ANS: We are competing against manual labor. And no automation competitors at our price point. Other automation solutions are big, end to end and ~$5 million to buy. Also LBT has options on distribution partners. Distribution Partners want to see trial results before "putting their name to it".

This is all from my recollection. I understand there will be a recording made available on the LBT website.

HTH