Ann: First European Sale of APAS Independence, page-54

The following notes come from the Chairman and CEO addresses, questions from the floor and discussions with Directors and Staff at the AGM:

1. The Software Licence is USD30,000 PER Module, however a realistic approach would consider lower use of a second Module; say 30 + 10. A full suite of say 6 Modules would be capped at USD50,000. The point is that USD30,000 is the minimum. The third module, VRE, is in development

2. Much news around the Potential US Distributor:
-Two options being considered, USA only and Global.
-The PD is AMAZED at the robustness and reliability of the device.
-Distribution terms and negotiations progressing VERY well, with significant man-power commitment from PD to the project.

3. Labor Dr Wisplinghoff and Hennepin County Medical Centre will both work with LBT to develop the VRE Analysis module.

4. No further Reference Sites will be appointed; we are now in "appoint distributor/s mode".

5. Some of us joined the discussion around a "sneaky" takeover bid, given the small equity held by the current board.
Steve Mathwin, recently retired Director, offered some comfort in saying he would respectfully reject an offer at double current prices.
So that's a no thanks at 0.40 - 0.50.

There has been little info on an EU distribution deal since the USA Potential Distributor was engaged. My money is on a Global deal for the US distributor.
When? The tone has certainly shifted from if to when. Early 2020.

GLTAH