Ann: Controlled Placement Agreement, page-2

I've been slowly accumulating this one for just over 12 months. And very happy with this announcement that reassures me of their growth trajectory and path to commercialization.

HCT has been minimally cash flow positive, running on the smell of an oily rag, while building their product pipeline.

Unlike many small caps they have controlled costs and have not hugely compensated insiders. They seem to be genuinely building a business.

To have $3m equity on standby, very much on their own terms, when they have been running on a bank balance of around 100,000 for the last year, indicates to me an expectation that product launch and growth are close.

I know, I know - "dilution" scream the masses. But a business needs capital to grow, and if I have to share that with others I am content as long as we all get the benefits. I see no signs that capital will be wasted.

Happy with this announcement, happy I have positioned my holding well over the last year, and hopeful that prudent management can pull of the last stage of by executing successful product launches.