Ann: Financial Performance and Growth Opportunities, page-5

It appears that around March this year IMS engaged Ben Jarvis from Six Degrees Investor Relations. We are now starting to see a dramatic improvement in the quality of communication and strategic intent, no doubt led by Ian Elliott. I have read through the latest announcement a couple of times now and there is a lot in there. Firstly, the restructuring of the balance sheet is complete, with the final tidy up of assets forecast as cash flow positive. Clipp is being divested and will probably provide a small amount of cash given that it has already been impaired - this will happen by 15 September which tells me there is already a contract for sale in place. Debt is being reduced at a rate of $245k per month - at this rate debt will be down to $4.2m by year end - I expect this will be the case as current liabilities for borrowings is about $2.7m which lines up with this run rate. The DCB book run off is ebitda positive, so no cash drain there. Gross margin on DPM is outstanding - if they can generate the revenue this business is actually in very good shape.