Ann: Letter of Intent with Heranova for Felix System Distribution, page-19

So regarding the above, here is why I think the honesty pill is unfair to David and his team. What has the company achieved after the departure of Alison?

Dr David Ali appointed full-time Chief Executive Officer 06/06/24What has the team achieved since then?

1. oxidative stress measurement system
2. multiple live births in Japan and India
3. “Swim-up” aspect of trial completed Density Gradient Centrifugation (DGC) trial arm 50% completed
4. Memphasys commits to a three-year equine fertility study, positioning Felix™ as a leading technology for equine sperm selection. Commercial outcomes expected within 12 months
5. Memphasys anticipates Felix™ will be ready for use and global distribution in nonthoroughbred Equine applications within 12 months, targeting over 4,000 horse breeders.
6. The equine fertility study will also explore oxidative stress measurement in both thoroughbred and non-thoroughbred horses, expanding RoXsta’sTM market application into the animal sector.
7. Study confirms Felix™ System successfully isolates viable, low-ROS-producing frozen-thawed stallion spermatozoa, significantly improving sperm quality.
8. Felix™ System clinical trial reaches 90% completion
9. The International Search Report on Memphasys' innovative RoXsta™ antioxidant system confirms all claims in its patent application are novel and inventive.
10. The Felix™ System clinical trial has now reached 95%
11. Scoping study to commence to assess the potential use of Memphasys' innovative RoXsta™ System to determine threshold levels of oxidative stress in the bovine and potential correlations with productive performance.Preliminary pregnancy results expected late February 2025
12. the receipt of an order for its Felix™ System from a clinic in Dubai, United Arab Emirates (UAE). The order includes one demonstration unit and 30 cartridges
13. Memphasys Signs Letter of Intent with Heranova™ for FelixTM System Distribution in Greater China.

So this is since June 2024. How anyone can say that David has not only met expectations, he has blown those expectations out of the park. He is fighting a SP battle with a blindfold and both arms tied behind his back and has still come out swinging. And managed to hit the ball out of the park. For his hard work and progress in many areas the market has given him a present of -40% Sp. To say that this is him fighting the battle of the poor management he took over from is an understatement. As a company we have achieved great things in the last 6 months, his first 6 months. Congratulations to him, and the team for really making some excellent progress. The fact that Vitrolife really have tied the company up, suspending Japanese sales until the trial is done, was really poor form on their behalf. But it will be done soon enough and then, Japan, Canada, New Zealand up and selling. Then the CE Mark application and likely some more encouraging news on the Equine front. 2025 look great for the company IMO, well done to David and the team.