Ann: Sale of Custom Pack Business for $14.4m, page-9

Few points to reflect on.

On last year financial result BioMed contributed 4.5 m in EBITDA. and HCA 2.8 m.

The "custom pack" portion that sold out of the HCA for 14.4m contributed for 12.3 m in revenue
whereas the remaining portion with the higher profit margin contributed a 8.9 m in revenue.
Total profit for the HCA was around 1.7 m . Now assuming a split in profit between the two portions.
ITL may lose 850k in profit for the gain of 14.4 m deal.

The 10 m cash positive has a much greater earning boost potential used in the BioMedical entity, compared to the loss of 850k in profits annually in the low-margin "custom pack" division.

Current M/CAP is 41 m , deduct 10 m cash surplus and EV is 31m . consider FY18 profit around 3 m and
ITL is sitting on a current PE of 10. ( rough calc.)

I will not be surprised to see a small DIV payout this year as a reward to management which holds around 45 m shares with W. Mobbs founder/ Ceo n chairman holding 35 m shares.

ALL IS GOOD, looking forward to this year forward-looking numbers following the recent transaction.