Clever Culture Systems (CC5) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and confirmation of quorum.

• Voting procedures outlined, with polls to be conducted on all resolutions.

• Board, executive team, auditors, and registry representatives introduced.

• Only agenda items in the notice of meeting to be addressed.

Financial performance review

• Significant progress made after a strategic reset, focusing on the pharmaceutical environmental monitoring market.

• Early validation and commercial traction achieved through a partnership with AstraZeneca, including a sale worth up to AUD 4.1 million.

• FY25 year-to-date sales performance supports expectations of positive cash flows in the next two quarters.

• $2.5 million cash balance as of 30 September 2024, with potential for FY25 to be cash flow break even.

• Capital restructure raised $4.5 million, eliminating selling overhang and strengthening financial position.

• Recent options exercise raised AUD 2.2 million, strengthening the financial position.

• Recurring revenue model established through annual software licenses and service contracts.

• Large pharma purchases and recurring revenue from software licenses and services are increasing financial stability.

Board and executive committee updates

• Retirement of non-executive director Brian O'Dwyer, with thanks for his contributions.

• Appointment of Ian Wisenberg, bringing global pharmaceutical and biotech expertise.

• New Chair and refreshed Board appointed, with management exercising options and owning about 20% of the additional $2.2 million raised.

• Board and management demonstrated alignment with shareholders through personal investment.