Good morning, and welcome to the annual shareholders' meeting of TruScreen Group Limited. It is always a pleasure to see our shareholders, plus quite a large number of shareholders have logged in online. My name is Tony Ho, and I am the Independent Non-Executive Chairman of the company, and it is my pleasure to welcome you. The annual shareholders' meeting is also webcast live to all our shareholders who are unable to join us as a result of either they are in Australia or whether they are in Asia, or looking out the window, maybe it is a little bit cold and windy outside. The webcast is managed by our share registrar, MUFG Pension Services. Cherie, I got it right? Right. Thanks very much for that. Let me start off by introducing our board. I think on my left we have Christine Pears, who is our Chairperson of our Audit Committee. Then next to her is Dr. Dexter Chung, who is the Chairman of our Technology Committee, who has been kept very busy over the last year with all the changes to technology, et cetera. Then we have Marty Dillon, our CEO, that has a lot of very interesting updates for us. Then Guy Robertson on my right is our Company Secretary and Chief Financial Officer. Is Reece on the line? No. No. I would like to extend my apologies for Reece O'Connell, who is our Director, based in Perth. Unfortunately, he could not make it to come over here to Auckland because of family reasons. His wife is not well, so I gave him a leave of absence for this meeting. He was going to dial in, but somehow or other, we got the time zone wrong, so my apologies for that, and hopefully you have an opportunity to meet up with him at another occasion. I would just like to touch on the fact that when you come into the meeting, you would have been given your voting card in terms of the procedures for the voting, because all voting will be done by poll pursuant to the listing rules of NZX. That will also, to a certain extent, facilitate the voting as well, because as I put the resolutions to the meeting, I will not be stopping for each resolution to be voted on. In fact, it will be voted on at the end of all five resolutions. Let me just go through to the agenda of the meeting. The agenda of the meeting is quite straightforward, similar to last year. I will provide some brief comments. Then we have the CEO presentation, which is the most important part of it. Then we have the formal resolutions, and then we have general business. Each year we have a very lively session on general business, so I look forward to the continuation of a lively discussion. Okay. Let me then move straight to I'm just trying to take into account there's only a few of us here. I'm not going to belabor the process too much. The whole process should take no more than an hour for the AGM. The most important thing is that the voting is by poll. The results of the poll will be declared five minutes after the conclusion of the AGM. The result will be declared and lodged on the NZX platform. We are pleased to advise that some 225 million shares have been voted by way of proxies, representing 21% of the shareholders. In 2025, your board commenced with a refreshing of the board by bringing on new directors. Juliet Hull resigned last year to be replaced by where Christine Pears was then appointed to fill her role. This year, after 13 years of services, long and dedicated services to the company, Chris Horn has stepped down and retired as a Director of the company. Chris joined us in 2013 when the company was a private company. He was one of the Foundation Director of the listed entity when the company was listed on the NZX. During the 13 years, which is a long time by any standard, he saw the ups and downs of the companies, the vagaries of the market, the euphoria when we broke through in the Chinese market, when we received a big order. The despair when the whole country and in fact, the global economy went into a tailspin with COVID. Through it all, the resilience of the company and the resilience of the team and the various people have saw us recover from all the setbacks. It is with pride that he has stepped down. He can look back with pride at what the company has achieved over the years. Especially over the last two years, the company has actually gained momentum in many areas of activities. Marty will share that with us further on at the next presentation. In terms of the highlights, just let me say that the highlights of the year obviously was dominated by the publication of the COGA trial. That has actually created a lot of global attention to what we are doing and vindicated the technology of the TruScreen technology. Once again, Marty will share that with us as we go along. On top of that, overlaying that is the urgency caused by the targets of the World Health Organization. You will keep hearing this in the press, in the media, and from us about the 90-70-90 targets. 194 member nations of the World Health Organization have signed up to this, which literally meant that 90% of young person has to be vaccinated. 70% of women has to be screened by age 35, and again by age 45. 90% of all those who were tested positive should be treated, because cervical cancer is a treatable disease and also a very preventable disease. Marty will share that with you in greater details during his presentation. It is a 70% screening target that is our market. You would see from Marty's presentation that it is a huge market to follow up. But the excitement over the year has been the focus of the company in developing a new channel of distribution to the NGOs, federation NGOs and foundations, and direct business with Ministry of Health for national screening programs. That is a growth market, and it will continue to do so with the aid of major funding from global NGOs and global funders. That is our focus at the moment. I will now hand on to Marty and let you deal with it, Marty, because you have gave us a lot of excitement during the year, so I will let you share that with the shareholders. Yep. Thanks very much, Tony, and directors and shareholders. Is the presentation on screen ready to go? Fantastic. For many of you here and online, you will have seen some of this before, but it is important to reiterate who we are and what we do. Also before I start, I have been thinking there are some phrases that I will use and some words and terminology that I think I should explain again because it will help the flow of the presentation. One is, you will hear me use the words colposcopy, which is a magnified view of the cervix using typically a binocular microscope. Then there is another phrase that you will hear, primary screening, which is what we do. Primary screening is the first view of a woman for screening for cervical cancer. If primary screening is positive, then she is triaged, which means then she is assessed by typically an expert colposcopist. Then you will hear, as Tony mentioned, COGA, which is the Chinese Obstetricians and Gynecologists Association, which is the key women's health expert body in China. You will hear CSCCP, which is the Chinese Society for Colposcopy and Cervical Pathology, which is the key group for the triaging of women who have screened positive for cervical cancer. So they are the key professional groups that we will deal with. It will just help the flow if you understand those terms. Of course, the paradigm for cervical cancer screening and treatment in wealthy economies, of course, is primary screening, triage, and treatment. But in many of the markets that we go to, it is progressing immediately from primary screen to treatment, and we miss the triage. So we just need to reiterate those before I start the presentation. So who is TruScreen? Enabled by artificial intelligence. The algorithm was the first AI-developed algorithm in the world to deal with any cancerous tissue to identify and separate normal tissue or healthy tissue from pre-cancerous changes in the cervix. That includes for any cancer type. TruScreen Group Limited, we are revenue generating. You know from the presentation and from our results, FY 2026 annual sales exceeded NZD 2.4 million, 42% year-on-year growth on the previous year. Device installations grew, sales increased 42%, revenue increased 33%. The difference between that is that revenue includes our R&D tax offset, the refund we get from the Australian government for our R&D work. EBITDA, no change. Net assets, 100% up, and that is cash in from fundraising and stock and inventory, where the money that we raised was invested in stock and inventory for sale. Share price history is still not where we would like it, but market cap is around NZD 15.7 million, and that is the same today as it was on the day of printing here. Major shareholders are interesting, and there has been some significant change. You will see at the top New Zealand Depository Nominee. That is Sharesies, and Sharesies, it is a fund that aggregates small investors. Two years ago, they sat at about 3.5% of our shareholding ownership. They are now at 13%, and the growth in Sharesies gives us a fantastic base to our pyramid of loyal small shareholders who understand the journey TruScreen is on and have embraced that journey. Under them is a recent entrance, VEN Capital out of Perth, which is mining money, and VEN again is a believer in the TruScreen journey. Ryan, who is here today, our number three shareholder, has been a very loyal and consistent holder and grower of his stock in the company and his percentages. Central Securities is the Accident Compensation Corporation, so that is everybody in New Zealand has, through the ACC, an investment in TruScreen. Every single New Zealand citizen. Richie Rama, HFC nominees, I do not know them. Masfen, who have been loyal with us from the very first pre-public capital raising, the first private capital raising. Then we have the major family offices, and of course, Tony and his family, who when you aggregate those, are major shareholders in the company. Our journey, and I will not labor on this slide because we show this every year, but there are some key points, and the biggest one is February 2026. The publication of that COGA paper, because of its size and the importance of the journals that it was published in, created some activity, some global activity for TruScreen that we are about to capitalize on. Just so you know how much has been invested in this technology over the years, prior to TruScreen owning the IP, the Australian company Polartechnics, the CSIRO, The Australian National University, and The University of Sydney combined, funding went through in there is about AUD 75 million and then about NZD 25 million now. So it is about NZD 100 million have been invested in developing this technology, and we are only now about to see the real fruits of that investment. Capital raise. Our last capital raising, and I do need to thank everybody that took part, from those who took part in the placement to those that took part in the rights issue. We had a target for ourselves, and it was published, of NZD 3 million. It ended up at NZD 5 million. The ability and the confidence in us to take up that extra places us in a very comfortable position moving forward over the next 18 months. TruScreen technology, I think we all know it and I show it every year, but it is the only real-time optoelectronic screening device for any form of cancer anywhere in the world. It is a unique device, and it is now starting to gain traction in international NGOs and funds and ministries of health. Of course, the disposable Single Use Sensor, which gives us recurring revenue. That is not the main reason. The main reason is it needs to be disposable because you can only use the Single Use Sensor once for two reasons. One is to prevent cross-infection and cross-contamination. The other is that the fact of using the disposable changes its electric properties, and that would change the result on a woman if you use it a second time. It is very important that it is disposable, but the corollary for us is that we get recurring revenue with every patient screened. Instant results. This, instant results and no laboratory needed. These are the two key differentiators of TruScreen from every other globally accepted screening device out there. That is that we can, in a screening period of time of two minutes, deliver a result within 10 seconds of completing that two-minute screening operation or two-minute screening process. It takes longer for a patient or woman to disrobe and re-robe than it does for the screening itself. Having the instant result means that in the markets that we specialize in, the patient is not lost to follow-up, so that if a patient is screened and tests positive or for us, we call it abnormal, the patient can be immediately referred for either triage or treatment, depending on what facilities are available. It also removes the need to have laboratory infrastructure. The very expensive infrastructure that is handicapping the work of ministries and health foundations to deliver proper screening and is leading to unnecessary loss of life in low- and middle-income countries. There are some slides coming up that will demonstrate that. Regulatory approvals. Again, we show this in every presentation, but I do want to highlight that towards the bottom, we have had some significant additions being MDA in Malaysia and the Thailand F DA. HSA Singapore is on board now with Uzbekistan's approval. India, which is a test license, will, we anticipate in the next four to eight weeks, be a full approval in India and allow us to fully commercialize our activities in India. Pre-market activities have occurred there already, and you will hear some more about that coming up. The rest stay steady, and we continue to maintain our international quality accreditations. Body of clinical evidence. This one has had the biggest change, and that COGA study is the single biggest change to what has happened with our body of clinical evidence. COGA sitting at just under 15,000 patients dwarfs every other study ever done on artificially enabled technology for screening of cervical cancer or any cancer. Typically, as you will see, our other biggest one is around 2,000 patients. Most studies you would see would sit between the 300-500 patient mark. By having the COGA paper published, it really changes the acceptance of TruScreen in foundations and NGOs. The COGA trial. It was published in BMC Cancer, which sits at about the number 14 medical journal in the world, but sits at about the number four to five, depending on rankings, cancer journal in the world. More importantly, it was published on Springer Nature Link. Springer Nature is the most respected science journal globally. Having a study of the size of the COGA study at 64 hospitals and nine provinces, combined with 15,000 patients or just under, published in those journals, suddenly crystallized the view of TruScreen as being validated for cervical cancer screening globally. Global cervical cancer screening market, where we go to and why it is important. Every two minutes, a woman dies from cervical cancer. That is the tragedy of cerv`ical cancer. Nearly every one of those deaths is avoidable if primary screening is carried out properly and is carried out everywhere. Properly is important because even when it is done in many places, it is not done well. It is the fourth most common cancer in women worldwide. More importantly, most diagnoses occur at the most productive part of a woman's life, at 35 - 44 years of age, when she is a young mother, a working mother, and contributing to the economy both in a social value and an economic value. It is a tragedy for every family as individual. The loss of any life through cancer or any other form is a tragedy. But in health economic terms, which can be cruel, the loss of life to cervical cancer and the avoidable loss of life is the greatest health economic tragedy that is avoidable globally at this time. About 660,000 new cases every year. That will, by 2033, grow to 1 million new cases globally. 94% of those new cases and 94% of the mortality will occur in low- and middle-income countries because of their paucity of proper cervical cancer screening facilities. Size of the market. $7.9 billion at the moment. This is in U.S. dollars now, not NZD. Tipped to grow to about $15 billion by 2033. As I said, the number of cases will grow to 1 million globally by that time. That is despite all the efforts of World Health and every other foundation to try and reduce that mortality and that incidence. We only represent about 0.02% of that market currently. We have such headroom for growth, and there is a slide coming up in a moment that will demonstrate that. Pushing with that global emergency, as Tony alluded to, 194 countries voted for and signed up to the targets that WHO set to eliminate, virtually eliminate would be a better word, cervical cancer screening as a global health epidemic or pandemic. The key figure there is the 70% for us because we are a screening technology, is that women between 35 and 45 need to have been screened twice. 70% of women in all markets need to have been screened twice. They are not there, and they are a long way from it. That is creating this gap. With your indulgence, I will walk over and highlight some things here. I am sorry for standing in front of the screen if I get in the way. This area here, that is our market potential. That is the gap between the targets that are set by World Health and what is our. This, at the moment, is only single screening, not double screening. These are all TruScreen markets. I will give you an example. The biggest population of women in the world sits in India. India now has more women than China. They are at 2% of screening. They have four years to get to 70%. You know that we have a Pan-African strategy at the moment backed by major non-government organizations and foundations. Look at them. Rwanda, 7%. Kenya, 7%. Nigeria, 8%. Eswatini, 12%. South Africa, 34%. Zimbabwe, 18%. These are our markets that are suffering and cannot reach this WHO target that their governments have signed onto by voting in favor of the resolution to have 70% screening. Indonesia, third most populous country in the world. Fourth, sorry. Don't want to get the numbers wrong. 7% screening. Uzbekistan, 10%. Mexico, 35%. Vietnam, 20%. China, 28%. The only two of our markets that are getting close to meeting anything are Malaysia and Thailand, sitting at 40% and 49%. Still they have a massive gap. That's TruScreen's market potential. That's visually demonstrated why we go to these low- and middle-income countries, and why they can't reach these targets is demonstrated here in this graph. You'll see here these three columns. In New Zealand, Australia, the U.S., Canada, the U.K., France, Germany, these three columns are pretty similar. They would all show that 94% of screening is conducted with laboratory-based technologies, with liquid-based cytology, HPV DNA. But in the low- and middle-income countries, where 94% of deaths occur, where the big global populations are, they only form 44%. Over here, the biggest contributor, visual inspection with acetic acid, is inexpensive because it is terribly poorly done. VIA, and I'll come around. VIA is typically done in the markets we go to and the villages, town screenings, and in poor hospitals. It's really a torch and a flask of vinegar, and you spray the cervix with vinegar, and usually someone who has minimal training is trying to interpret what the different white shapes on the cervix could be interpreted as preconditions in the cervix. The accuracy is terribly poor, and it is resulting in the needless loss of life of women in the countries we go to. TruScreen is an objective device where the expertise is inside the device, not in a human. TruScreen regularly performs now in the high 80s to low 90% of sensitivity for the ability to detect disease. VIA is sitting somewhere in global averages at around 40%, and you're better off tossing a coin. That's creating needless loss of life, and there's a loss of confidence in screening in ministries of health and foundations for what was thought to be the solution for low- and middle-income countries. If we go to the next slide. Why TruScreen? I've labored the point. Real-time results, low infrastructure costs, strong clinical results. We're objective, not subjective. The expertise is inside the device and it's inside every device. Low training threshold. I could train any midwife or nurse that's worked in women's health within three hours to become an expert user of TruScreen. I could train any nurse or any ambulance driver that knows anything about the human body in one day to be an expert user of TruScreen, and I could train anyone in this room within two days to be an expert user of TruScreen. We have done that in many countries around the world. Eminently portable. We can take this to any village, any town, any island, and start screening women. No cell or tissue samples taken, which of course means there's no pain and there's no opening of tissue for infection. The other part about our technology that's unique now compared to. You'll hear, and if you read, you'll see that there are now image recognition devices that use AI image recognition algorithms. Unfortunately, most of those are cloud-based technology. When they go and commercialize, they get rejected because you cannot export patient data across national borders in just about every country in the world now. The privacy laws have been tightened so hard that what was thought to be, "I will do a cloud-based system," is unfeasible commercially. It makes scientific sense, it makes engineering sense, but it does not make legal sense. So now all these technologies have to rethink how they are going to do business. We do not. Our algorithm is embedded in an encrypted form in every device. So we have no use of the cloud and all patient data is kept private. Sales and growth strategy. I have already spoken about the recurring revenue model. You know that we target low- and middle-income countries, and that is having now an inflection point for us where if we look at our map, we were previously very strong in East Asia, and we have added to that now with our Thai and Malaysian approvals. We are getting India, Bangladesh, and Sri Lanka forming a subcontinent nexus for us. But the biggest growth for us is Africa, and I will labor on Africa soon. Then we have our work in Central Asia with Uzbekistan, Kazakhstan, Belarus, Armenia, and Kyrgyzstan. FY 2025 - FY 2026 figures for growth show what can happen with just one country in Africa embracing TruScreen for screening. Our growth from NZD 1.7 million to NZD 2.4 million also showed a reduction of our nearly single-minded reliance on China, and shows a growth or a drop in China from 87% to 61% of sales that year. Now, we will do another couple of programs in Zimbabwe this financial year, and again, that will show that China will sit at roughly just under 2/3 of our sales instead of being close to 90% of our sales. But it also will lead to growth in other markets as well as Zimbabwe acts as the exemplar for us in public screening systems. The game changers, we have spoken about the WHO target and the compression of that timeline. Only four years left to meet that market gap. At the same time that that has happened, or following on from that, in 2025, Donald Trump unilaterally removes USAID from the landscape. USAID were the largest funder of women's health programs in Africa. By removing that, it created a massive hole in the market that other NGOs and foundations are trying to fill. The biggest of those is Unitaid. Unitaid is a group that collects a little part of every international airfare. They are inside but separate to World Health. They sit in the same building. They run programs for health. They have now declared that 2027, 2028, 2029 through to 2030 are their women's health focus, and cervical cancer is their number one target because it is preventable. The other part of that is that American foundations are looking at how they can help in Africa and take up the hole that has been created by the withdrawal of aid from USAID. Add to that is in February 26th this year, we published the world's largest study on artificial intelligence for the screening of cervical cancer, and it is published in the two reputable journals I spoke at, BMC and Springer Nature Link. That suddenly puts us on the map for very large foundations and organizations, but also for medical experts in key countries for us. As a result, in February, March this year, we put in three applications for grants into Unitaid, and we put applications in with the Clinton Health Access Initiative, the Gates Foundation, the BIG Cat grants, [Sher-e-Bangla] in Bangladesh, and I will go through the list in a minute. Most of these grants, 12 months ago, our applications would not have been accepted. We would have been rejected because we were too different from everyone else and did not have proof of concept. The COGA paper being published like it was now has led to us having acceptance through the first gate for these programs. When I say acceptance, it is different to what is normally spoken of in the English language. Acceptance for grants is there are stages. There are calls for expressions of interest, and you put in your application. That is either rejected at the first pass or accepted. Accepted means it goes on to be evaluated against other applications, and then you hear nothing. That whole evaluation process is silent. You only find out if you have been rejected. You never know you have actually been approved, which is a final step until the last minute. For us, with these Unitaid grants, that will be early November this year. Three grants, any one of those grants, any one of those programs would deliver to us NZD 4 million in annual sales revenue, taking us from NZD 2.5 million in sales to NZD 6.5 million in sales in one program. If we got more than one, you can do your own maths. We anticipate or we hope that we will get one of those programs because of the way that we have been supported. Proposal one. The first two proposals are similar to each other, same countries, same partners, and they are sub-Saharan African. Lead partner for us is the National AIDS Council of Zimbabwe, and this is to do AI-enabled point-of-care screening. Point of care means that there are no samples or no pathology to be sent off to any other place to be examined, that all of the identification of precancerous changes can occur on that spot. National AIDS Council of Zimbabwe, Solina Centre in Nigeria, RedAid in Nigeria, and the Baylor College Medical Children's Foundation, and their Eswatini group are all part of the African group that support us. Very importantly, PATH, the Program for Appropriate Technologies in Health, which is a U.S.-based organization, Seattle-based, which is the largest independent American foundation to embrace TruScreen other than the Baylor College Foundation. Baylor College is a Texas-based medical university that has a very large alumni foundation, and their Eswatini group has selected TruScreen for programs. Second one with Unitaid, same partners again, and again, PATH have backed us and again, the National AIDS Council of Zimbabwe. That is important because unlike other applicants, we can show that as a same-day, real-time, artificially enabled device, we have proof of concept already in delivering major health programs to remote and rural communities in sub-Saharan Africa. We have already done 30,000 patients using TruScreen in Zimbabwe for the National AIDS Council. Funding for those originally were through Unitaid. So there is a history there. As well, Unitaid have already included us in what's called their landscape for screening for cervical cancer. We have these preconditions that make us a strong candidate for these grants. The third one is different in that in this one, we're not the applicant. In this one, PATH is the applicant, and they selected TruScreen as the technology that is most suitable for them to deliver a program in the Asia-Pacific region and Latin America. The partners there, PATH, Ho Chi Minh City Public Health Association, government body in Vietnam, Gordon Health Services, our partner in Vietnam, SWXT, our partner in China, and Sunbird, our partner in Mexico, where we can show use for smaller programs in all of these countries, including in Mexico, where we were used for two years in what was called the El Tren de la Salud or the Train of Health, to deliver screening solutions to women in remote villages in Guadalajara state in Mexico. Countries there, China, India, Indonesia, Vietnam, Uzbekistan, Mexico, Malaysia, and Thailand. We have approvals for use in every country there other than India, where we're about to get the full approval, but we have a test license, and we've already conducted just recently a program in India. The next applications, two of them are smaller than the three Unitaid ones, but are major flagship programs and have a very high chance of success because of the applicants themselves. In these, we're not the applicant. We are the selected technology. We've been selected by Nigeria's Lagos State University Teaching Hospital and State University College of Medicine and their key gynecologist, Dr. Ayokunle Olumodeji, who has already had previously approved two Gates Foundation grants. That same group have also applied for a grant on what's called the BIG Cat grant, which is a catalytic research grant. It's catalytic research because it is programs that are designed to completely change the way that health is delivered in the countries involved. TruScreen would be a catalytic change for Nigeria in the screening of women for cervical cancer. Dr. Olumodeji has also had successful grants through BIG Cat. Interestingly enough, with these grants, the supporting letter that approves that technology, so the first pass of the test is from the American Association for Cancer Research. Again, a major U.S. foundation supporting TruScreen as a valid technology for screening in sub-Saharan Africa. This next one is bigger than even the Unitaid ones. It's an interesting story, the Clinton Health Access Initiative. Clinton Health Access have already validated TruScreen via research that was contributing to Unitaid's landscape and supported TruScreen as a valid technology for delivering health in countries that have poor access to laboratory screening infrastructure. They put an expression of interest for programs to screen in sub-Saharan Africa, but they were asking for image recognition systems. We're unique, so no one's going to put out an application or expression of interest just for optoelectronic technology because we're the only one in the world. We contacted the Clinton Health Access Initiative and said, "When you are doing this, we are, like them, AI-enabled, but you've already validated us through your work for Unitaid on their landscape. Will you change your rules to accept our application?" They invited us back in. So we're already past the first gate, which is we know that Clinton Health Access rewrote their rules to accept our application. Again, the partners, National AIDS Council, PATH, Solina, RedAid, and Baylor College. Interestingly, it's the three experts, Professor Michael Campion at the Royal Hospital for Women in Sydney, Ayokunle Olumodeji, but also Chibuike Chigbu, who is the Head of Obs and Gynae at the University of Nigeria Teaching Hospital. Then we have other national programs that we have applications in place or we're currently conducting. As you know, Zimbabwe, where we've previously been selected for programs by National AIDS Council there and Unitaid. We will commence in September our next program of 10,000 women in Zimbabwe. We've been validated. Paperwork's been done. We're just waiting on the treasury sign-off because as you know getting U.S. dollars out of Zimbabwe is not the easiest thing. But we're doing it. One of the key things to learn there is why sub-Saharan Africa and Zimbabwe, Nigeria, Kenya, et cetera, are important is that that is the highest hot point in the world for women living with HIV. More people are infected with HIV in that part of the world than anywhere else. Women living with HIV are six times more likely to die from cervical cancer purely because they don't have the immune system in place to self-regress the HPV infection. 91% of HPV infections will be self-regressed by the human body. Women with HIV can't self-regress that HPV infection, and that will go on to become precancerous changes. So that's why there's a focus, and that's why Gates, BIG Cat, Clinton Health Access Initiative, Unitaid are all focusing on sub-Saharan Africa because of that mortality. Uzbekistan, we've just completed the 500-patient validation program. Data is being analyzed. Anecdotal reports back from Professor Pakhomova are extremely positive, and she said that if the data supports her first look or a prima facie view of what was happening, she will be recommending to the Ministry of Health that TruScreen be included in national screening programs or in public screening in Uzbekistan. Professor Pakhomova, who was conducting the validation, is the chair of the Women's Health Committee in the Ministry of Health. India and Bangladesh subcontinent, we've just completed a 700-patient program in Leh Town, which is in Ladakh, up in the northwest of India, conducted under the auspices of the Himalayan Women's Health Project, and conducted by, as the lead, Dr. Quek Swee Chong from Singapore, who took TruScreen up into the mountains and used that as part of the program to screen 700 women there. In Bangladesh, the [Sher-e-Bangla] Development Society, who specialize in delivering women's health to remote areas of Bangladesh, have a history of successful applications to the Bangladesh Ministry of Health for funding for programs for remote and rural and underserved communities in Bangladesh. They have an application in now to screen 435,000 women over three years. They selected TruScreen as the technology that they wish to use to screen that. With a track record of success in getting funding, and it may or may not be 435,000 women, we do not know, but we would view that as us being a strong candidate for having this program approved because of their history. Again, it is an example of an international foundation selecting us, not us going to them. This all comes from the work that is being done out of the COGA paper and then out of the WHO targets. Indonesia, Professor Indarti from the Mangunkusumo National Hospital in Jakarta, is three-quarters of the way through now her validation of TruScreen for recommendations that will form part of the Ministry of Health changing their criteria for screening women in Indonesia. The process there is that I met with the head of women's health in the Ministry of Health of Indonesia and with the General Secretary of ADINKES, who is the group that have to implement national health policy in Indonesia. They set out a pathway for us to be included in public screening programs. They view TruScreen as an absolute golden opportunity for Indonesia to solve the problem of screening women in a country that consists of 17,000 islands, where you cannot have laboratory infrastructure and you cannot have sample transport systems. TruScreen can be taken island to island. They said, "You need to be validated through the Indonesian Society of Obstetricians and Gynecologists first," which is called POGI. The lead researcher there that was recommended to us was Professor Indarti. She agreed to do the validation. Two-thirds of the way through, or three-quarters of the way through, she, three weeks ago, presented her interim results to the POGI annual conference, and I was invited to present just after on how we would implement a program. She was unequivocal in stating that TruScreen outperformed our comparative products, liquid-based cytology, Pap smear, and HPV DNA, in concordance with both her colposcopy and with histology in what is called the high or the excellent rating of concordance, which is the agreement with the ultimate, which is histopathology for the analysis of cells. She will recommend TruScreen. I met with two of the committee members of POGI, who said that if the data continues the way it is, that they will, as part of the committee, support TruScreen. It will go to the Ministry of Health, and then it will go to ADINKES for implementation. None of these are guaranteed. Other than Zimbabwe, they are all applications, and they are all might be's. But we are so far down the track, and in such a different spot to where we were 12 months ago, that I keep harking back to World Health's targets, the work we have done previously to be recognized by Unitaid, but particularly the work that was done to conduct and fund the COGA trial in China, and then having it published. We resisted publications in lower quality publications. The results were originally released in 2023. The preliminary results at the annual congress of the American Society for Colposcopy and Cervical Pathology. We resisted early publication in lower-ranked journals because we wanted to make sure that the largest trial of its type, which validated TruScreen, would be published in internationally peer-respected journals. It was. That is the game changer for us. The other change, we've spoken before about the DaltonBio strategic alliance to bring in confirmatory tests or triage tests alongside TruScreen. DaltonBio is now not the only HPV product or corollary product or complementary product to TruScreen that we're looking at. We're looking at other ways to strengthen not just us doing primary screening, but doing what's called, on the triage side, which is risk analysis by identifying whether you've got high-risk HPV alongside. That's one way. Whether we look at image recognition systems that can be sold as triage to us, and taking those on, not making them ourselves, but joining in partnerships with other companies to present a whole solution to saving women's lives globally and, of course, improving our bank balance. Thank you very much, and I'm welcome for any questions. Thank you, Marty. There will be ample opportunities at the end of the meeting to have further exciting discussions with Marty. Just a few highlights. One of the questions that was asked of us over our rounds of meetings with other shareholders is, there's a lot of things happening at TruScreen. How are you going to manage all that with your current structure? The reality is we have actually added resources, and we took on board some three or four months ago, a new Business Development Officer. Since last year, we have also embraced AI technology in terms of seeking capabilities to do research, to allow us to reach out to NGOs directly and all that sort of stuff. In between all that, we are also building up our in-house backroom to cater for the growth that is happening in the marketplace. That explains why we are so confident, for want of a better word, that we are in the right place at the same time. Those applications that we logged with Unitaid and with Clinton Health Access Initiative and also with the Gates Foundation, they're not three pages. They run into 30 or 40 pages with detailed analysis and everything. It was lucky that we have access to AI-assisted researches and analysis to allow us to put together a very comprehensive program. Now, to add to that, before you can put the program together, we spend six to seven weeks interacting with NGOs and partners all around the world, as well as in Africa, where we need local boots on the ground, for want of a better description. Out of that interaction, all of a sudden, all the African NGOs finally woke up to the fact that there is such a technology that they haven't heard of. As a result of that then allowed our introduction of TruScreen to the Nigerian scene, to the Lagos State University, and plus the influence of our international expert group, Dr. [Olumodeji]. Everything seems to be like confidence begets more confidence. We seem to be getting a lot more inquiries, a lot more reaction to what we are doing, simply because of our dealings with NGOs all around the world. As Marty has highlighted, one of the application was actually done by PATH, which is a Seattle-based NGO, and they selected us as the technology provider of choice. That's a very key activity. That explain why we feel confident that we will win at least one of the major contract. I also like to add at this point that within our acknowledgment, early on in introduction, is Reece on yet, Guy? Do you know? No, he's trying to work on it. Reece is still not on. While Marty was presenting, we have been tick-tacking with Reece, and he's trying to- Yeah, we're trying to get him connected from Perth. Well, on that basis, now let me move forward with the agenda. The next agenda is, before we move to the formal resolution, it is usual for us to table the annual report for shareholders. It's not a legal requirement, but from our perspective, maybe of an old-fashioned chartered accountant, I would say, "No, no, we should always table the annual report for shareholders to ask questions." At the same time, allow me to introduce our new Audit Partner, Mr. Vinay Sheoran, who is from Hall Chadwick in Sydney. Is Vinay- Oh, there he is. Vinay. Good to see you. Apologies. A bit of a technical/time zone issue, but I'm here. Oh, good to have you online. Thanks very much, Vinay. Now, the annual report is being tabled, and if there are any questions of the auditors on the conduct of the audit, here's a great opportunity. The questions that was raised by some shareholders as well, "How the hell did you find a Sydney-based auditor for a New Zealand company?" I say it's very simple. Vinay is a Kiwi, and he's registered as a Kiwi auditor, and that's allowed under the NZX listing rules. We enjoy working with Hall Chadwick in Sydney because our office is in Sydney. It's only around the corner. Vinay's office is only around the corner from Guy's office, so actually, this year, we had a very smooth and less onerous audit, for want of a better term. Are there any questions from the meeting here and online of Vinay? Ooh. Guy's signaling there may be one question. No further questions, Tony, but you did cover the question in relation to the change of auditors. Right. Okay. I preempted the question as to why we changed auditors, so there's no other questions on other aspects of the annual report. I take it there's no further questions. Thank you, Vinay. If you like to stay on, you are most welcome to. But if you have other pressing matters, that's fine with us if you excuse yourself. Okay. Thanks, Vinay. Thank you, Chairman. We now move to the formal resolutions. I think the boys are trying to, the techies are trying to play with the resolutions here. Here we are. We have some of the items. With the resolutions, I hate to be pedantic, but it's important that I have to belabor the point of voting procedures and processes to ensure that there's no one protesting to the NZX that we do it the wrong way. All voting is by poll, so it's very important that you have to lodge your votes in the paper. For those of you attending here, you would have received one of these as you come in. They will be collected at the end of the formal part of it. For the online voters, you would have to follow the instructions and register online, and validate by way of your CSN, SRN or HIN numbers. When you hit the button, you get all your voting details, and then you will be asked to vote for, against, or abstain. The most important point, you must hit the button to say Submit Vote. Reece is in. Reece is in. Oh, okay. Our erstwhile Director, Reece, is online. Can we flick to him? Let me interrupt the meeting at this point and introduce our new Director, Mr. Reece O'Connell. Welcome, Reece. I know it is a long way from Auckland, and sorry for the confusion. It's what happened when the CEO interfered with corporate arrangements and gave you the wrong way around. Instead of four hours behind Auckland, he said that you're four hours ahead of Auckland. Yes. You went off and do other pressing things. Anyway, we managed to catch you and let me introduce you to new Director, Reece O'Connell. Reece would say a few words when we come down to his re-election part of it. Thanks, Reece. Sure. Thank you. Okay. Thank you. Now stay on, but don't- All right. Okay. Whilst we are talking about the election is important, you must hit the Submit Meeting. If you don't, your votes would not go through. More importantly, the results of the voting will be declared, and I use the word declared because there's a legal connotation. Until it's been declared, it's not valid. Will be declared when we lodge the results on the NZX. Under the old system, the chairman had to declare the results, but in this instance, the declaration of the vote will be formally made when it's lodged on the NZX. That's done and dusted on the legality and all the processes and all that sort of stuff. Let me then move to Resolution 1. Straightforward resolution, which is for the ratification of the appointment of Mr. Vinay Sheoran as the Auditor of the company. He's a Partner of Hall Chadwick in Sydney, and that also recognized the resignation of Hall Chadwick New Zealand as an Auditor. Okay. Are there any questions on the change of auditors, Guy? Tony, there are no questions- No questions? -in relation to the change of auditors. Okay. I will then put the resolution to the meeting that Mr. Vinay Sheoran of Hall Chadwick New South Wales, be appointed Auditor of the company. There's no need for thinking music at this time, but we'll move on to the next resolution. The next resolution continues to be an anachronism of the New Zealand Corporation Law, and I understand they're about to change the law, so hopefully we don't have to deal with this sort of resolution. That the shareholders approve the directors to determine audit fees. Any questions, Guy? Tony, no questions on Resolution 2. Okay. Let me put the resolution to the shareholders. Resolution 2. That the board is authorized to determine the fees of Mr. Vinay Sheoran of Hall Chadwick New South Wales. Okay, so I will leave shareholders to vote at the end of the formal part of the meeting. Resolution 3 is for the election of Reece O'Connell. As I said in the introduction, Chris Horn retired with our blessings, and may we hope he has a very happy retirement and improve his golf score. In place of Chris, we appointed Reece O'Connell. At the time, as we announced to the NZX and the ASX, Reece is an experienced Company Director, a Chairman of Nexsen Limited, and a Non-Executive Director of RooLife Group. He is also a Fund Manager with Summit Biotechnology Fund. He holds an MBA from the University of Canberra, plus a lot of other qualifications. The Shareholders' Association is not here to chum down our throat that we have too many accountants because Reece is not an accountant. He has a Bachelor of Business in Marketing and in Financial Planning, and he also holds a postgraduate diploma in Financial Planning. As per usual requests from the New Zealand Shareholders' Association, we always want new Director to say a few words. To comply with the usual practice in New Zealand, I will pass it over to you, Reece, to introduce yourself and say a few words as to why you should be elected as a Director. Thank you, Tony. Thank you to all the shareholders that are in attendance. I guess from my perspective, I am a passionate biotechnology investor for many years. I am a 41-year-old father of two young kids, and I am very passionate about the industry in which I work. I worked in funds management and originally in stockbroking and trading in London previous to my tenure in Australia. So very well-rounded in the market, and the commercials of what is required for a public company to operate. Very passionate about the healthcare sector, biotech sector in Australia and in New Zealand. That has led me to, I guess, be more active. Instead of being an active fund manager, be an active, engaged person at board level. So, I took my first board position at 38, I think. And, more recently, IPO'd Nexsen. I think I was one of the youngest chairmans on the ASX when we listed, and it is one of the only healthcare IPOs in the last two years that is up still since listing, and it is a wonderful asset, a suite of assets with a wonderful team. I am fully engaged at TruScreen with Tony, Marty, and the team. I am very excited by the technology. The amount of time and money that has been spent on this technology is why I am so interested in it. I want to come with more of a commercial lens and a market lens to help Tony and Marty fit any, and the rest of the team, to fit any gaps that I may be able to come and benefit the team in that regard. I am here to learn, but also here to contribute as much as I possibly can for all the shareholders and including myself and the broader team. That is a little snippet on myself and why I am so keen to be engaged and working on this project. Happy for any questions. Happy to be emailed or happy for Tony to share my phone number to any shareholders. I am definitely not one to hide away from shareholders. I am very active and open. That is about it, Tony, I guess. If there is anything more- No. Thanks very much, Reece. Thanks very much. I should warn you that we have 7,500 members sitting behind Cherie. If I share your telephone number- Yeah. -you will have 9,000 people calling you. Anyway, thanks for that. I got to say, it took us two months to interview a number of candidates that the board finally selected Reece. From my personal perspective, I welcome you to the board. It lowers the average age of the board as well by having Reece coming on. I am delighted. Let me then move forward to the resolution. Let me read the resolution. That Reece O'Connell, having consented to act, be elected a Director, a Non-Executive Director of the company. Are there any questions? Guy? Tony, no questions in relation to this resolution. If I look at the screen, the proxies are overwhelmingly supportive with almost 95% supporting Reece O'Connell. Okay. I will leave shareholders to mark their resolution. Resolution number four is for the reelection of the Chair of our Technology Committee, Dr. Dexter Chung. His CV is in the notice of meeting. Dr. Chung is the R&D Manager of one of the major divisions of Fisher & Paykel in Auckland. He is a university medalist. He did his bachelor degree, master degree, and PhD from the University of Auckland. No flies on him, as we say in Australia. So very well done. Are there any questions of Dexter before I read the resolution out? Guy? Tony, there's no questions on this resolution. Okay. Let me just very quickly read out the resolution. That Dr. Dexter Chung, who retires in accordance with the provisions of the constitution of the company, being eligible, has offered himself for reelection as a Director of the company. Okay. We'll just let you shareholders move on to vote. Now let's move on to Resolution 5. I would take some time to introduce this resolution because I have had numerous discussion with shareholders, large and small. In fact, two of the shareholders were in the top 20 that have discussions with me, and they expressed concern that the directors may be enriching themselves by, firstly, having options issued to them at the EGM on 31 July, which was passed by shareholders, and now having the fee cap increased from NZD 300,000 to NZD 450,000, an increase of NZD 150,000. The view was that the share price has not done well. The company has not make any profit. How come the directors are wanting an increase in the fee cap? I can be frightfully honest and say, the fees to directors, well, I can say all sorts of things, but ultimately, the NZD 150,000 that we're asking for as an increase is not payable in cash. But to cater for the value of the options that was approved by you, the shareholders, on 31 July. If we do not have the fee cap increase, then we would be in breach of listing rules, because at the moment, all the directors are non-executive directors. We have four non-executive directors. As I said to one major shareholder yesterday, with a stroke of a pen, I can fix the problem. I can either call myself an Executive Director, Executive Chairman, which means that it doesn't come under the fee cap, or we can drop a Director and appoint a new Executive Director. Right. But that is being dishonest and not transparent. The facts are the facts that we have four non-executive directors. Our fees in terms of cash is already NZD 302,000 because Reece O'Connell is being paid in Australian dollars rather than Kiwi dollars. The fact that the Kiwi dollars have weakened to such an extent, it's 20% lower than Australian dollars. I'm being paid in Kiwi dollars. There's no intention of me asking for my director's fee to be in Australian dollars. But during the recruitment process of the new replacement director, we interviewed three or four very strong candidates in Australia. All of them wanted around AUD 60,000 - AUD 80,000 in director's fees in Australian dollars, not Kiwi dollars. They don't want to be paid in Kiwi dollars. Because of the unique situation where we are a dual-listed company, we need to have two Aussie directors. So the board has agreed that we will have differential fee payment. The Kiwi directors will be paid in Kiwi dollars. The Aussie directors will be paid in Aussie dollars. Except for me, I volunteered and said I will continue to be paid in Kiwi dollars. Right. So that explain why we do need the fee cap increase just to comply with the listing rules. The NZD 150,000 that we are adding to the emoluments to directors, I describe it as a notional non-cash payment. Historically, all directors have been approved options by shareholders. But because we do it individually, singly, so one year we might have one director being awarded 5 million options. Next year, we may have another director awarded with 5 million options. It doesn't come up in lights as a big number. But this time around the timing of it is such that we have Christine that joined us last September, where we say we will give her some options, but we haven't done it yet. Reece O'Connell joined us on 3rd of June, and part of his deal was an option package. Dexter's options expired in July, and my options are expired. So all directors options expired in March. As I said to the board, let's not die from a thousand cuts. Let's face the music and say to the shareholders, all four directors will be given an option package that is consistent, that is sensible, that is not being seen as enrichment. But nevertheless, some major shareholders, one of them particularly, say that the board has not done a good job, so why should the board be entitled to options? But on the other side of the coin, during our capital raising last year and this year, we spoke to a number of fund managers and hedge fund managers in Singapore and in Hong Kong. The first question they asked is that you guys have skin in the game? I said, "Yeah, I'm a shareholder, so that's fine." What about options? No options. All of my options has expiring. He said, "That's not good enough. We want you guys to have options so that if you win, we win." That was the attitude of the risk-takers in the capital markets. They want a win-win situation. So provided the share price is struck at an appropriate level, which is at NZD 0.019 at the moment, we're at NZD 0.015. It will be a while before we get or sooner than we expect. I hope that we get to NZD 0.019. But even at NZD 0.019, there's no benefit to directors. The benefit to directors is if the value of the shares exceed NZD 0.019 and beyond. So if it got NZD 0.02, would we be bothered to exercise the option at NZD 0.019? It's too much paperwork. But if the options hit NZD 0.03, well, we may exercise the options and become shareholders. But if all the options to directors are exercised, that's NZD 420,000 cash coming into the company. So I hope I have fairly presented to shareholders the discussions that we have with shareholders, large and small. But we always listen to the larger shareholders, and the one that we spoke with has a governmental imprimatur, and we can understand where they're coming from. But at the same time, a number of our major shareholders are very pleased that we now have alignment of interests of directors with their interests. They all came on during the capital raising at NZD 0.014, NZD 0.015. So what they say is that, "If you can get it up to NZD 0.03, good on you. I'm making money. You get some incentive out of it." So that's the whole scenario of all these options and the need for the cap to be increased. Guy, are there any other questions? Tony, there was a question in relation to this Resolution 5, and I think you've answered the first part. Yep. The remaining part was, would you consider an Australian style remuneration report resolution for the vote at next year's annual shareholder meeting? Given that we are dual listed on the ASX. Right. As a New Zealand company, our primary listing requirements are with the NZX. I think what this shareholder is suggesting that we voluntarily subject ourselves to a rule of the Australian Corporations Act, which is outside the province of this company. I would say we are in total compliance with New Zealand Corporations law and with New Zealand Stock Exchange listing rules, which does not require this 75% remuneration report voting. In fact, we do not even have a remuneration report in our annual report other than banning how many employees are getting what salary as required by NZX. So in answer to the second part of the question from the shareholder, I would say no, we would comply with New Zealand Stock Exchange listing rules and New Zealand Corporations law. Any other questions? Not on the resolutions, but there are a number of general business questions. Okay. So let me put the Resolution 5, if I can find the resolution to the shareholders. Right. Okay. So that the shareholders approve the increase of the fee cap from NZD 300,000 to NZD 450,000 effective from the date of the AGM. Any other questions on these matters? No. Okay, and that concludes the formal part of the AGM. What I would like to do now is something very exciting for me as well. We are going to have some thinking music for two minutes or three minutes while the online shareholders can do their voting online, and while the gentleman at the back can collect all the voting cards. We actually have voting music this time. Thanks, Cherie. Thank you very much. I think with it being five resolutions and only Resolution 5 is of any significance, the other one to two is procedural, three and four generally are well-supported. At this juncture, I open the floor to questions where you can ask of the directors and of Marty, I think more exciting of the business, because we are going through a very interesting time with the company. We have questions from the floor. Please introduce yourself. Thank you. My name is [Haley Chin], and I have been to this meeting quite a long time ago. Yeah. I talked with Marty, et cetera, and the ex-Chairman as well. Today, I have three bullet points suggestions. That is suggestion. It is nice to see the company getting more markets. I just wish to suggest some more, maybe easier one. Yeah- Easier one to achieve. The first one is the Australian budget. This year, they have AUD 500 odd millions to give to companies for research, et cetera. It based on some principle, you have to be Australians, a company or something like that. We have a registered office in Australia, and we have two directors, Marty and Reece as well as Australians. I suggest to apply for just several million Australian dollars for research or subsidy. To do what? Is to do this test in the Northern Territory for the Aboriginal people. We have to try now, because now is the labor government in Australia will be good for this. When Pauline Hanson to be the Prime Minister in future, the One Nation, she wouldn't care about the Aboriginal people at all. Yeah, just try our luck, get some several millions Australian dollars to fund the company- All right. -to go forward. Thanks very much. Is that all your- This is the first one. Okay. The first one. The second one is talking about India. India is a big market, and they have 20 odd states. I think it's a good market for exploration because it's English-speaking, and also you catch up with the manufacturing country. I don't know whether you will be successful in manufacturing that sort of product if we can get business in India. Because when I go to warehouse shopping, I now notice there are more products from India, not just China. They are quite good as well from the India. Talking about India, maybe either you can seek the advice of the Trade Minister or wait until after our government election to see who is the Trade Minister, so that the trade minister can give you some advice to invest in India, and it will be a, what should I say? A big market. Yeah. The third one. Yes, because our company, lots of them is in, what should I say, those Muslim countries, like Indonesia, Malaysia, et cetera. They are big markets because the Muslim, I think they are quite conservative, so they like this kind of product, instead of the invasive taking tissue from that. Yeah. Yeah. So for the Muslim countries, yeah. It will be good to concentrate on several big, rich country. Yep. Just keep in view of the political situation, which one will be a richer one to have the market. Of course, what should I say, it is good to have the Gates Foundation to support us as well. Yeah. Thank you very much. It is light to see you- Yeah. Thank you. -for doing good for the- I think- -world. As a shareholder, you have been following our story and obviously you understand the product and the services and the market impact. Coming back to question number one about Australia and even New Zealand. Generally, you find that we have always kept a watching brief over Australia and New Zealand because this is our home market. Everywhere we go, they say, "How come you guys are not using it in Australia or even New Zealand?" The reality is, in order to use our own technology in Australia, and we are registered in Australia, the TGA, and also the WAND in New Zealand. In Australia, we need to have a Medicare number before the system would use it to have reimbursement. The same thing with New Zealand, you need to have Medsafe number to get reimbursement. Now, in Australia and even in New Zealand, the Aborigines and the Māori are looked after a little bit differently from the mainstream population. Like in Australia, we have the Aboriginal Health Service, and in New Zealand, you have the Māori Health Service. So it's a matter of interacting with those health service because when you go and see the Minister of Health or the Department of Health or why they use it in the Māori, or why they use it with the Aboriginals, you got to talk to those people. But for as long as we can remember, in Australia, we have been actively involved in screening Aboriginal women and in the Aboriginal community on an ad hoc, on a regular basis at no charge. Professor Michael Campion is a great health activist with the Aboriginal health system. And every two weeks, he flies to Moree and he spends three days together with his teaching staff from the Royal Hospital for Women to do cervical cancer screening plus other gynecological assessment. That is where we are developing a relationship with Aboriginal Health. Yes, you are right, we need to do more. To get the Medicare number will require investment of another NZD 1 million for more clinical data before the government would accept it. We did have a chat with some consultants who believe that the COGA results may be significant enough for the Australian government to accept that and grant us a Medicare reimbursement. Because ultimately, the health bureaucrats play God, whether we like it or not. If they say, "Yes, we'll give you reimbursement," then you save lives in that particular disease sector. If you say, "Well, most of the women are 70 years old and all," and pick it up, then they would say, "No, because the primary of life is over. The number of lives that you save age 75 and over is not, for want of a better word, public service cost is not high enough. It's too high for that age group." I would say the same thing with the New Zealand environment. Four years ago, one of your minister contracted cervical cancer, and she was a Māori woman, and she had to step down and resign from Parliament. We took that opportunity to lobby Wellington, and we managed to get a few high-level meetings with senior health bureaucrats. It was very good interaction. They identified that 3,500 women in New Zealand were tested positive for cervical cancer. Only 350 women died from that disease. So what they're saying to us in not so certain terms is that, should we change a system for 350 fatalities? It was a bit sad, but at least we get through the door and we talk to the health bureaucrats in Wellington. The issue is that the data collection was inadequate because they don't collect the data from the affected group, which is maybe the Māori Health Services. Anyway, that doesn't stop us. We will continue to lobby because I think, as you say, it's ideally suited for the culturally sensitive population, like the Aborigines and the Māori, and we will continue to do that. But coming back to your third question about Muslim, we are very conscious of that. We are aware of that, and we are working very hard. That's one of the reasons why we target Africa in such a big way, because Africa, 80% of Africans are Muslims, right? I think in Nigeria and Kenya, there may be a higher percentage of Christian because of the English colonization, the days of the English colonization. But all the other states are Muslims, and our technology blends very well with the cultural belief. It's non-invasive, and where we need to train nurses because they don't want men to be looking up the cervix, so we need to train women nurses. That is being worked on, in terms of our marketing to Africa. On that point, I should also say, we haven't officially mentioned it, but we are looking at changing our financial year end to 30th of June instead of 31 March. Part of the reason is because our major market has always been China. Chinese New Year changes every year, between the end of January to middle of February. It impacts on the Q4 sales activities is unpredictable. The market always find it very hard to understand why we cannot project our sales activities accurately without realizing that during Chinese New Year, a week before, nobody does any work, and three weeks after, nobody does any work, so you lose a month. With our focus in the Muslim communities and countries, Ramadan is also February, and it changes sometime in February. If we are successful in Africa and Indonesia, we are going to have a double jeopardy in terms of the Ramadan month and Chinese New Year interruptions during Q4. The board decided that we will change it to June 30th. Well, let the market decide what the financial is rather than what convention says. At the moment, I think according to Guy, once we launch the tax return, we will be in a position to apply for a change on financial year, which is a fairly straightforward exercise. Yeah. Thanks for that. Good questions. Very insightful. Any other questions, Guy? Tony, there is a number of questions in general business. The first of which is, the latest annual report shows we have accumulated losses of NZD 39.7 million, net assets of NZD 2.6 million, and shareholders are down NZD 30 million given the NZD 12.6 million market cap. Could the Chair summarize the use of funds, and does he believe that current and former directors of the company could do things differently to deliver a better experience for shareholders? Well, I think in the capital markets, it is always hard to relate history to the future. The way we are going about is obviously to take it one step at a time. First, we want to break even, and then we try to be accumulating profits. But what is lost over the last 14 years, it would be a challenge to try to recover it within the next two or three years. Once we turn the corner and the business model vindicate what we are doing and that we are now breaking even, cash flow positive, and there is a very strong likelihood that we will if we succeed in one of the major contracts. Once you get sales revenue of NZD 6.5 million, I think we will be making a small profit and cash flow positive. But whether we will go ahead and claw back all the accumulated losses, that depends on the growth potential. Part of the board's focus has always been that being a one-product company is always restrictive. We are restricting our potential to only 50% of the population. So what we want to do, and we have articulated that to shareholders for a few years now, that we will continue to look for opportunities to widen our product offering and focus on our core expertise. I mean, our core expertise is point-of-care service delivery, and there are many companies that are developing technology for point-of-care service delivery. It is now very clear that our focus on the low and middle-income countries or what they call emerging nations to many of us, that is now our strength. Because with the arrival of Donald Trump and all the topsy-turvy protection system, the low and middle-income countries are the one that is plodding along and they don't have all these issues of tariffs and all that sort of stuff. So we will continue to look at opportunities to provide point-of-care services to augment our TruScreen cervical cancer screening products. Women health is underserved compared to the whole of general medical services. If you look at cervical cancer when compared to breast cancer, breast cancer actually has a lot of attention from government, whereas cervical cancer seems to have not as much attention. But we get more mention than ovarian cancer. Ovarian cancer is another one that no one looked at, and that's a silent killer. But going forward, we will continue to look for opportunities. Growth by merger or acquisition is a way to go with technologies that complements what we're doing. That someone may like the way we focus on low and middle-income countries, that we have a great network of distributors, and there are many companies that would love to partner with us to distribute to that network. So we will continue to do that to try to claw back on the accumulated losses. Yeah. Okay. Tony, the next question's for Marty, but I might just pick up on the comment that net assets are just NZD 2.6 million. Our balance sheet does not reflect the very significant intellectual property and intangibles that Marty alluded to earlier in that this business has spent NZD 75+ million on developing this technology over a number of years. Accounting standards are such that we don't reflect that on the balance sheet, but the value certainly exists. The question for Marty is: When can we expect such sales to ramp up? Before Marty responded to that, just on the intangibles, that was written down to zero during the COVID years because the auditors wanted it, right? About NZD 10 million was impaired as a result of that. As we start picking up sales and picking up greater gross margin, and we can justify bringing it back to the balance sheet, we will write it back to the balance sheet. Because we did not write it off, we just provided for it, so we can reverse the provision and to bring it back. Our balance sheet is severely undervalued. Over to you, Marty. We can do that. Oh, yeah. Thanks, Tony. Sales will ramp up in two distinct ways. One is the organic growth from our traditional sales and marketing activities, country by country, hospital by hospital, channel by channel. For example, in China, we have applications in for pricing approvals in 10 provinces. They are dependent upon what is called the exemplar approval, which is Sichuan province. That process will take about six months. So we are six months off from then having got through the gate at Sichuan province, which then opens the door for the 10 other provinces. That is a central government rule now that has been brought in in China about 12 months ago. Add to that, I am sorry, nine months ago. Add to that, the programs that we have discussed today, any one of which brings to the table a doubling or a near doubling of the size of our sales and adding about 80% to Single Use Sensor usage. Because the programs are the sales of direct to program. They are not via distributor. The programs call for TruScreen's component to be part of two things, a management fee of the program or administration fee, but also for the purchase of devices and Single Use Sensors. Now, the first part of those programs, devices will form a significant part of sales, but as the devices are already in the field, then it is Single Use Sensors that form the major part of the cash that comes in. I will give you an example. In Zimbabwe, the sales in Zimbabwe that were reflected in the charts that I presented, they were heavy on devices for the first program. Insuring programs are heavy on disposables in the amount of cash, because you pull from the same bucket of money, but some has got to fund devices and some funds the Single Use Sensors. That will be replicated through other programs. We also are about to open the gate properly in India, which would have a significant impact on Single Use Sensor sales, and our work in Central Asia, which will have another similar impact. The exact timing of those and how that occurs would be, I believe, all of those within the next 12 months. The sales going up through FY 2027 I think will continue to be organic. But in calendar year 2027, they will use the phrase ramp up, and they will ramp up because the programs call for significant testing numbers, and they require Single Use Sensors. Thank you. Just to add to that, Marty, I think as volume grows, our cost of sales come down and margin increase. That is very important. That is why we are chasing volumes to get manufacturing costs down. Coming back to your question number two, which I have forgotten to touch on about India. Yes, we are always consciously looking at that. The Indian distributor is not shy in saying, "Why don't you manufacture it in India?" So we always said to them, it is a catch- 22. You give me the volume, we will think about it. So it is a catch- 22. But yes, India is a good country to do business with in terms of manufacturing and technology. But at the same time, based on my personal experience, maybe times have changed. It has been a long time since I do business in India. India suffers from too much democracy. It is a legacy of the British colonization. As you say, you have 20 states. Each state is a government, right? You may have a federal government directive, but most of the states tends to thumb their nose at Delhi and say, "No, we do what we want to do." So where we are in terms of Vietnam and in terms of China, it's easier to deal with. What they say at the central government flows right down other than pricing approval, which is still state-based and state-managed. Indonesia obviously is also very strong in central government control. Malaysia, the same thing, and it's all very centrally controlled. So every country has its own nuances. It's not one set of rules that will fit every one of them. But suffice to say that all around the world, everybody is woken up to the fact that you can't leave 50% of the population behind, right? The words of Mao Zedong kept ringing in their ears that half the sky is held up by women. So that is a very powerful reminder to a lot of bureaucrats that they have to look after their women. Okay. Are there any questions, Guy? Just two more, Tony. Two more. The first of which is, the FY 2026 capital raising involved a renounceable rights issue and an institutional placement which diluted retail shareholders. In the event of further capital raising is needed, will you offer a share purchase plan to enable retail shareholders to participate? It is always a facts question. To survive, we need cash. What we do as much as we can is to look after the interest of shareholders to prevent dilution. Sure, we get a placement in, but we also have a rights issue, and we always articulate in the documents, you must take up your rights, if not, you will be diluted. So there is nothing much more that the board can do other than to remind shareholders not to dilute themselves. You just cannot say, "Yeah, somebody else can write the cash in, but I do not want to be diluted." It does not work that way. If you do not wish to be diluted, then you got to average down and take up your rights. Hopefully, we will continue to embrace looking after the rights of retail shareholders, which we always do. We always look after retail shareholders, yeah. We did enable shareholders to participate in the shortfall as well, and we did accept applications in excess of the shortfall. The final question is a very easy one to answer, Tony. Some low and middle-income countries can be corrupt. Does it cost more to maintain a good relationship with key opinion leaders in these countries? Well, our business model is always working through distributors, and the distributors understand the local market and know how to deal with the nuances and the practices of each market. We only deal with the distributors. Of course, as a New Zealand registered company, we are also guided by the principles of the listing rules and the Corporations Act in terms of corrupt behavior, and we are very conscious of that. The Chairman of our Audit Committee makes sure that we are conscious of that. But in terms of in Australia and New Zealand, whether we can influence key opinion leaders, I doubt it, because key opinion leaders in a developed nation are guided by outcomes and what is in the Royal Colleges of Gynecologists. We have already a couple of. In fact, we have three or four very top gynecologists in Australia that are very supportive of what we are doing. Professor Campion is the Chair of our Medical Advisory Board. He is professor of Invasive- [inaudible] Pre-Invasive. Pre-Invasive at the the Royal Hospital, which is the number one women's hospital in Australia. Then we also have Professor Neville Hacker, and he is a retired leading gynecologist, a surgeon, a gynecology surgeon. His textbook is being used at all university as to the treatment of cervical cancer. Within Australia, we already have two top KOL. Once again, whilst they are the opinion leaders in the field, they cannot be seen to be pushing our product, because they are not being paid as a salesperson. They are paid as a professional advisor to us on medical issues that I rely on Michael to give us advice on. Like the recent months, we needed him to give an opinion on the use of our device on pregnant women. Even though we have clinical trials result to say that it is safe to use on pregnant women, because there are civic changes during pregnancy, we needed a professional opinion to make sure that we get it right before we go out there and enunciate that it is safe to use on pregnant women. These are the sort of services that those experts provide us. There is one more, Tony. Could the annual report include a skills matrix for each director to demonstrate how they contribute to the governance of the company? Ooh. That reminds me, we did say last year. That was a question from the New Zealand Shareholders' Association last year, and I gave them an undertaking that we would do it this year. We will do it. It is not a biggie. It is quite common practice. Yeah. It is a question from Grant Diggle from the New Zealand Shareholders' Association. Because I had forgotten all about this. I will make a note. If you make a note, put it in your draft annual report for next year that we will have a skill matrix. Yep. I think last year he asked that question because he accused us of having too many accountants. I do not think he understood what I was planning for this year. We needed Christine to come on board to take on the role of Chair of the Audit Committee because I knew that Chris Horn was close to wanting to retire. That was the reason. Yeah. I could not very well come out and say, "Oh, I need Christine because Chris is retiring," because Chris has not announced his retirement. So we cop a hammering from him. Yep. No other questions? Okay, any other questions? If there are no other questions, I please invite you to join us for tea and coffee outside. Thanks very much for attending. Well, the sun is out. At least the rain is gone. So we look forward to catching up next year. Some more good news coming up in November. Marty? More good news in November. Okay. Thank you.