CurveBeam AI Limited (CVB) Earnings Call Transcript & Summary

Good morning, and welcome to the 2024 Annual General Meeting of CurveBeam AI Limited. My name is Robert Lilley, and I am the Nonexecutive Chair of CurveBeam AI Limited and I'm the Chair of today's meeting. Thank you for your attendance here today. It is now 9:00 a.m., which is the advertised time of the 2024 AGM. I'm advised that a quorum is present, and therefore, I officially declare the meeting open. Before we commence the formal aspect of today's meeting, I would also like to introduce my fellow directors. Mr. Greg Brown, Chief Executive Officer and Managing Director; Mr. Arun Singh, Chief Operating Officer, Chief Technology Officer and President of the U.S. division; Mr. Hashan De Silva, Non-Executive Director and Chair of the Nomination and Remuneration Committee; and Ms. Kate Robb, Non-Executive Director and Chair of the Audit and Risk Committee. We are also joined today by Mr. Ura Auckland, our Chief Financial Officer and Company Secretary. And representatives from our auditors, PwC, and our legal advisers, JWS. I would like now to explain the format of today's meeting. Firstly, I will give a brief address, following which I will then invite Greg Brown to give his CEO and Managing Director's address, that will provide more detail on our vision and progress. After Greg's presentation, we'll consider the resolutions outlined in the notice of meeting. So the Chair's address will be brief. As Chair, I have the great privilege of working with exceptional people and game-changing products. Our senior management and my fellow Nonexecutive Directors work very closely together as a real team. We regularly work 24/7 across 3, 4, sometimes 5 international time zones. This team is reassuringly experienced and diverse and dedicated to creating value for you, our shareholders. I'm proud of my colleagues and what we've achieved and I'm excited about the company's future. I would now like to hand over to our CEO, Greg Brown, for his address.

Good morning, everybody, and welcome to the AGM for 2024. If we could advance the slide, please, just bring your attention to forward-looking statements. CurveBeam AI, in a snapshot, we're a medical device business. We are a platform company that delivers first-to-market bilateral weight bearing CT capability that delivers this scanning and imaging capability directly to the point of care within a group surgeon setting. In addition, it offers advanced diagnostics and improved ability to plan surgery for distribution of weight through skeleton. The other areas that we look to dominate as being a first-to-market player is in AI solutions for delivering value-add tests like bone quality assessment into the point-of-care setting of the surgeon's office for surgical planning of a total joint replacement. We have a large market opportunity. It's over $10 billion just on the instrument model, we would have around a $2.7 billion SaaS market opportunity around BMD. Regulatory firms, smaller platforms are in place, and we're looking to have our first targeted FDA clearance on BMD around middle of next year. Our business model works as an instrument sale model upfront that places the device. It's a one-off, we target 50% gross profit, a trailing revenue stream of around 5% to 10% of that as a service agreement. And then we look to target about a $350,000 annuity on bone quality assessment for each placement in that group, surgeon setting where they're doing knee and hip replacement. So our business model is a hybrid, it is a capital sale model plus an ongoing annuity targeted at offering value add at a test to that placed device. We have a global distribution in place, and we have a significant Tier 1 partner in the U.S. in Stryker Foot and Ankle division. And we're very focused on launching this first-to-market opportunity to build that footprint as quickly as possible and then lay down our annuity platform. Next slide, please. So what's the benefit of delivering point-of-care imaging? What it means one visit for the patient, one scan, they have a CT image to look at, diagnose the condition and then upload for their custom cut guides for their augmented reality or robotic aided surgical assistance products. So this means that it's major improvement in the workflow for not only hospital setting, but also in a doctor's office. But not only do we deliver that huge workflow benefit through point-of-care imaging but we deliver superior diagnostics and the ability to better plan surgeries based on a bilateral weight bearing CT. The example in the middle shows an ankle underweight on the left and not underweight on the right. It shows a different picture. One is a healthy joint. The other shows exactly what happens in that joint underweight. So this functional CT is also our market first, and it's a major value add for the users in that point-of-care setting. Next slide, please. So we have a Tier 1 partner in Stryker in the U.S. It was with the Foot and Ankle division. The Foot and Ankle saw a major opportunity with the HiRise -- I mean there's very few foot and ankle surgeons that don't see the benefit of weight bearing CT today, the diagnosis and assessment. Also for doing a total ankle replacement for their custom cut guides, really Stryker has a prophecy product, we can do that scan, one visit, one scan, upload the scan for the custom cut guide, ready for surgery. And this is what we were setting up for the Foot and Ankle division. Stryker is a very successful company in Orthopedics and it's the #1 player. And we found that with the Foot and Ankle division, there is a lot of interest in the HiRise, but an important requirement for all of the group surgeon settings where you have knee and hip surgeons involved. Also, the ability to also deal with the data sets required for the robotic systems and the augmented reality systems. And for doing that for knee and hip, especially for the obese patients, we had to increase the energy source on the HiRise so that we could offer in 1 device because there's limited room in these surgical settings so that they could do both foot and ankle, knee and hip requirements. And to that end, we updated the HiRise to the new enhanced HiRise. This was submitted to the FDA and was cleared in July '24. And this is a higher energy sourced HiRise that is able to deal with both normal and obese patients and also able to hit the landmarks required by some major robotic surgical systems. We are in the process of now validating that. We are doing -- we have completed the final full matched patient data sets and have sent to the vendor for processing. And we expect to be able to submit with those images a complete documentation dossier to the vendor and we'll keep the market informed as to the time line of when we can announce a validation for robotic surgical cut guides. So we see that today, there is a huge opportunity in Foot and Ankle. It is coming across a significant hurdle of closing of these accounts. It is related to being able to offer the surgical cut guides for also knee and hip. And when you see these settings that have limited room, they have to make the decision on one device and then need one device to deal with all of their cut guides not just for foot and ankle, they do need knee and hip for their robotic systems as well. And this is where this milestone once met by the company, we remain very confident in our prospect list of fiscal year '25. Next slide, please. So just coming back to that business model, it's all about placing as many devices into the 5,800 group practices in the U.S. 5,200 hospitals, a similar opportunity in Europe and rest of world. And what we're looking to do, especially in the U.S. model is target the sale of that device through a major orthopedic partner -- Tier 1 partner like Stryker. We target a 50% gross profit on that instrument, but it's a one-off with about a 5% to 10% trailing revenue stream or the service agreement. Beyond that, we see that in any total joint replacement for the knee and the hip to follow guidelines within the U.S., bone quality assessment is needed to make judgments on cementing or noncementing the joints, that and the selection of the implants. So it's a critical test that today can take one to three months for a turnaround. And we'll be able to offer the first fully automated BMD product that a surgeon would be able to, as part of that initial scan that was taken for their diagnosis and the surgical cut guide, would also now be able to have the added value of assessing that bone quality, so they understand what they're implanting into from a bone quality perspective. And this would offer a real-time, high-value test that we would deliver through our AI capability and will be delivered as a SaaS model. Now we know typically, when you look at the size of the group practices in the U.S., there's around 100 to 150 patients a day on average from a group practice. Even if you were looking at doing 5 to 15, so 10 BMDs a day, that would represent around a $350,000 annuity that we're targeting. It has favorable reimbursement. And we're looking to have our FDA clearance on that BMD product by around the middle of calendar year '25. But that long delivers for every 100 HiRise, a $35 million annuity is what we're targeting. And it's -- we're targeting a greater than 90% profit on that installed base. So the quicker we can install devices into those group practices, the more value add we can add over time with also other subscription-based SaaS solutions that we can offer our users. Next slide, please. So in fiscal year '24, we were able to place three in the first quarter built back to four in the second, six in quarter 3 and 10 in quarter 4. We started off the first quarter of fiscal year '25. Q1 is notoriously a difficult quarter because of the holiday seasons in Europe and the U.S., and we started the fiscal year '25 with three devices as well. When you look at the growth quarter-on-quarter last fiscal year, we were building in the right direction. We had 10 devices as of the end of the fiscal year. We feel that once we are through the MAKO validation that there'll be robotic system validation that will be in a position to see a lot more prospects become available for close. Next slide, thank you. So 23 devices in total were placed in fiscal year '24. We got the FDA clearance where we submitted in Q4 of fiscal year '24, and got clearance in July 2024. The enhanced HiRise was designed to offer the custom cut guides for these robotic aided surgical systems that are found in a lot of these group practices and hospitals. We've now requested all the data sets required by the vendor. We should have all of this in front of the vendor by the first week of December. We remain positive on completing this validation on the enhanced HiRise for robotic systems in the not-too-distant future. We will keep the market informed as to revised time lines when they become available. We continue to target the mid calendar year '25 for an FDA clearance on the BMD. That strategy is now moving to all CT initially. And then as a second step, will then have clearance on the HiRise. That will give us access to our SaaS model earlier to the fracture market in the hospitals as well as group practices. In last fiscal year '24, we did in December of '23, making a series of cutbacks within the structuring of the companies overheads from $24 million down to around $20 million, and we've continued to implement CapEx in our cost structure to just under $17 million in the first quarter of fiscal year '25 -- first half of fiscal year '25. Next slide. So when you look at the revenue in '24, while there was $6.5 million, down from the $8.1 million in fiscal year '23 or the $11.5 million pro forma for '23, it's important to note that a lot of those orders that we did received in the Q4, which are now falling into first quarter of fiscal year '25 -- in the first half of fiscal year '25, shows that the actual growth of capital is pretty much stationary. It's just this revenue recognition that's pushing it into fiscal year '25. Next slide, please. So in closing, fiscal year '24, we had a number of challenges with not closing accounts as quickly as we had hoped. It was related to this validation of the robotic aided surgical systems. The enhanced highlights validation is an important requirement in really enabling the company to meet the requirements of these group surgeon settings and hospital settings where multiple surgeons require access within a limited space to this device. We expect to submit all those requested data sets in early December. We're making good progress, and we remain confident that we'll be able to meet that validation requirement, and we will keep the market updated. Post the robotic aided surgical system validation, we remain very confident in our prospect list that we're targeting. And we're really looking for a step change in orders post that announcement, and we are quite confident in our fiscal year '25 prospect list. The BMD SaaS remains on time line. We will be doing a new Q-Sub around the revised strategy in December and we still remain on our targeted time line. We also remain prudent in the approach to our capital management as we've shown in the capital restructuring that we did in December last year and again in the first half of fiscal year '25. So on that note, I will pass it back to the Chair.

Thank you, Greg. This now brings us to the formal part of the meeting, and I advise that no notice of any other items for today's agenda have been received and therefore declare that the only matters that will be dealt with at our meeting today are those set out in the Notice of Meeting. The Notice of Meeting was made available to shareholders on 25 October 2024, and I will take it as read. Before we consider the items of business, there are a number of procedural matters I wish to draw it to your attention. In accordance with Clause 7.8b2 of the constitution and Section 250L1C of the Corporations Act, all resolutions proposed in the Notice of Meeting will be decided by taking a poll as this will ensure the views of as many shareholders as possible are represented at the meeting. This means that each shareholder present at the meeting, whether in person or by representative, proxy or attorney and entitled to vote at the meeting will have the number of votes which is equal to the number of shares in the company held by the shareholder. Only shareholders, proxy holders, body corporate representatives or attorneys can vote. Please note that voting exclusions apply to some of the items of business at today's meeting. Please refer to the Notice of Meeting for details. How to vote? Once I declare the poll open, select the Vote icon, and the voting options will appear on your screen. To vote, select your voting direction and a tick will appear to confirm receipt of your vote. The poll will remain open during the meeting so that you can vote at any time during the meeting. Each resolution and the proxy count for each resolution will be displayed on the screen when that resolution is being considered. I am holding undirected proxies in my capacity as Chair and it is my intention to vote all such proxies in favor of all resolutions. Any directed proxies that are not voted at this meeting will automatically default to me as Chair of the meeting, and I am required to vote those proxies as directed. How to ask a question? Shareholders, proxy holders, body corporate representatives or attorneys will be able to submit or ask questions or comments at any time during the meeting. To do so, one, click on the Q&A icon and select the resolution your question relates to. And type your question into the chat box at the bottom of the screen and press send. I encourage you to ask your questions as soon as possible, and we will endeavor to address as many questions as we can during the course of the meeting. However, there may not be sufficient time available to address all of the questions raised. I now declare voting open. Please submit your votes at any time. I will give you a clear prompt later in the meeting to let you know when the poll is about to close, which will occur following consideration of all resolutions. I will now proceed with the business in the order it is listed in the Notice of Meeting. Item #1, Financial Statements and Reports. The first item of business deals with the financial statements and reports. These were released publicly on 29 August 2024, and are now presented before the meeting. These financial statements and reports are for the financial year ended 30 June 2024. This is not a resolution and no vote is required on it. On that note, I now invite questions or comments from shareholders in relation to the financial statements and reports and more generally about the management of the company. As I have advised representatives from the company's auditors are in attendance to answer any questions shareholders may wish to direct to them in relation to the conduct of their audit or in relation to the preparation of the financial statements. I also note that the auditor has received written questions from shareholders pursuant to Section 250PA of the Corporations Act, which require a response at this AGM.

Rob, I do have some questions. So we don't have any specific questions on the financial statements, but we do have two general business questions, which is probably most appropriate to cover here. So I can read those out. So the first one is, we have raised $25 million from the public at $0.48 via Bell Potter in August last year and the stock closed last night at $0.10, giving us a market capitalization of $40.6 million. During our 15 months as a public company, what are the two best and worst decisions that the Board and management have made? And what is your best theory on why the stock has performed so poorly?

I'll take that question, Ura. Look, I think, in hindsight, we can look back and what we have seen is we've got a highly valuable product. I think the demand for our product has proven to be significant. However, the success of our partner in the U.S., which does drive a big part of our placements, the success of our partner in foot and ankle as a company, Stryker, we also needed to cover off on knee and hip. Now while we were always developing and we have been developing for well over 18 months the new enhanced time lines, we always saw that as a slingshot when that would become available. I guess in hindsight, what we've learned is that there is limited space in these group surgeon settings. And where there is a foot and ankle surgeon, there is 9 times out of 10 a knee and hip. And most of those knee and hip surgeons either have a robot or have a robot on their radar screen for their knee and hip surgeries. So going -- looking back in hindsight, the validation of the HiRise for those robotic surgical systems in knee and hip, which has proven to be a significant role for closing accounts. Yes, I guess that as we look back, we would have tried to speed up the process, but -- unfortunately, I think we've been at our capacity. There was a lot of technical challenges to be able to meet that enhanced HiRise and to get through FDA and to launch it. We remain confident in that. And I think we addressed a lot of the issues that the market has responded to, which has been poor sales and placements due to that challenge, and I think we're very close to overcoming that challenge, and we remain very confident in the prospects of fiscal year '25 going forward.

The next question that we have here is the 5 most valuable U.S. big tech stocks: Microsoft, Apple, Amazon, Alphabet and NVIDIA, together worth more than $20 trillion, largely because they have enormous pricing power and are overcharging customers the world over. Could the CEO comment on which of the big global technology companies we are most reliant on, and what would we do if they suddenly put their prices up 30%?

I'll take that question, Ura. For us, we're a medical device company. A lot of those large players don't really impact our business other than the Amazon cloud server that we use for our SaaS model. I don't see any of those major players being a significant risk to our business going forward.

Thanks, Greg. There are no more questions on the financial statements or general business.

Thank you, Ura. Given that there are no more questions, we'll move on to the second item of business, which is the remuneration report. The next item of business asks shareholders to adopt the company's remuneration report for the year ended 30 June 2024. The remuneration report is included on Pages 21 to 33 of the company's annual report. Unless there is an objection, I will take the motion in Item 2 is being read and refer you to the screen for details of the resolution and the proxies received for this resolution. While this is a nonbinding advisory vote of shareholders, the views and comments of shareholders will certainly be taken very seriously by the directors with further considering remuneration matters. I note that a voting exclusion applies to this resolution as set out in the notice of meeting. The Nonexecutive Directors recommend that shareholders vote in favor of this resolution. As I mentioned earlier, voting on this resolution will be by way of a poll. Are there any questions on the remuneration report?

Rob, we do have a question. And it is, have there been any material proxy protest votes on any of today's resolutions, including this remuneration report item? If so, do you know why? Best practice is to disclose the proxy position to the ASX along with the formal addresses ahead of the AGM to allow more fully informed debate. You didn't do this in 2023 or 2024, will you commit to doing this at next year's AGM? And I'd note, Rob, that the against vote on this resolution is 0.94% of the vote or 0.34% of all securities. So I guess the other question -- part of the question in front of us is, would we commit to disclosing the proxies, which are part of the presentation for the AGM. Would we commit to disclosing those before the meeting on the ASX platform for next year?

I would take -- I think we would take it under advisement and come back to the market. But yes, we would definitely look at it.

That's the only question on the remuneration report.

If there are no more questions, we'll move on to the third item of business, which is the reelection of Ms. Kate Robb, as a Director. The next item of business is the reelection of Kate Robb. Kate is an independent Non-Executive Director of the company. She is also the Chair of the Audit and Risk Committee and a member of the Nomination and Remuneration Committee. Details of Kate's qualifications and experience are set out in the Notice of Meeting and the company's 2024 annual report. Kate has been a non-Executive Director of the company since April 2023. Unless there is an objection, I will take the motion in Item 3 as being read and refer you to the screen for details of the proxies received for this resolution. The Board, with Ms. Robb abstaining, recommends that shareholders vote in favor of this resolution. Are there any questions in relation to this resolution?

Rob, we have one question. It is -- this is the second consecutive year in which we run a fully virtual AGM, which is not best practice. The best-governed ASX-listed companies are now running hybrid AGMs with a traditional physical component, coupled with online participation, which includes both voting and live written questions. Good board candidate, Kate Robb comment on her view about virtual AGMs and will she and the Chair commit to doing a hybrid next year where -- also where are Kate and the rest of the Board and management physically located for today's virtual AGM?

Yes, happy to respond to that question. Holding a virtual AGM is consistent with our constitution and I think given the size of our company, the cost involved with holding a hybrid meeting and the geographic locations that we're trying to cover, I think it's appropriate that we hold a virtual meeting. but we'll take feedback from shareholders and take it into consideration for next year, whether we hold a hybrid meeting. I'm located in Melbourne today for the AGM.

And just a clarity to -- our Chair, Rob, is in London; Arun Singh, our U.S. President and COO, is located on the East Coast of the U.S. And then the rest of us are located in Australia.

If there are no more questions, I will now move to the next item of business. Item #4. This is an approval of an additional 10% capacity to issue equity securities under the ASX Listing Rule 7.1A. The next item of business asks shareholders to approve an additional 10% placement capacity under ASX Listing Rule 7.1A. This is a special resolution and therefore requires the approval of 75% of the votes cast by eligible shareholders. Unless there is an objection, I will take the motion in Item 4 as being read and refer you to the screen for details of the proxies received for this resolution. The Board recommends that shareholders vote in favor of this resolution. Are there any questions in relation to this resolution?

We do have one for this resolution, Rob. There have been many substantial protest votes against resolution seeking an extra 10% placement capacity this AGM season. So why are you doing it? It is not good practice to allow Board to selectively place up to 25% of the company's shares to anyone they like over a 12-month period diluting the existing shareholders without compensation to their lost property rights. From my point of view, you should never have requested it, and I have voted against it. If you need to raise capital, please do a renounceable pro rata offer, which treats all shareholders equally.

Greg, do you want to reply to that?

Yes. Look, I think that the point is noted, and we would take that under advisement if we do need to raise capital.

Anything else, Ura?

That is the only question on that resolution. And just further to the earlier question about protest vote. So I do note that was a 9% vote against on the placement facility, which, as Greg said, we've taken it on.

If there are no more questions, we'll move on to the fifth item of business, which is the approval of long-term incentive option grants to Mr. Greg Brown and Mr. Arun Singh. The next two items of business asks shareholders to approve long-term incentive option grants to Mr. Greg Brown and Mr. Arun Singh under the company's Omnibus incentive plan. Details of the proposed long-term incentive grants are set out in the Notice of Meeting. Item 5.1, approval of grant of long-term incentive options to Mr. Greg Brown. Slide is on the board. The first of these items is the grant of long-term incentive options to Mr. Greg Brown. Unless there is an objection, I will take the motion on Item 5.1 as being read and refer you to the screen for details of the process received for this -- proxies received for this resolution. The Board, with Mr. Brown abstaining, recommends that shareholders vote in favor of this resolution. Voting exclusions apply to this resolution as described in the Notice of Meeting. Are there any questions in relation to this resolution?

There are, Rob. So there was an 18% protest vote against two incentive grant resolutions at debut AGM last year. Corporate voting is not a secret ballot in Australia. Do you know who voted against these resolutions and why? And have you made any changes to our incentive structures as a result, including on this proposed options -- grand to Greg Brown. Before that question gets contributed to by others. I would note that we have a very large institutional register and due to nominee structures in our market, it's very hard for us to see where the nominee voting is coming from in terms of the underlying institutional shareholder. So other than that, Greg, do you want to speak to that one or?

I'm conflicted on this one and have to go to either Kate or Hashan.

I'll take that one, Ura. Yes. We speak to our shareholders on a regular basis and take their consultation on all matters, including when matters into consideration. And as you can see, this particular resolution does not have a similar protest vote as we saw last year.

Standing question on 5.1.

Okay. Thank you. Well, there being no more questions, we'll move to the next item, which is Item 5.2, approval of grant of long-term incentive options to Mr. Arun Singh. Unless there is an objection, I will take the motion on Item 5.2 as being read and refer you to the screen for details of the proxies received for this resolution. The Board, with Mr. Singh abstaining recommends that shareholders vote in favor of this resolution. Voting exclusions applied to this resolution as described in the Notice of Meeting. Are there any questions in relation to this resolution?

There are. And actually, just before we get to that, I was just going back, I mean, the last question was not with notice, but I did just go back to the results of last year's AGM and the resolutions at the AGM that got votes of 18% against them were resolutions regarding NED equity remuneration. So they weren't about the underlying LTI program for management. So just providing that further clarification on the last question, which we've got with term. Then moving to -- there is a question 5.2. So our website includes videos of presentations that we've made at investor conferences but I couldn't find any copy of the webcast of last year's virtual AGM. The annual report says that we have over 1,000 shareholders, but less than 50 of them will be watching today's hybrid AGM live. Will you commit to publishing a full copy of the AGM webcast on our website. Also when disclosing the poll results to the ASX, including on its proposed LTI options grant to Arun Singh, please include the data from Computershare on how many shareholders voted for and against so we can get a sense of retail voting sentiment along with a chronically low retail voting rate for ASX-listed companies.

Was there a question in there, Ura?

Would we commit to sharing the copy of this webcast on our website?

Well, I would think we would look at that. Other comment, Greg?

Yes, we'll definitely look at making that available.

Any other questions in relation to 5.2, Ura?

No, Rob, that's all the questions. Hang on. No that's all the questions on that resolution. There are a couple of other general business questions that have popped up that we can attend to when we're ready -- perhaps when we get some waiting time.

Well, this resolution is the last item on the agenda. So if there are no more questions, I'd ask all shareholders who have not already voted to do so now. And we'll take a short pause while you do that. So please vote and we'll rejoin in 5 minutes.

So Rob, now it's probably been a good time to deal with these other two questions. So the first one is what are our arrangements for distribution of HiRise in Australia?

Good question and I think Greg has been working on that one.

We are looking at both the direct structure for Australia and also potentially working with strategic players in the orthopedics field. So we're looking at both options at this point -- Europe. But we haven't landed on a decision yet, but we should be able to inform the market on a decision around Australia and New Zealand, hopefully, in January of next year.

Then the next and the last question that we have unanswered is what are the arrangements for updating equipment, e.g., for BMD?

So when it comes to BMD, there's all HiRise that can run BMD will be the new enhanced HiRise. On the enhanced HiRise because BMD is only required under medical guidelines for knee and hip implants, so right now, as part of the v2, there's a data management platform and then a connection to our [indiscernible] AI cloud. And that will all be available on the V2 platform when it's installed. And then a module when it's FDA cleared will be plugged in to the cloud that will then interact with our v2 product to offer a SaaS-based model and the billing post the FDA clearance and [indiscernible] of course and TGA for Europe and Australia. But I just would note that the only place that there's a favorable reimbursement for a pre-existing CT scan today is in the U.S. market. We would be lobbying in the German and French markets for coverage and also here in Australia as well. But there is no existing reimbursement by driving that annuity yet. However, [ there is ] in the U.S. So that's why we're very focused on the U.S. around that BMD launch.

We don't have any other questions in the portal.

Well, I think we'll still allow another two minutes for voting. [Voting]

Hello, everyone. We're back, ladies and gentlemen. The time for voting on the resolutions has now expired, and I declare the poll closed. The votes will now be counted by Computershare and the results of the poll will be available shortly and will be announced on the ASX and the company's website. A recording of the webcast will also be available following this AGM. Thank you all for your attendance at this meeting and your interest in the company. On behalf of the Board, and all our management and employees, we look forward to your continued support. I now declare the meeting closed.