CLEARVUE TECHNOLOGIES LIMITED — Interim / Quarterly Report 2018

Jul 30, 2018

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ASX Announcement
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ASX Release ǀ ClearVue Technologies Limited (ASX: CPV)

Quarterly Operational Update & Appendix 4C

Highlights

• ClearVue successfully raised $5m as part of successful IPO

• ClearVue signs MOU with Mirreco to develop carbon-negative residential and commercial solutions that incorporate ClearVue’s solar window technology and Mirreco’s industrial hemp product which is used as paneling material to create eco-friendly structures

• ClearVue moves away from dependence on its specifically designed window frames by developing industry standard format Insulated Glass Unit or IGU window module for use in multi-vendor window framing solutions

• Successfully completes certification for solar window technology in both Australian and European Union

• ClearVue continues to progress certification of curtain wall product in Australia and is on track to complete it during August 2018

• ClearVue’s products to launch at “Fenestration 2018” conference, Port Douglas Queensland 19-21 September 2018 and Glasstec 2018, Dusseldorf, Germany 23-26 October 2018

31 July 2018: Smart building material company ClearVue Technologies Limited (ASX:CPV) ( ClearVue or the Company ) is pleased to provide its quarterly cash flow and activities summary for the period ending 30 June 2018.

Listing on Australian Securities Exchange

ClearVue announced on the 25 May 2018 that it closed its IPO raising $5 million. The Company raised $5 million through the issue of 25,000,000 shares at $0.20 each under its well supported IPO, giving the Company a market capitalisation of $19 million at the offer price.

ClearVue signed MOU with Industrial Hemp Based Sustainable Eco-friendly Micro Home provider Mirreco

ClearVue announced on 7 June 2018 that it had entered into a Memorandum of Understanding ( MOU ), with Mirreco Holdings Pty Ltd ( Mirreco ) which will see hemp-based sustainable housing manufacturer Mirreco exclusively use ClearVue SolarPV integrated window technology.

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Contact

PO Box 902 P +61 8 9482 0500 West Perth WA 6872

ASX Announcement

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Under the MOU ClearVue became the exclusive supplier of solar window products, initially for small-scale housing units, or “micro homes”, created by Mirreco, following the successful development of a prototype unit.

Mirreco has developed an environmentally-friendly, carbon-negative industrial hemp product which is used as panelling material to create eco-friendly homes and other structures. Mirreco’s unique processing system captures and stores carbon dioxide indefinitely, potentially revolutionising current practices within the building industry.

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Insulated Glass Unit Technology Development

On 27 July 2018 ClearVue announced it had taken a significant step forward in its technology commercialisation strategy with the development of a frame-independent Insulated Glass Unit to support its glass technology.

This design advancement allows solar energy that was previously captured in photo-voltaic cells built around the inside of a window frame and then converted into energy, to now be captured within solar cells built into the IGU structure itself.

From a commercialisation perspective, this solution allows ClearVue to accelerate its licensing opportunities as clients no longer need to rely upon ClearVue’s proprietary window frame designs and can instead utilise industry standard frames produced by the majority of manufacturers.

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Certification

The Company has successfully completed product certification testing for its high technology solar window product to Australian Standard AS 2047 and to European Standard EN 14351-1:2006+A2:2016. These certifications permit the Company to use its products, including to installing its windows into the trials outlined in its Prospectus, and to commence promotion and initial sales into the Australian and EU markets.

ClearVue is separately undertaking AS 4284 certification testing for Australia on the Company’s glass curtain wall product with the results expected to be provided to the market during August 2018.

Intellectual Property and Technology Development

The Company’s Intellectual Property and technology development portfolio continues to expand with earlier filed patents now being granted and issued in different countries around the world – the most recent of which was the issue and grant in Japan (Patent No. 6359661) on 29 June 2018 of one of the company’s patents for its frame design as originally filed in 2014.

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Trade Delegations and Tradeshows

During July representatives of the Company attended the premises of their outsourced manufacturer Rocky Industries in Qingdao, China to meet with representatives from Nippon Steel in Japan to introduce and demonstrate the ClearVue technology and products which were well received.

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Company representatives will attend Fenestration 2018 (see: www.awa.org.au/conferenceinformation/fenestration-australia-2018) on 19-21 September 2018 where the Company will officially launch the ClearVue solar PV windows for the Australian market.

Following this tradeshow, Company representatives will attend the World’s largest glass industry tradeshow, Glasstec in Dusseldorf (see: www.glasstec-online.com/) being held on 23-26 October 2018 where the ClearVue product will be officially launched to the European market.

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Corporate

During the quarter, each of the Non-executive Directors agreed to reduce their director fees from AUD $48,000 p.a. to $25,000 p.a. This reduction reflects ongoing efforts to minimize corporate costs.

Financial position

As at 30 June 2018, the Company had a cash balance of AUD$3.8 million and is well funded to meet its strategic objectives as outlined in its IPO prospectus.

The Company incurred operating expenditure, net of government grant receipts for the quarter to 30 June 2018 of $575k. This outflow was higher than budgeted for future quarters due to the payment of outstanding creditors in June which were deferred until completion of the IPO, including research & development costs which will be included in a R&D Tax Incentive claim by the Company.

Please refer to the Appendix 4C quarterly commitments report for the period ended 30 June 2018 for further information.

Commenting on the successful quarter, Executive Chairman Mr Victor Rosenberg said:

“The June quarter was a very active one for ClearVue. Following the successful listing of the Company in May, we have successfully progressed a number of key initiatives which have significantly advanced the company to a point of commercialization. We are grateful for the support of our new and existing shareholders and look forward to updating the market over the coming months.”

About ClearVue Technologies Limited

ClearVue Technologies Limited (ASX: CPV) is an Australian technology company that operates in the Building Integrated Photovoltaic (BPIV) sector which involves the integration of solar technology into building and agricultural industries, specifically glass and building surfaces, to provide renewable energy. ClearVue has developed advanced glass technology that aims to preserve glass transparency to maintain building aesthetics whilst generating electricity.

Solar PV cells are incorporated around the edges of an Insulated Glass Unit (IGU) used in windows and the lamination interlayer between the glass in the IGU incorporates ClearVue’s patented proprietary nano and micro particles, as well as its spectrally selective coating on the rear external surface of the IGU.

ClearVue’s window technology has application for use in the building and construction and agricultural industries (amongst others).

ClearVue has worked closely with leading experts from the Electron Science Research Institute, Edith Cowan University (ECU) in Perth, Western Australia to develop the technology.

To learn more please visit: www.clearvuepv.com

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Forward Looking Statements

Statements contained in this release, particularly those regarding possible or assumed future performance, revenue, costs, dividends, production levels or rates, prices or potential growth of ClearVue Limited, are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

Further Information

For further information, please contact:

ClearVue Technologies Limited

Victor Rosenberg Executive Chairman ClearVue Technologies Limited victor@clearvuepv.com M: +61 8 9 482 0500

Media Enquires

David Tasker Director Chapter One Advisors dtasker@chapteroneadvisors.com.au M: +61 433 112 936

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Appendix 4C Quarterly report for entities subject to Listing Rule 4.7B

+Rule 4.7B

Appendix 4C

Quarterly report for entities subject to Listing Rule 4.7B

Introduced 31/03/00 Amended 30/09/01, 24/10/05, 17/12/10, 01/09/16

Name of entity

ClearVue Technologies Limited

ABN 45 071 397 487

Quarter ended (“current quarter”)

30 June 2018

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for research and development staff costs product manufacturing and operating costs advertising and marketing intellectual property costs administration. legal and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	(258) (78) (145) (38) (36) (163) 2 (15) 157	(402) (175) (620) (43) (233) (259) 2 (15) 382
	(575)	(1,363)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment (b) businesses (see item 10) (c) investments	(7)	(122)

• See chapter 19 for defined terms

1 September 2016

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Appendix 4C Quarterly report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
(d) intellectual property (e) other non-current assets 2.2 Proceeds from disposal of: (a) property, plant and equipment (b) businesses (see item 10) (c) investments (d) intellectual property (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities
	(7)	(122)
3. Cash flows from financing activities 3.1 Proceeds from issues of shares 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of share options 3.4 Transaction costs related to issues of shares, convertible notes or options 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	5,000 (653) (200)	5,448 (653) 200 (200)
	4,147	4,795
4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of quarter/year to date 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	254 (575) (7) 4,147	510 (1,363) (122) 4,795

• See chapter 19 for defined terms 1 September 2016

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Appendix 4C Quarterly report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of quarter	-
	3,819	3,819

5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other – Petty Cash 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	3,819	254
	3,819	254
6. Payments to directors of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to these parties included in item 1.2 317 6.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
		Current quarter $A'000
		317

6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2	6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
Payments comprised:-
-	IPO lead manager fees paid to Ventnor Securities Pty Ltd, a related entity of director, Mr
	Stuart Carmichael
-	Corporate advisory fees paid to ICW Capital Pty Ltd, a related entity of director, Mr Ivan Wu
-	Fees paid to Ventnor Capital Pty Ltd, a related entity of director, Mr Stuart Carmichael, for
	company secretarial services
-	Executive director salaries
-	Non-executive director fees
All payments to associates of directors were on arms-length terms.

7. Payments to related entities of the entity and their associates

Current quarter $A'000

7.1	Aggregate amount of payments to these parties included in item 1.2
7.2	Aggregate amount of cash flow from loans to these parties included
	in item 2.3
7.3	Include below any explanation necessary to understand the transactions included in
	items 7.1 and 7.2

• See chapter 19 for defined terms 1 September 2016

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Appendix 4C Quarterly report for entities subject to Listing Rule 4.7B

	8. Financing facilities available Add notes as necessary for an understanding of the position Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 8.1 Loan facilities 8.2 Credit standby arrangements 8.3 Other (please specify) 8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000

9. Estimated cash outflows for next quarter	$A’000
9.1 Research & development and certification costs 9.2 Product manufacturing and operating costs 9.3 Staff costs 9.4 Advertising and marketing 9.4 Intellectual property costs 9.5 Administration, legal and corporate costs 9.6 Total estimated cash outflows	160 50 150 50 70 100
	580

10. Acquisitions and disposals of business entities (items 2.1(b) and 2.2(b) above)	Acquisitions	Disposals
10.1 Name of entity
10.2 Place of incorporation or registration
10.3 Consideration for acquisition or disposal
10.4 Total net assets
10.5 Nature of business

• See chapter 19 for defined terms 1 September 2016

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Appendix 4C Quarterly report for entities subject to Listing Rule 4.7B

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Sign here: ............................................................ Date: 31 July 2018 ( ~~Director/~~ Company secretary)

Print name: Brett Tucker

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. See chapter 19 for defined terms 1 September 2016

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