MACH7 TECHNOLOGIES LIMITED — AGM Information 2007

Nov 22, 2007

==> picture [112 x 102] intentionally omitted <==

SAFETY MEDICAL PRODUCTS LIMITED ANNUAL GENERAL MEETING Friday 23[rd] November, 2007

Chairman’s Address

Fellow Shareholders

This past year has been an exceptionally busy one for SafetyMed.

Throughout this period your Company has achieved significant progress towards the commercialisation of the SecureTouch™ retractable safety syringe. In addition to this, SafetyMed has successfully completed the acquisition of ProControl Systems and Bagot Press and commenced the introduction of its full consumer range of medical products into the retail and wholesale sectors.

I will speak about each of these achievements and our expectations for the year ahead separately.

SecureTouch™

Let me firstly discuss the progress we have made regarding development of the SecureTouch™ and the plans we have for commercialisation in the future.

During the year the development of the SecureTouch™ retractable safety syringe was completed and equipment capable of assembling 5,000 syringes per hour successfully commissioned.

The Company was greatly assisted in achieving this milestone through the receipt of a Federal Government AusIndustry Commercial Ready grant of $256,000. The grant was a significant factor in enabling the Company to expedite the completion of this leading edge project.

Furthermore, certification from the Australian Therapeutic Goods Administration (TGA) for the supply and sale of SecureTouch™ in Australia was received in June 2007.

This was a significant milestone for the Company. Not only does it allow for sales of SecureTouch™ in Australia and New Zealand, but also into 27 countries of the European Union under the Mutual Recognition Agreement.

Safety Medical Products Limited AGM, 23 November 2007 1 of 4

SafetyMed has also received Australian Conformity Assessment Certification to the new ISO13485 standard for the manufacture of Retractable Syringes in Australia – the only Australian company to have received such a certification.

Following achievement of these milestones and as recently announced, commercial production of the SecureTouch™ syringe has now commenced from the Company’s manufacturing facility in Salisbury, South Australia. This has allowed for initial sales to be undertaken by the Company’s wholly owned subsidiary Bagot Press.

The first batch of finished product was delivered in mid-October and Bagot Press has commenced the process of selling SecureTouch™ syringes into pharmacies throughout Australia.

Bagot Press is a leading supplier of printing services and consumable products to retail pharmacies throughout Australia and has existing sales relationships with in excess of 2,000 pharmacies.

The commencement of commercial production has allowed the Company to start the process of presenting the SecureTouch™ to other private and public sector markets such as medical product distributors and wholesalers, Public and Private hospitals and Government procurement offices.

A number of meetings have already taken place and we have more planed for the coming weeks.

While only small volumes of the SecureTouch™ have been produced so far, we have recently received TGA approval for use of the automated assembly equipment and taken delivery of automated packing equipment, which will enable production to be scaled-up early in the New Year. It is anticipated that full production capacity from the existing assembly machine will be in the order of 3 million units per month.

As we announced earlier in the year, our global marketing partner, Exelint was not able to install the SecureTouch™ automated assembly equipment in their Korean facility at the time that was originally planned.

Following this announcement we made the decision to utilise the assembly equipment to commence production of the SecureTouch™ in Australia, thereby ensuring that commercialisation could take place as soon as possible.

We continue to have a strong relationship with Exelint through our Alliance Agreement and have regular communication with them. They have assured us of their desire to market the SecureTouch™ in the territories granted to them and we will be working together closely in the coming months to realise this outcome.

Consumable Medical Products

The Company’s Surgical Masks, Automatic Medical and Stationery Tape Dispensers and the Single-use Disposable Thermometers are now available for sale, through distribution arrangements with a number of organisations.

Safety Medical Products Limited AGM, 23 November 2007 2 of 4

The Company has specifically focused on these safety products for their practicality, uniqueness and sales potential. They are expected to generate a useful contribution to the Company’s sales revenue in 2007/08.

Bagot Press

The acquisition of Bagot Press was completed on 1 May 2007.

Bagot Press is a specialised Adelaide-based manufacturer and distributor of printing and general consumables to retail pharmacies. It is a leader in its field and has a broad range of clients in most states of Australia.

Given the strong relationship Bagot Press has with retail pharmacies throughout Australia, it was seen as an ideal acquisition opportunity for SafetyMed, allowing for direct sales of the Company’s products to this important market.

As I previously mentioned, this opportunity is now being realised with Bagot Press having commenced selling the SecureTouch™ and also the Company’s other consumable medical products.

Bagot Press has continued to trade strongly post acquisition, generating sales in excess of $0.5 million during the two month period to 30 June 2007 and EBITDA of $80,000. Sales for the first four months of the new financial year have been in line with our expectations at approximately $1 million.

The organisation has recently moved into a new facility at Regency Park that provides the opportunity to continue to grow the business, particularly into regions not currently serviced.

Sales for 2007/08 are expected to be between $3.0 and $3.5 million.

ProControl Systems

The acquisition of ProControl Systems was completed on 9 February 2007.

ProControl Systems provides specialist industrial control and automation systems, machine vision, robotics and turn-key solutions for large and small industrial businesses.

SafetyMed purchased ProControl to effectively “in-source” the technical expertise needed to construct equipment with respect to automatic assembly of the SecureTouch™ syringe. The Company views this capability as strategically important, allowing SafetyMed to rapidly develop additional assembly machines for both its own use and for installation in the facilities of syringe manufacturers.

In the period between the acquisition and 30 June 2007 the business generated revenue of $0.4 million and EBITDA of $(0.3) million. The later months of the financial year are traditionally a slow period and sales are improving during the first half of 2007/08. Furthermore, the loss incurred by

Safety Medical Products Limited AGM, 23 November 2007 3 of 4

ProControl was significantly contributed to by costs incurred in the development of the automated assembly equipment for SafetyMed.

Sales for the first four months of the new financial year have been approximately $0.45 million and a large contract has recently been secured which will further boost revenue in the coming months.

Sales for 2007/08 are expected to be between $1.5 and $2.0 million.

Capital Raising

You will be aware that the Company has recently undertaken a Rights Issue to provide additional capital necessary to commence full scale production and undertake marketing activities to commercialise SecureTouch™ in Australia. The issue was on a 1 for 10 basis and sought to raise approximately $1.9 million, before expenses of the issue.

We were pleased that approximately 40% of existing shareholders participated in the issue, raising approximately $546,000. The Company has subsequently raised a further $300,000 through the placement of shares with new shareholders and we are continuing to work with our advisors to place the balance of the shares available from the issue.

The Board

In accordance with the Company’s constitution, Dr Joseph Nicholas has completed his terms of appointment on the Board and will be offering himself for re-election at this meeting. This election process will be dealt with as part of the formal business later in the meeting.

Conclusion

In conclusion, the Board would like to thank all staff for their part in the development of the Company over the last year, particularly our Managing Director, Mr John Riemelmoser, who continues to work tirelessly to establish SafetyMed as a successful medical and health products company.

We would also like to thank shareholders for their continuing support of the Company.

Having made significant progress during 2006/07, SafetyMed is now in a position to commence commercialisation of its key technology, the SecureTouch™ retractable safety syringe.

Together with the contributions from Bagot Press, ProControl Systems and the full range of safety products, we expect 2007/08 to be another successful year for Safety Medical Products.

It is now my pleasure to call on our Managing Director, John Riemelmoser to present his report for the 2006-07 year.

Safety Medical Products Limited AGM, 23 November 2007 4 of 4