MACH7 TECHNOLOGIES LIMITED — Interim / Quarterly Report 2008

Apr 29, 2008

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ASX and Media Announcement

APPENDIX 4C FOR THE QUARTER ENDED 31 MARCH 2008

30 April 2008

HIGHLIGHTS

1) First Australian company to gain approval to supply retractable syringes and insulin pen needles to the National Diabetes Services Scheme with a market potential of over 70million units and $9mill in revenues.(see ASX announcements 19/02/2008 and 31/03/2008)

2) Chosen as preferred supplier to South Australian Mental Health for 1ml Retractables covering eight facilities.(see ASX announcement 23/04/2008)

Yours Sincerely

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John Riemelmoser Managing Director

About Safety Medical Products Limited

SafetyMed is a company focused on developing and marketing a unique range of Safety Products led by its flagship SecureTouch™ Retractable Syringe. The Company’s strategy of acquiring related companies to more rapidly secure economical development, distribution and sales of its products will see it continue to achieve strong bottom line growth throughout 2007/08.

For further information please contact:

Mr. John Riemelmoser	Mr. Duncan Gordon
Managing Director	Investor Relations
Safety Medical Products Limited	Adelaide Equity Partners Ltd
Ph (08) 8285 5226	Ph (08) 8232 8800
Fax (08) 8285 3228	Fax (08) 8232 8811
Emailinfo@safetymed.com.au	Emaildgordon@adelaideequity.com.au

Appendix 4C Quarterly report for entities admitted on the basis of commitments

Appendix 4C

Quarterly report for entities admitted on the basis of commitments

Introduced 31/3/2000. Amended 30/9/2001, 24/10/2005.

Name of entity Safety Medical Products Limited

ABN 26 007 817 192	Quarter ended (“current quarter”)
26 007 817 192	31stMarch 2008

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from customers 1.2 Payments for (a) staff costs (b) advertising and marketing (c) research and development (d) leased assets (e) other working capital 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes 1.7 Other (provide details if material) Accounting & auditing Patent & Trade Mark expenses Property rental & outgoings Consulting fees Travel Share Registry & ASX expenses Legal Fees Net operating cash flows	Current quarter $A’000	Year to date (9 months) $A’000
	1,598 (989) (54) - ( 3) (1,086) - 2 ( 18) - ( 22) ( 7) ( 96) ( 69) ( 10) ( 17) ( 4)	3,827 (2,375) ( 72) - ( 7) (2,311) - 14 ( 54) 80 ( 110) ( 56) ( 178) (224) ( 36) ( 57) ( 14)
	( 775)	(1,573)

• See chapter 19 for defined terms.

24/10/2005

Appendix 4C Page 1

	Current quarter $A’000	Year to date (3 months) $A’000
1.8 Net operating cash flows (carried forward)	( 775)	(1,573)
Cash flows related to investing activities 1.9 Payment for acquisition of: (a) businesses (item 5) (b) equity investments (c) intellectual property (d) physical non-current assets (e) other non-current assets 1.10 Proceeds from disposal of: (a) businesses (item 5) (b) equity investments (c) intellectual property (d) physical non-current assets (e) other non-current assets 1.11 Loans to other entities 1.12 Loans repaid by other entities 1.13 Other (Stamp Duty paid following acquisition of Bagot Press. Acquisition closed 1 May 2007) Net investing cash flows 1.14 Total operating and investing cash flows	- - - ( 26) - - - - - - - - -	- - - ( 280) - - - - - - - - ( 214)
	( 26)	(494)
	( 801)	(2.067)
Cash flows related to financing activities 1.15 Proceeds from issues of shares, options, etc. 1.16 Proceeds from sale of forfeited shares 1.17 Proceeds from borrowings 1.18 Repayment of borrowings 1.19 Dividends paid 1.20 Other (provide details if material) Net financing cash flows	(6) - 428 (20) - -	824 - 1,394 (446) - -
	402	1,772
Net increase (decrease) in cash held 1.21 Cash at beginning of quarter/year to date 1.22 Exchange rate adjustments to item 1.20 1.23 Cash at end of quarter	(399) 580 -	(295) 476 -
	**181 **	**181 **

Appendix 4C Quarterly report for entities admitted on the basis of commitments

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.24 Aggregate amount of payments to the parties included in item 1.2 1.25 Aggregate amount of loans to the parties included in item 1.11	Current quarter $A'000
	64
	-

1.26 Explanation necessary for an understanding of the transactions Consists of director fees, salaries and superannuation to directors, and consulting fees paid to directorrelated entities.

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows Not Applicable

• 2.2 Details of outlays made by other entities to establish or increase their share in businesses in which the reporting entity has an interest

Not Applicable

Financing facilities available

Add notes as necessary for an understanding of the position. (See AASB 1026 paragraph 12.2).

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	765	628
	40	0

In addition the Directors, Mr J Darley and Mr J Riemelmoser have provided finance facilities via directors loans of $300,000 and $200,000 respectively (amount unused $200,000).

At the 31 March 2008 the Company was finalising a capital raising via the issue of convertible notes (approved at the company’s general meeting on the 18 April 2008); the Company has received indicative Convertible Note applications to date of approximately $800,000.

• See chapter 19 for defined terms.

24/10/2005

Appendix 4C Page 3

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
4.1 Cash on hand and at bank 4.2 Deposits at call 4.3 Bank overdraft 4.4 Other (provide details)	181	580
	-	-
	-	-
	-	-
Total: cash at end of quarter(item 1.23)	181	580

Acquisitions and disposals of business entities

5.1 Name of entity 5.2 Place of incorporation or registration 5.3 Consideration for acquisition or disposal 5.4 Total net assets 5.5 Nature of business	Acquisitions (Item 1.9(a))	Disposals (Item 1.10(a))
	Not Applicable	Not Applicable

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act (except to the extent that information is not required because of note 2) or other standards acceptable to ASX.

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

Sign here: .... ...... Date: .....24/4/2008..... (Director) Print name: John Riemelmoser

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 wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2. The definitions in, and provisions of, AASB 1026: Statement of Cash Flows apply to this report except for the paragraphs of the Standard set out below.

Appendix 4C Quarterly report for entities admitted on the basis of commitments

• 6.2 - reconciliation of cash flows arising from operating activities to operating profit or loss

• • 9.2 - itemised disclosure relating to acquisitions • 9.4 - itemised disclosure relating to disposals • 12.1(a) - policy for classification of cash items • 12.3 - disclosure of restrictions on use of cash • 13.1 - comparative information

• Accounting Standards. ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

• See chapter 19 for defined terms.

24/10/2005

Appendix 4C Page 5