MICRO-X LIMITED — Capital/Financing Update 2019

Feb 27, 2019

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Micro-X Limited, 1284 South Road, Tonsley, Clovelly Park, South Australia, 5042

ABN: 21 153 273 735

Thursday 28[th] February 2019

ASX Announcement – MICRO-X LIMITED (ASX: MX1)

MICRO-X BUSINESS UPDATE

Micro-X Ltd (ASX:MX1) wishes to advise that as part of a continuing evolution of its supply chain arrangements Micro-X has sold its 30% shareholding in XinRay Systems Inc which it acquired in January 2016.

The disposal of the shares took place by way of a buy-back by XinRay. It followed extended board and management discussions between Micro-X and XinRay and is part of a re-structuring of the commercial relationship between the companies for the on-going supply of x-ray tubes for the Carestream DRX Revolution Nano.

The proceeds of the disposal, which exceed the carrying value of Micro-X’s investment, will be used as credit against invoices relating to the supply of x-ray tubes from XinRay.

Micro-X adjusted the carrying value in last year’s results to A$1.9M following concerns that future revenues expected to be earned by XinRay through NuRay Technology Co. Ltd, a joint venture company based in Jintan, China of which XinRay owns 30%, would not support the original carrying value.

For further information please contact:

Mr Peter Rowland, Managing Director, Micro-X Limited

Telephone: +61 418 844 981 prowland@micro-x.com www.micro-x.com

About Micro-X : Micro-X Limited (“ MX1 ”) is an Australian Securities Exchange listed company developing and commercialising a range of highly innovative products based on proprietary carbon nanotube emitter technologies exclusively licensed and sourced from XinRay Systems Inc., a US based technology developer. These technologies enable the miniaturisation of a number of X-ray applications relevant to large global markets.