MICRO-X LIMITED — Capital/Financing Update 2022

Jun 13, 2022

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Micro-X Limited, ABN 21 153 273 735

SECOND MAJOR US NATIONWIDE MOBILE X-RAY DISTRIBUTOR APPOINTED

Medlink Imaging and Vieworks Co. Ltd a key US nationwide distributor for Rover – A$1.0m Initial sales commitment

Adelaide, Australia, 14[th] June 2022: Australian hi-tech company Micro-X Ltd (ASX:MX1) ( Micro-X or the Company ), a leader in cold cathode x-ray technology for health and security markets globally, is pleased to announce the signing of a distribution agreement for Rover in the United States with Medlink Imaging LLC ( Medlink Imaging ), a nationwide master dealer of radiographic equipment and Vieworks digital detector solutions.

Key Points

• Medlink Imaging signs multi-year distribution agreement for Rover in the United States

• Medlink commits to acquire A$1m of Rover systems in first year to support sales

• Appointment of Medlink Imaging adds more than 100 sub-distributors to the Micro-X network

• Medlink Imaging, owned by South Korean listed Vieworks – a leading manufacturer of digital detector panels, now seeking to expand into sales of full Mobile DR systems

• First sales to follow FDA approval which is expected in December Quarter 2022

Medlink Imaging appointed as nationwide distributor for Rover in the United States

The Company’s US subsidiary Micro-X Inc has signed a nationwide US distribution agreement for its Rover mobile x-ray system with Medlink Imaging, a leading independent distributor of digital radiology equipment across the United States, for a three-year term with a one-year automatic renewal term. Medlink Imaging is a wholly owned subsidiary of Vieworks Co. Ltd, a major global supplier of imaging plates based in South Korea and listed on the Korean stock exchange [100120.KQ]. A key element of this distribution agreement with Medlink Imaging is an initial commitment to acquire US$0.72 million (A$1.0 million) of Rover mobile systems during the first year of the agreement and each year thereafter, once the integrated solution, described below, has been approved by the regulatory authorities.

As part of a development agreement with Vieworks Co. Ltd, the current Rover cart and imaging chain will be integrated with Vieworks manufactured digital radiology panels and VXVue software. This Rover Mobile DR with Vieworks panel and software will then be registered with the FDA by Micro-X which is estimated to be completed during the December 2022 quarter to then enable commercial sales. Medlink Imaging, the largest master dealer of Vieworks panels in the world has received strong interest from its current network of US sub distributors to add the Rover Mobile DR to its range, due to the compelling customer features of smaller size, weight and manoeuvrability of the Rover. Commercial discussions and detailed technical due diligence commenced following Micro-X’s debut at the 2021 RSNA conference and included a team of Korean based commercial and technical experts visiting the Micro-X Seattle office.

Medlink Imaging, based in Pinebrook New Jersey, has been servicing the U.S. medical imaging market for the last 24 years as a master distributor of radiographic products with a nationwide network of over 100 dealers. Medlink Imaging is currently seeking to transition from sales of individual radiographic panels to full mobile x-ray solutions and believes the addition of the Rover Mobile DR will enable them to offer some of the highest quality, competitive equipment packages in the U.S.

Medlink Vice President, National Sales Manager Michael Farah said:

“ Medlink, a Vieworks company, is looking forward to driving the Vieworks Rover introduction. Our national network of dealers recognizes that the market has called for a robust mobile X-ray product designed to meet and exceed the point of clinical care needs. The Vieworks Rover will be well received, delivering value and exceptional clinical results.”

Micro-X Limited, ABN 21 153 273 735, 1284 South Road, Tonsley, South Australia, 5042, AUSTRALIA

www.micro-x.com

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Micro-X’s General Manager for Mobile Solutions, Charlie Hicks, commented:

“Medlink is a highly respected distributor in the US market and has an outstanding nationwide network that is well versed with the Vieworks DR panel and VXVue image acquisition software. By combining the Vieworks panel and software package with our proprietary Rover mobile x-ray system, we are excited to be able to offer U.S. customers an outstanding and familiar solution that meets their workflow and image quality needs. The initial sales commitment is also a testament to the belief in this offering and the future potential.”

This ASX Announcement is authorised by the Board of Micro-X.

About Medlink Imaging, LCC.

For the past 24 years Medlink Imaging, LLC has been servicing the medical imaging market as a master distributor of radiographic products. In the past 10 years Medlink Imaging has expanded, with the growth in digital imaging. Medlink Imaging, LLC was acquired by Vieworks Co. Ltd (a publicly traded Korean company) in 2018. This acquisition has allowed Medlink to expand as part of one of the world’s biggest award-winning manufacturers of digital radiographic panels. Medlink Imaging continues to grow in the US market as a one-stop destination for its customers’ radiography equipment needs.

About Micro-X

Micro-X Limited (the Company ) is an ASX listed hi-tech company developing and commercialising a range of innovative products for global health and security markets, based on proprietary cold cathode, carbon nanotube (CNT) emitter technology. The electronic control of emitters with this technology enables x-ray products with significant reduction in size, weight and power requirements, enabling greater mobility and ease of use in existing x-ray markets and a range of new and unique security and defence applications. Micro-X has a fully vertically integrated design and production facility in Adelaide, Australia. A growing technical and commercial team based in Seattle is rapidly expanding Micro-X’s US business.

Micro-X’s product portfolio is built in four, high margin, product lines in health and security. The first commercial mobile digital radiology products are currently sold for diagnostic imaging in global healthcare, military and veterinary applications. An x-ray camera for security imaging of improvised explosive devices is in advanced development. The US Department of Homeland Security has selected Micro-X to design a next-generation airport checkpoint portal with self-service x-ray. A miniature brain CT imager for prehospital stroke diagnosis in ambulances, is being developed with funding from the Australian Government’s Medical Research Future Fund.

For more information visit: www.micro-x.com

CONTACTS

Micro-X Limited	Micro-X Limited	Investor Enquiries	Investor Enquiries
Peter Rowland, Managing Director**Kingsley Hall,**CFO & Company SecretaryRebecca Puddy, Head of Corporate CommunicationsTel: +61 8 7099 3966E:admin@micro-x.com		David Allen / John GrangerHawkesbury PartnersTel: +61 2 9103 9494E:dallen@hawkesburypartners.com jgranger@hawkesburypartners.com
		E:dallen@h	awkesburypartners.com
	+61 8 7099 3966	jgranger@	hawkesburypartners.com
	dmin@micro-x.com

Micro-X Limited, 1284 South Road, Tonsley, South Australia, 5042, AUSTRALIA

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