Member Info for howdlep

Showjumper,

Yes indeed. See my post of 18/9 at 10.30am.

Phil

Cautious,

IMO the price was very good for BRH shareholders at the time, given where the IQAI share price had been. Also remember, one simply question. Would Trevor and his family have sold their shares to anyone else at 1.1p? The answer is 100% no.

What happens to a share price in the future is based on many known/unknown factors. Trevor has the benefit of being an insider to both companies.

Phil

To Truetide PLC, reflecting the type of business that they now are. However, with a new ticker code of TRUE, they certainly leave themselves open to added comment on bulletin boards.

Joking apart, they have had a small placing and have temporarily cut director costs. But they absolutely need IBAI to come good if they are looking to progress the type of investment plan they desire.

Whilst Trevor is quite rightly being heavily criticised for his actions, he has to deliver for both companies.

I remain convinced that selling his and the family shares to Braveheart was a good thing for IBAI shareholders, even if the price was only good for Braveheart shareholders. But remember, that also affected MS and KS in the same way as us.

I personally do not like BRH, soon to be TIDE, trading IBAI shares when Trevor is fully aware of all news relating to both companies. That said, let preparations begin for the big (transforming) news that is to come at the end of this calendar year.

-- BB --

We can offset historical losses against future profits, so I am not worried about what some would consider a fair salary for a main FTSE listed company. Just as long as the salary and options do not go through the roof when we are profitable!

Phil

LittleLib,

Yesterday's trading volume was indeed very interesting. Not only did money move in, it also gave pi's the opportunity to depart with small gains or reduced losses. However, I was just as interested to see that the price appreciation didn't attract interest in Braveheart (BRH). So why was that?

Well, the BRH share price has hovered around the 2p mark for a while and that of course is their nominal share value. Now one look at their Finals on 9/7 shows reduced losses of £1.09m and cash at year end of £64k. A post period placing of £295k and a director commitment to delay some of their new year fees, should reduce the need for investee sales, which have been kept at a minimum. However, it should be noted that further sales of Image Scan have followed.

Interestingly, the Finals state that the placing would be used to continue its investment strategy, largely in Kirkstall and Paraytec, and for working capital, whilst waiting for investee gains in both IBAI and Autins. Now Autins provided an AGM statement yesterday which highlighted reduced losses for the period of £258k v £714K. However, a recent cyber incident affecting JLR, a major customer, caused a halt in UK production which has significantly impacted Autin's UK operations. Further information will be released in due course.

So now BRH will be even more reliant on IBAI share price appreciation. Remember, they bought the TB family shares at 1.1p and took part in the 1p placing. So their book value is still down, despite the last 24 hours or so.

More than ever before, BRH and IBAI need to be aligned. Something that is of great benefit to IBAI holders on here.

BRH would be lucky to get away a placing at 1.5p. Given the value required, I would suggest nearer 1p is more likely. That isn't going to happen due to the massive dilution and the need for a GM and capital appreciation, as the nominal value is as I have said, 2p.

This all means that BRH need a IBAI share price at a multiple of the current one, if they are to cover capital shortfall caused by Autin's warning. Fortunately, money is starting to come into IBAI. So expect there to be further good news in IBAI in the near future.

As I have said before, we are lucky TB sold to BRH and not someone who may have unloaded to cover other commitments.

All is not lost. Infact, there is so much to gain. Investors are accumulating at exactly the right time. TB needs it for shareholders of both IBAI and BRH, as well as for the trials and software development. He is well aware what his legacy must be, given the incredible work undertaken by the team in the US. Now is the time for him to acquire CLN's in IBAI, although it is to be hoped that this is at a much higher price than we currently are. Shareholders deserve that.

Phil

Long-term:

AI-driven solutions and bundled product ecosystems cement IB as a key player in advanced neuroimaging.

1. Immediate Revenue – Standalone QSMetric Sales

Product ready to sell now:

QSMetric is FDA-cleared & patented, so IB can start generating revenue immediately without waiting for integration.

Recurring subscription model:

Annual license fees create predictable, recurring revenue.

Software delivery is scalable with high margins once initial deployment is done

Target customers:

Memory clinics

Imaging centres

Hospitals & hospital networks

Pharmaceutical co's running Alzheimer’s & neuro trials

This provides a direct new revenue stream separate from IB’s current products

2. Regulatory Tailwinds – Alzheimer’s Boom

FDA-approved Alzheimer’s drugs (like Leqembi & Aduhelm) require MRI-based monitoring for amyloid-related imaging abnormalities (ARIA).

QSMetric offers quantitative, standardized monitoring, which:

Makes it attractive to hospitals for regulatory compliance.

Could become a required tool in clinical workflows as these drugs roll out.

The U.S. diagnostics market for Alzheimer’s is already $3.5B+ & growing fast, giving IB a large addressable market.

3. Strategic Partnership – MedImageMetric

MIM brings additional reach & innovation:

Shared commercialization efforts could reduce IB’s marketing costs.

Cross-promotion with MIM’s customer base may accelerate adoption.

Opens door to joint development projects, which could lead to:

Higher-value bundled offerings.

Exclusive products that competitors can’t match.

This partnership effectively extends IB’s sales & R&D capabilities without major upfront costs.

4. Longer-Term Upside – Integration with IB’s Portfolio

Integrating QSMetric with IB’s existing neuroimaging solutions:

Creates stickier, premium offerings for hospitals.

Allows upselling to current customers.

Potential to bundle products, increasing average revenue per customer.

Integration could also position IB to capture enterprise-level contracts with hospital networks.

5. Expansion into AI & Multi-Parametric Imaging

The partnership includes plans for AI-driven analytics and decision-support tools, which:

Adds new revenue streams (e.g., premium AI features, analytics dashboards).

Positions IB as a technology leader in brain imaging.

AI tools have higher perceived value, enabling premium pricing.

6. Clinical Trials Market

Pharmaceutical co's running Alzheimer’s and neurodegenerative drug trials:

Require precise, quantifiable imaging to track treatment effects.

QSMetric could be licensed per trial or per patient, bringing additional B2B revenue.

These partnerships often come with multi-year, high-value contracts.

Bottom Line Revenue Impact

Short-term:

Immediate standalone subscription sales with high margins.

Revenue from clinics, hospitals, & early adopters in Alzheimer’s care.

Medium-term:

Integration boosts upsell opportunities & long-term contract sizes.

Clinical trial partnerships deliver significant B2B revenue.

Lon

There is nothing to stop employees buying shares when they like. Nor directors, providing thy are not in a closed period.

As for the options, they can only be converted on or after their vesting dates.

Max makes a comment about why people awarded options don't just buy them on the open market, when they are considerably cheaper now. Well the answer is quite simple. There is absolutely no need to take on risk. The options will only be converted when the share price is a multiple of the exercise price. Furthermore, CEO's like TB (not part of this award) will exercise and sell the same number of shares at the same time. This keeps their holding at the same level but allows them to pocket the capital difference.

Of course, AIM is littered with companies who when the share price doesn't act in accordance with the vesting price, cancel and re issue the options cheaper. This dilutes shareholders far more, as vastly more shares have to be issued to cover the financial award.

Sadly, we are a FTSE company, but it most certainly applies to us also. Issuing 9% of the company to cover re priced options is an absolute disgrace, even if MS is not in any way responsible for the actions of TB.

Brett Skelly, Chairman of IBAI, hang your head in shame. You are supposed to be acting in the interests of shareholders. But you are hardly going to do that, when your annual performance is judged by TB.

All that said, let us see the real progress made by the IB team in the US. We are very lucky to have them all.

As always, what is not in the report, will be as significant as the information that is.

I for one expect everything to be covered.

Tyke,

Braveheart and TB are a 'concert party' with a near 30% joint holding. If TB was to exercise his options, they would be over the 30% and require an IBAI Board waiver to prevent the need for an offer to be made. Obviously, TB will not do that until it is right for him.

Let's see what the Interim wording is. I suspect we will be debating more about what is not said. That is the norm with IBAI.

Phil

Corryvreckan1,

Thank you for correcting my wording re "the 30% rule the offer would need to be no less than the highest amount paid for shares by the offeror in the preceding 12 months, rather than necessarily the highest price of the shares in the market". Full details are provided in the link you kindly provided.

Phil

Max,

It is my understanding that no offer for the company can be made below the nominal value of its shares. However, there is nothing to stop the company doing a placing at 0.5p. However, it would require a GM and a capital reorganisation before it could take place. This would result in twice the number of shares being issued, if the new nominal value was 0.5p. The market capitalisation would stay the same.

If a major shareholder or a group acting as a 'concert party', acquired 30% of the company's shares, they would be forced to make an offer for the company at the highest price the shares were during the previous 12 months. This assumes that the person or' concert party' has not got an IBAI Board takeover waiver.

Shareholders would not have to accept that offer.

If a major shareholder or group acting as a 'concert party', acquired 90% of the company's shares and had 90% of the voting shares, they could compulsory acquire a 'squeeze out' of the remaining 10% of the shares.

So in a nutshell, we do not want a GM and a capital reorganisation, nor do we want a major shareholder or 'concert party' to acquire 90% of the shares. In reality, if a major shareholder or a 'concert party' goes over 30% and they have a waiver, further staged holding notifications would need to be notified.

We are lucky that KS has a major shareholding and MS has a large number of options. On the basis that their shares and options have the same voting rights as ours, any predator is not going to acquire 90%. However, be aware that legacy Flying Brands shareholders are very likely to be under the control of the IBAI Board.

Braveheart are not going to write off their investment in IBAI, nor will the team at IB in the US. But shareholders need to think about their holdings. Buying more shares is a very good way of protecting their interests and of course, indirectly, the interests of all minor shareholders. I have increased mine.

Please note, I am very happy to be corrected on any aspect of this post. Apologies if it is in any way inaccurate.

Phil

You can now sell 750k at 0.6p

Hi Max,

I think it was just a pi buy, as we are getting closer to a closed period for Directors.

Another big buy may be showing shortly (I presume not a sell) as you can now sell 500k online for 0.60p

Cheers

Phil

A 703k share buy. Now who wants to take the negative and ask who the seller is....

Slowly, but surely. Well actually, very slowly. But hey, it's a start.

Hi Tyke,

Interesting that IB took the trouble to answer Max Philip's question and in so doing, emphasised the partnership between the two companies.

https://x.com/ImgBiometrics/status/1937180729781186673

Phil

Prism Clinical Imaging's Technology:

Enhanced Image Interpretation:

Prism software can synthesize images from multiple sources, allowing physicians to visualize anatomical, functional, and physiological information in a single view.

Improved Treatment Planning:

By visualizing critical spatial relationships in a patient's condition, Prism can help physicians develop more accurate and effective treatment plans, potentially reducing risks and improving outcomes.

Faster and More Accurate Interpretation:

According to Prism Clinical Imaging, their technology enables physicians to interpret patient images with twice the accuracy in half the time compared to conventional methods.

Applications in Precision Medicine:

Prism's technology can be used in conjunction with data from clinical, imaging, and molecular sources to support data-driven diagnosis and outcome prediction, which is a key aspect of precision medicine.

2/2

In a future world, where IBAI exponential revenue growth was promised and delivered, would Prism Clinical Imaging not be a good fit for an IBAI acquistion?

Michael Schmainda is a Director of IBAI

Michael has a 20-year history of successfully building global medical imaging businesses including Prism Clinical Imaging and Imaging Biometrics. As co-founder of IB, he has overseen all aspects of the company's development, operation, and growth since its inception. He has established strong collaborative relationships with leaders in the medical imaging field who drive new product development and has led the translation and commercialisation of sophisticated imaging solutions, achieved regulatory approvals in the US and Europe, and global product adoption.

Michael's career began with 3M Company, a company renowned for bringing new products to market, where he held leadership roles across multiple industries including the life science sector. Prior to IB, Michael was a foundational member of Prism Clinical Imaging, secured the initial investment for the company, and served as president and COO.

https://www.prismclinical.com

AI Overview

It is difficult to provide a specific valuation for Prism Clinical Imaging without more information. However, Prism Clinical Imaging is a company that provides software for medical imaging, specifically for treatment planning and delivery. Their technology focuses on improving accuracy and speed in interpreting patient conditions, potentially leading to more effective and safer treatments. The value of the company would depend on factors like its current revenue, market share, growth potential, and the overall market for medical imaging software.

Factors Influencing Valuation:

Revenue and Profitability:

The company's financial performance, including revenue generated from its software and any associated services, is a key factor.

Market Share and Competition:

The extent to which Prism Clinical Imaging has captured a significant portion of the market for medical imaging software and how it compares to competitors will influence its value.

Growth Potential:

The potential for future growth in the market for medical imaging software, as well as Prism Clinical Imaging's ability to expand its user base and product offerings, is an important consideration.

Intellectual Property:

The patents and proprietary technology held by Prism Clinical Imaging would also contribute to its valuation.

Strategic Partnerships:

Any partnerships with other companies in the healthcare or technology sectors could enhance its value.

Technological Advancements:

The continuous development and implementation of new technologies in the field of medical imaging will impact the valuation of companies like Prism.

1/2

So interesting they covered our recent 'soft close' RNS:-

https://hybridan.com/small-cap-feast/21st-july-2025/

Https://appliedradiology.com/articles/ajr-review-endorses-advanced-imaging-techniques-validating-imaging-biometrics-tools-for-brain-tumor-assessment

Https://www.medrxiv.org/content/10.1101/2025.04.07.25325393v2