DORSAVI LTD(DVL)

The suspension of trading in the securities of dorsaVi Ltd will be lifted immediately, following the release by DVL of an announcement regarding a review of its operations and the raising of additional capital.

A decision has been taken to further reduce cash expenses through both operational and staff related changes. The changes made in March 2019, and these new changes, have led to a reduction of 25% FTE equivalent headcount. There has also been a reduction in the salary of the CEO, Andrew Ronchi, in line with his original Australian based salary. The company's current cash and cash equivalents is now $1.66m. Total estimated cash outflows for this quarter remain at $1.58m of which $1.04m has already been paid. Cash receipts from operations for the current quarter are estimated to be approximately $0.6m of which $0.5m has been received. Whilst the operational changes will reduce the company's expenditure, the board has also resolved to raise further capital during the current quarter subject to market conditions. If a capital raising is unsuccessful the company will explore alternative options to achieve a cash flow neutral position.

The securities of dorsaVi Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of DVL, pending the release of an announcement regarding the raising of additional capital.

listed entity carried for record purposes only