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OCUCO

Presentation Overview. Introduction to OcucoFunding History - BESExperiences with BESConclusion. The Company. Aim to become the leading provider of software to the European ophthalmic and pharmacy industries.Three main product / markets:Acuitas Optical for Opticians (IRL

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OCUCO

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    2. OCUCO Software with Vision

    3. Presentation Overview Introduction to Ocuco Funding History - BES Experiences with BES Conclusion

    4. The Company Aim to become the leading provider of software to the European ophthalmic and pharmacy industries. Three main product / markets: Acuitas Optical for Opticians (IRL & UK) Acuitas Clinical for Ophthalmologists (IRL & UK) Prometheus for Pharmacists (IRL)

    5. Product Integration

    6. Company Profile Offices in Blanchardstown and Crowthorne near London Length of establishment: 12 years No of Employees: 28 Turnover: 2004: 1.5m 2005: €3.0m Clients: 350 sites, 160 in UK

    7. 47 shareholders Board composition Leo Mac Canna: CEO Software Business: David Lehrer (Point Information Systems) Retail: PJ Timmins (CEO Clerys plc.) Medical: Dr. Garry Treacy (Ophthalmologist) Financial: Dermot O’Brien (Director ILIM) General Business: John Ross-Murphy (MD Morris Oil) General Business: Ray Moore (MD First Direct) Company Ownership and Management

    8. History 1993: Initial products first sales ‘Optolink’ and ‘Iris’ 1997: Company renamed Ocuco and merges with CS 1997: BES finance raised for Acuitas 1999: New product released 1999: UK office established 2000: Pharmacy Dispensary product commenced 2000: First Enterprise Acuitas Optical sale 2001: First Multi-hospital Acuitas Clinical sale 2001: Pharmacy products released 2004: First major opticians chain

    9. First BES 1 Background 1997 Turnover about £100k Disastrous UK market entry experience Large bad debt Good product 25 customers Wanted to go to next stage Expand into international markets Upgrade ‘Optolink’ for Enterprise market

    10. First BES 2 Met Clinical Software Negligible Turnover Had access to Angel investors Had aborted a BES share issue because of problems with EI Wanted to go to next stage Commercialise product Access international markets Related product area

    11. First BES 3 Merger made in Heaven Gave up two Board seats Inexpensive advice from Accountant / auditors Put together an information memorandum Administration of the BES. Rict 1,2,3. Read Part 16 of revenue website Inexpensive advice from solicitors Shareholders agreement Company secretarial £100,000 raised from closed interested group Total cost about £4,000 3 Months from introduction to completion

    12. First BES 4 Terms Straight investment into company No cap on gains Promoters have option to repurchase shares Marketing Most investors knew somebody on the Board Investors get straight back 50% of investment from Revenue Shareholders agreement protects shareholders and founders interests

    13. First BES Conclusion Hardest part Approval from Enterprise Ireland Easiest part Dealing with the Revenue Best part Admin set up for further share issues Strong shareholder base

    14. Subsequent Share Issues 04 / 1998: 148k BES 08 / 1999: 132k NON-BES 11 / 1999: 300k NON-BES 08 / 2001: 141k NON-BES 01 / 2002: €135k BES (Limit increased to €750k) 12 / 2003: €340k mostly BES Total BES: 750k Total non-BES 765k

    15. Growth Fuelled by Investment Software Turnover 1997: £100k 1998: £100k 1999: £200k 2000: £750k 2001: €1.5m Taxes generated p/a. PRSI/PAYE/VAT: €600k p.a. Good deal for exchequer

    16. Subsequent BES Share issues – Jan 2002 Changes in the rules to 750k Very short notice, rule change on Jan 15th Advertised in papers for the first time Timing is very important No interest before mid Dec Lots of interest in last two weeks before tax deadline

    17. Rights issue in Dec 2002 Rights issue to shareholders only Repaired damage of 2001/2 bad year Stabilised situation and enabled a recovery Turnover subsequently 2001 - 2004: €1.5m 2005: €3.0m Profit of 200k in 2003

    18. Comaprison vs other Sources of Funding BES Seed Capital Grants Bank loans Venture Capital BES by far the best for Ocuco

    19. Gotchas Anti avoidance Any payment triggers clawback A little over the top Loan repayment can trigger clawback of relief Causes difficulties even in bona-fide situations

    20. Conclusion BES is easy to do BES is inexpensive source of finance BES investors are plentiful Revenue is very helpful, approachable A strong shareholder base is useful in hard times Best source of finance for a small software company Call me if you are doing a BES with no cap, I might invest!

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