2022 Annual Meeting of Shareholders

ANNUAL
SHAREHOLDER
MEETING
21 July 2022
2022

Attendees Question and Voting Process.
1
Voting and asking questions
Question boxVoting Card

Meeting
Agenda.
Business of the Meeting
Chairperson’s Address
• Geoff Plunket
Chief Executive Officer’s Address
• Brian Watson
Ordinary Resolutions
• Re-election of Dr Alison Stewart as a director
• Election of Mr Tom Rönnlund as a director
• Election of Ms Amelia (Aimee) McCammon as a director
• Directors authorised to fix the auditors remuneration
Other Business

Board of
Directors.
Antony (Tony) Balfour
Deputy Chair, Independent
non-executive director
Member of Remuneration committee
Geoffrey (Geoff) Plunket
Chair, Independent non-executive director
Member of Audit and Risk Committee and
Remuneration Committee
Amelia (Aimee)
McCammon
Independent non-executive director
Dr Barry Richardson
Independent non-executive director
Member of Audit and Risk Committee
Anthony (Tony) Offen
Independent non-executive director
Chair of Audit and Risk Committee
Dr Alison Stewart
Independent non-executive director
Chair of Remuneration Committee
Tom Rönnlund
Non-executive director

Information
The information in this presentation is an overview and
does not contain all information necessary to make
an investment decision. It is intended to constitute
a summary of certain information relating to the
performance of Blis Technologies Limited (“Company”
or “Blis”). The information in this presentation is of a
general nature and does not purport to be complete.
This presentation should be read in conjunction with the
Company’s other periodic and continuous disclosure
announcements, which are available at nzx.com.
Not financial product advice
This presentation is for information purposes only and is
not financial or investment advice or a recommendation
to acquire Blis securities, and has been prepared without
taking into account the objectives, financial situation
or needs of individuals. The Company, its directors and
employees do not give or make any recommendation or
opinion in relation to acquiring or disposing of shares.
In making an investment decision, investors must rely
on their own examination of the Company, including the
merits and risks involved. Investors should consult with
their own legal, tax, business and/or financial advisors in
connection with any acquisition of securities.
Future performance
This presentation may contain certain ‘forward-looking
statements’, for example statements concerning the
development and commercialisation of new products,
regulatory approvals, customer adoption and results of
future clinical studies. Forward-looking statements can
generally be identified by the use of forward-looking
words such as, ‘expect’, ‘anticipate’, ‘likely’, ‘intend’, ‘could’,
‘may’, ‘predict’, ‘plan’, ‘propose’, ‘will’, ‘believe’, ‘forecast’,
‘estimate’, ‘target’, ‘outlook’, ‘guidance’ and other similar
expressions. The forward-looking statements contained
in this presentation are not guarantees or predictions of
future performance and involve known and unknown
risks and uncertainties and other factors, many of
which are beyond the control of the Company and may
involve significant elements of subjective judgement
and assumptions as to future events which may or may
not be correct. There can be no assurance that actual
outcomes will not materially differ from these forward-
looking statements. A number of important factors could
cause actual results or performance to differ materially
from the forward-looking statements. The forward-
looking statements are based on information available
to the Company as at the date of this presentation.
Except as required by law or regulation (including the
NZX Main Board Listing Rules), the Company undertakes
no obligation to provide any additional or updated
information whether as a result of new information, future
events or results or otherwise.
No representation
This presentation may contain information from
third-parties believed to be reliable, however, no
representations or warranties are made as to the accuracy
or completeness of such information.
Disclaimer.

Summary FY22.
Revenue (NZ$m)EBITDA (NZ$m)
F Y18F Y18FY22
$12.0
$9.0
$6.0
$3.0
$
$2.0
$
-$2.0
-$4.0
F Y19FY22F Y19FY20FY20FY21FY21
$
8.2m
$
9.0m
$
0.9m
$
5.3m
-$
0.4m
-$
2 .1m
$
10.6m
$
2 .1m
$
10.6m
$
1.0m

Focus on what we do best and how we continue to deliver to our purpose –
Developing breakthrough probiotic solutions for
the health and wellbeing of global consumers
Focus operations with immediate effect:
»B2B opportunities and licensing of our technology
»B2C in those markets delivering positive contribution
»R&D and our product innovation pipeline
Establish transition plans:
»Canada retail – target a distribution partner to take over our market position
»Unconditional skincare brand – target licensing opportunities
Post-FY22 strategic review
of operations.

Brian Watson
Chief Executive Officer (CEO)
CEO
Address.

The BLIS
Leadership
Te am.
Brian Watson
Chief Executive Officer (CEO)
Richard Wingham
Chief Financial Officer (CFO)
Dr John Hale
Chief Technology Officer (CTO)
Frank Spiewack
Commercial Director
Jennifer Walker
eCommerce and Marketing Director

Probiotic supplements market overview.
Global Probiotic
Supplements Market 2021
*
4.8
%
Asia
Pacific
North
America
Europe
ROW
35.6
%
34.4
%
25.2
%
Forecast CAGR
(2021 – 2026)
North America-1%
Asia Pacific10%
Europe3%
Total Global Market3.7%
* Euromonitor International report for the International Probiotics Association Dec 2021

Summary FY22.
Revenue (NZ$m)EBITDA (NZ$m)
F Y18F Y18FY22
$12.0
$9.0
$6.0
$3.0
$
$2.0
$
-$2.0
-$4.0
F Y19FY22F Y19FY20FY20FY21FY21
$
8.2m
$
9.0m
$
0.9m
$
5.3m
-$
0.4m
-$
2 .1m
$
10.6m
$
2 .1m
$
10.6m
$
1.0m

Revenue breakdown (NZ$m)Revenue by region (NZ$m)
Asia PacificEuropeNorth America
$12.0
$10.0
$8.0
$6.0
$4.0
$2.0
$
$6.0
$5.0
$4.0
$3.0
$2.0
$1.0
$
FY22FY21FY20FY19FY18
IngredientFY22Finished ProductFY21Licencing
Summary FY22
continued.

Probi strategic partnership
»Royalty stream based on
licensing of Blis probiotic
strains
»R&D collaboration
»Cash issue of $9.2m for
new shares
New market activity
»Canada Retail –
Pharmacies and natural
health stores launch
»Unconditional Skincare Co.
– Live Probiotic Hydration
Serum eCommerce sales in
NZ
Ingredient supply
»Commercial supply of
Dairy Free BLIS K12™
Patent Filings
»Provisional BLIS K12™
filing new use against
respiratory viral infections
»New oral composition
(BLIS M18™) and new
topical composition (BLIS
Q24™) patents progressed
to PCT application
FY22 summary.

Probi
»An expanded
portfolio to sell
to a strong existing
customer base
Broader opportunities:
• R&D – shared expertise to develop innovative
probiotic solutions
• Scientific and clinical validation of probiotic
health benefits
• Contract manufacture – both fermentation
and finished product manufacture providing
operational synergies
• Opportunities for cross licensing of Probi strains
to expand the Blis finished product portfolio
Primary opportunities:
Blis
»Substantial revenue
growth and increased
market penetration
»Capital funds of
$9.18m for investment
in growth initiatives
Probi Strategic Partnership
– delivering significant value.

CONFIDENTIAL
ONLY TO USE FOR LIVEBAC!!!
Probi
July ,2021
CONFIDENTIAL
ONLY TO USE FOR LIVEBAC!!!
Probi
July ,2021
Probi.
A word from Probi CEO and Blis
Board member Tom Rönnlund

Focus on what we do best and how we continue to deliver to our purpose –
Developing breakthrough probiotic solutions for
the health and wellbeing of global consumers
Focus operations with immediate effect:
»B2B opportunities and licensing of our technology
»B2C in those markets delivering positive contribution
»R&D and our product innovation pipeline
Establish transition plans:
»Canada retail – target a distribution partner to take over our market position
»Unconditional skincare brand – target licensing opportunities
Post-FY22 strategic review
of operations.

We have a track record of
delivering breakthrough
probiotic solutions through
our own R & D
»BLIS K12™ The worlds first oral targeted
probiotic
»BLIS M18™ A unique probiotic strain for
dental health
»BLIS Q24™ New probiotic strain for
topical skin application
We have developed deep
knowledge and capability
related to novel product
formats
»New Oral composition patent filing -
Probiotic Toothpaste
»New Topical skin composition patent
filing – Serum formulation
This capability underpins
attractive assets for B2B
revenue opportunities
Health targets include
throat health, halitosis (bad
breath), immune support,
Respiratory health, teeth
and gum health and skin
health.
Focus on our
core strength.

Refreshed model
Emphasis on B2B revenue opportunities leveraging
partners’ market strengths to drive scale
3 health and wellbeing targets
»ENT/ immunity
»Dental health
»Skincare
Maintain our BLIS PROBIOTICS B2C activity in selected
markets with a focus on profitable markets:
»NZ retail and eCommerce (incl Daigou), Amazon USA
Invest in our pipeline
»Working closely with our partners to understand their
needs and collaborate externally to deliver innovation
Business model changes.
Current model
Emphasis on growth through D2C ecommerce and retail channels in
NZ, USA, Canada
3 health and wellbeing targets
»ENT/ immunity
»Dental health
»Skincare
Complementary B2B Ingredients opportunities to drive further scale:
»Probi collaboration
»B2B ingredients and Private label priorities: USA, Europe, Japan
Invest in our pipeline
»Ingredient innovation and finished product solutions focused on
B2B opportunities

In summary.
Core business will narrow
and refocus to those parts
of the value chain where
Blis:
»Has the expertise to deliver value;
»Utilises our Probiotic technology
capability; and
»Generates the highest margin.
Significant level of current
operating activities will
continue:
»Probi partnership
»B2B: International ingredients and
technology licensing
»NZ and US e-commerce channels
»NZ retail and China Daigou supply
Stop investing ourselves in
opening new B2C market
opportunities

Q1 update.
Outlook.
»The global probiotic market is forecast to grow at an average 3.7% per annum to 2026 , including Asia and
Europe, however the US market is forecast to experience a modest annual decline of 1% per annum
»Our business has seen a recovery in ingredient sales in all markets. However, in line with current market
forecasts we remain cautious in respect of the US market
»The strategy refresh will return the business to a profitable operating model
»A market update will be provided with the interim report
Unaudited results for the quarter ending 30 June 2022 (Q1 FY23)
Total revenue for the quarterEBITDA loss
$
2.3m
$
0.3m
Revenue and EBITDA are in-line with our expectations

Summary.
FOCUS -
TRANSITION
UNPROFITABLE
CHANNELS
PROBI -
LONG TERM
STRATEGIC
PARTNERSHIP
FOR GROWTH
THE
BUSINESS
MODEL - B2B
SELLING AND
PARTNERSHIPS
OUR
STRENGTH
- PROBIOTIC
INNOVATION

Wait for the microphone
State your name and whether you are
a shareholder or proxy holder.
Questions.

Attendees Question Process.
1
Voting and asking questions
Question boxVoting Card

Wait for the microphone
State your name and whether you are
a shareholder or proxy holder.
Resolutions.

Attendees Voting Process.
1
Voting and asking questions
Question boxVoting Card

Wait for the microphone
State your name and whether you are
a shareholder or proxy holder.
That Dr Alison Stewart be re-elected
as a director of the Company.
Resolution 1.

Wait for the microphone
State your name and whether you are
a shareholder or proxy holder.
That Mr Tom Rönnlund be elected as
a director of the Company.
Resolution 2.

Wait for the microphone
State your name and whether you are
a shareholder or proxy holder.
That Ms Amelia (Aimee) McCammon be
elected as a director of the Company.
Resolution 3.

That the Directors be authorised to fix the
remuneration of the auditors for the ensuing year.
Resolution 4.
Wait for the microphone
State your name and whether you are
a shareholder or proxy holder.

General
Business.

---

1


Blis Technologies Limited
Annual Shareholders Meeting,
Friday, 11am Thursday 21
st
July 2022
Art Gallery, Dunedin.




Good morning, and welcome everyone to the Blis Technologies Limited
Annual Shareholder Meeting for 2022. My name is Geoff Plunket, and I am
Chair of the Board for Blis Technologies.
On behalf of my fellow directors, our Chief Executive, Brian Watson and all the
Blis team it is my pleasure to welcome you all here today in person and to
those of you attending online.




As is normal practice in the post covid environment we are provided both an in
person and online attendance option for shareholders. It is pleasing once
again to have so many shareholders join us online today.
When it comes to voting: For our shareholders in attendance here you may
vote as usual on the voting card provided to you at the registration desk when
you arrived. For shareholders online, you will be able to cast your vote online
by pressing the “Get a voting card” button and validating yourself using your
shareholder or proxy number. Please note that only shareholders, proxy
holders or shareholder company representatives may vote.
Please refer to our virtual meeting online portal guide or contact the team at
Link on 0800 200 220 if you require any assistance.
Shareholders online will also be able to ask questions by clicking the “ask a
Question” button. I encourage shareholders who have questions to send their
questions through as soon as possible.
I am pleased to say that the meeting has been properly called and there is a
quorum present.
We will be using some slides during the meeting. For those of you online you
will be able to see these and follow along. They have also been posted to the
NZX and are available on the Blis website.

Safety - for those of you here with us, in the unlikely event of an emergency
the building needs to be evacuated, please evacuate via the emergency exit
doorways indicated. Follow the signs to the main staircase and out to the front
entrance by the nearest assembly point.
Slide 1: Chair – ASM welcome
Slide 2: Chair – Voting and Asking Questions

2






The agenda for this morning will include an overview from myself of the
company’s performance for the year to 31 March 2022 and on the strategy
update which was released recently. Brian Watson, our CEO, will then provide
you with a deeper review of the results, and on progress against our purpose.

There will then be an opportunity for shareholders to ask questions. We will
first take questions from those in attendance here today and then any
questions posted online that have not already been covered by responses to
previous answers.

Following this we will then move to the formal business of the meeting. At that
point I will outline the process for the discussion and voting on the resolutions
set out in the agenda.

And of course, at the meeting’s conclusion, for those of you here with us you
are invited to join directors and the Blis team for light refreshments and further
discussions.





Before reviewing the company’s performance, I would first like to introduce
your Board. Their profiles are available on the Blis Technologies website and
are also included within the annual report.

Dr Alison Stewart. Alison joined the board in September 2018. Alison brings
to the board substantial experience as a research and innovation leader.
Alison is currently CEO of the Foundation for Arable Research.
Tony Balfour. Tony joined the board in April 2020. Tony brings to the board
strong governance experience following a successful executive career as an
international marketing and brand management leader. Tony holds several
current directorships.
Tony Offen. Tony joined the Board in 2009. Tony is from a finance and
business investment background. Tony is retiring the Board at the conclusion
of the annual meeting.

Slide 3: Chair - Agenda
Slide 4: Chair – Board Introductions

3

Tom Rönnlund, Tom is CEO of Probi and joined the Board following the
share placement to Probi in 2021. Tom has over 20 years of international
healthcare and biopharmaceutical industry business development experience.
Tom brings to the board a detailed knowledge of global probiotic markets.

Dr Barry Richardson. Barry joined the board in 2018. Barry has a science
background and brings both Blis specific and international biotechnology and
nutritional dairy industry experience to the board.

Aimee McCammon. Aimee joined the Board in October 2021. Aimee has a
marketing background and is currently CEO for Augusto Group, an
entertainment, advertising and technology company.




As we now move to an overview of the results, including some forward-looking
comments, it is important to highlight the disclaimer included in the
presentation which is now displayed.





While the 2022 financial year was challenging, and the financial results were
disappointing some important milestones were achieved during the year. The
strategic partnership with Probi being a particularly significant milestone, more
on that later.

Revenue was down by 16% to $9.0m, which resulted in an EBITDA loss of
$2.1m. Ingredient sales in the first half of the financial year were lower in the
United States, a key market for us and our new market initiatives, skincare and
the Canada launches have required upfront investment.

In the second half of the 2022 financial year ingredient sales in the United
States returned to more normal levels. This has continued through the first
quarter of the new financial year.

I will discuss our skincare product in my detail later in the presentation. Brian
will also cover the 2022 financial results in more detail in his presentation.

Blis team
Slide 6: Chair – Results Overview
Slide 5: Chair – Disclaimer

4

I would like to take this opportunity to acknowledge and thank all of the Blis
team for their commitment and contribution over the past year. It was a
challenging year for staff adjusting to the changing covid environment,
requiring flexible ways of working and connecting with customers.





Strategy refresh
Following the disappointing performance in FY22 we have undertaken a
review of the company’s strategy and business model. The resulting strategy
refresh was released to the market on Thursday 14 July.

Blis has a proud science heritage and a proven track record in delivering
innovative probiotic solutions for the global market.

The strategy refresh will see a renewed focus on a Business to Business
(B2B) opportunities with global partners. Our strategic review has led us to a
view that a more tightly focused strategy will deliver better scale and a return
to profitability.

A narrow operational focus on B2B by establishing partnerships with proven
industry participants will see Blis move away from direct selling to consumers,
other than in NZ and on the US Amazon platform where Blis has an
established market presence. This decision will result in Blis re-aligning
activities in the Canadian market and discontinuing its skincare brand
Unconditional Skincare Co.

In the Canadian market our intention is to identify a partner who can take over
our retail business and the market presence we have established to date.

Probi licensing and distribution agreement
To be successful the Board recognizes that we need to work with partners
who can represent our Blis products and innovation in key offshore markets.
Our strategic partnership announced in July 2021 with Probi represents a key
part of this strategy and is a blueprint for our new strategy.

Probi is well represented across our key global markets, and it has a wider
customer reach than Blis can achieve by itself.

During FY22 Probi have concentrated in establishing production of BLIS
K12™ and BLIS M18™ at their Redmond facility in the United States. We
Slide 7: Chair – Strategy refresh

5

expect revenue from this relationship to start in the current financial year,
FY23. While we expect revenue form this new partnership to be under $0.5m
in the current year we expect significant growth in future years.


Skincare
We are excited by the opportunities for our skincare product. It is a unique
offering in the skincare market in that it is the only product in the market
providing improved skincare benefits from a live probiotic that naturally occurs
on the skin. Feedback from customers and product reviews have been
excellent.

We launched our new skincare product in NZ under the brand Unconditional
Skincare Co. in April 2021 as an online direct to customer offer. With covid
restrictions in place at the time of the launch, several planned influencer
events and industry tradeshows did not proceed. However, we have been able
to use as a market to validate that we have an attractive product offer and
understand how best to position the breakthrough innovation to consumers
and influencers.

As part of strategy refresh, we have decided to shift our attention to a scale
global opportunity and pursue partnerships to establish the innovation focus
on global opportunities. In line with this we phase out active marketing of the
skincare product under its own brand.

Maintaining the live probiotic in a topical skincare formulation is the key
technical challenge, which we have managed to overcome. Marketing the
skincare product under our own brand has given us valuable insights into the
market opportunity, which will be advantageous as we seek licensing
partnerships.



Research and development
Our research and development is world class and leading edge. We have
commercialised three strains, BLIS K12, BLIS M18 and BLIS Q24, which is a
great achievement for a small R&D team. Along with this we have developed
innovative product formats that unlock the market opportunity for these
ingredients.

Continued investment in our own R&D projects and in collaboration with
partners is central to the future success of the company.

6

Outlook
Blis has an exciting future. The outlook is positive. Our refreshed strategy of
focusing on our core business with enhanced B2B relationships will improve
speed to scale, drive revenue growth and see a return to profitability.

FY23 will however be a year of transition for the business.

Brian will provide further information on our Q1 result and our outlook for the
rest of the financial year.

Thank You.

I will now pass over the Brian for his address, after which there will be an
opportunity to ask questions before we then move to the formal part of the
meeting. Brian, over to you.



Thank you Geoff.
On behalf of the management team I would like to welcome the shareholders in
the room here in Dunedin and those online and thank you for your interest and
support of the company.



It is my pleasure to introduce the Blis leadership team. Detailed profiles of the
team are available on our company website and have been included within the
annual report.

Rather than introduce the full team I would like to introduce our newest team
member Jennifer Walker who joined us in February. Jennifer has extensive
international marketing experience within the consumer and wellness sectors
in both start ups and larger corporations.
Slide 8 - CEO Address
d hh ld
Slide 9 – The Blis leadership team

7




To kick off the presentation today I would like to share an overview of our
addressable market and recent dynamics within the Global Probiotic
supplements market.
Notwithstanding challenging market conditions in some of the markets namely
the US and Europe, the probiotic supplements category remains the largest
subcategory of the dietary supplements market with a Global retail revenue of
US$7 B, and it is forecast to grow at a CAGR of 3.7% between 2021 and 2026.
Of this global market North America represents 34% of global sales but declined
at –1% in 2021.
Europe represents 25% of the global market, 2021 was flat compared with prior
year.
Asia Pacific market represents 36% of the global market and grew by 22% in
2021.
Overall, the Probiotic market remains extremely attractive but with greater
competition it is important that we focus on our strength of probiotic innovation
and ensure we have the right business model to deliver scale.




Through the year we continued our investment in new revenue streams related
to our finished product portfolio. While this delivered growth it did not offset a
disappointing result for our ingredient business that has declined in the face of
uncertain market conditions particularly in the USA and Europe.
Company revenue in FY22 was $9.0m, a decline on the prior year of 16%.
With an EBITDA loss of $2.1m and a net deficit of $2.7m.
Slide 11 – FY22 summary: Financial
results
Slide 10 – Probiotic supplements market

8





The key contributor to this disappointing result was the decline in Ingredient
revenue, down 29% on FY21.
The branded finished product revenue grew by 41% growth compared with the
previous year, with both eCommerce sales (+47%) and retail sales (+27%)
contributing to this growth.
Regional performance
Asia Pacific
Sales in the APAC region grew by 21% compared with the prior year. This
growth was driven by solid performance of our branded finished goods sales,
which grew by 26% and growth of our ingredients business in the region
driven primarily by sales in Japan.
Europe
Europe sales revenue, largely made up by ingredient sales declined by 8% in
FY22 compared with the prior year. The Covid-19 pandemic continued to
create uncertainty in this region and has impacted the business model of a
number of our established customers who have typically relied heavily on
face-to-face selling to health professionals.
North America
Overall, this region saw a decline in revenue compared with the prior year of -
38%.
Amazon growth and the Canada market coming on stream delivered 71%
growth in finished product sales in the region. However, this did not offset the
drop in our ingredient sales in the region that had been particularly strong in
FY21. The major contributor to the ingredient revenue decline was delayed
ordering by two key new customers in the US market.

Slide 12 – Revenue split and regional
breakdown

9




While the 2022 financial year was challenging and the financial results
disappointing, we achieved important partner and pipeline milestones through
the year.
The formation of a long-term strategic partnership with Probi was a key highlight,
this relationship will deliver significant future growth opportunities for Blis. I will
speak more about this in a later slide.
Although we have navigated the Covid-19 pandemic well and maintained
momentum across several initiatives, our international market development has
been impacted by not being able to travel and engage with our partners and
customers in these new markets.
In FY22 we invested in opening new market opportunities, launching the BLIS
PROBIOTICS™ range into the Canada market and the launch of our innovative
skincare product under the Unconditional Skincare Co brand online within NZ.
During the year we also finalized the supply of a dairy free version of BLIS K12™
and early this financial year we have also launched a Dairy free version of BLIS
M18™. These new ingredient options complement our existing supply of these
strains, mitigating single source risk for fermentation supply, but to also meeting
an emerging demand for allergen free ingredients in some markets.
R&D activity remains a priority, and we have made solid progress across several
pipeline initiatives and in strengthening our evidence base and IP status.
Our new product development priorities have included late-stage development
work on a probiotic toothpaste formulation and additional skincare products
based on BLIS Q24™.



A key highlight for the year was the formation of a long-term strategic
partnership with Probi, a global probiotic specialist company based in Sweden.
Slide 13 – FY22 operational
achievements
Slide 14 – Probi strategic partnership

10

The relationship with Probi includes an in-depth partnership through a licensing
and manufacturing agreement allowing us to increase our global market
exposure by leveraging the Probi network of customers.
Since the formation of the partnership, we have worked intensively on the
transfer of our technology for the production of BLIS K12™ and BLIS M18™
which will underpin Probi’s selling activity moving forward.
During the final quarter of the year, Probi reached a major step in the
technological transfer of the Blis strains, with the successful completion of a first
commercial scale batch of BLIS K12™ and in the first quarter of this year they
have also moved forward the BLIS M18™ development programme.
Probi now expects to see additional new business from our Blis strains,
produced at their own facility, from the second half of this financial year (FY23).
Additionally, we have started collaboration on R&D initiatives to combine
existing technology from each company to fast track new product solutions for
consumers.




We will now share a short video from Tom Rönnlund the Probi CEO where he
talks about the strategic partnership we have formed.



The board and leadership team have taken the time to review our strategy and
business model following the disappointing performance in FY22. The focus of
this review has been our path to sustainable profitability and realising the
potential of our pipeline.
While we remain committed to our company purpose “Developing
breakthrough probiotic solutions for the health and wellbeing of global
consumers.” we recognise that there is an opportunity to focus our business
on what we do well and look to establish partnerships to commercialise our
breakthrough technology.
Slide 16 – Strategic review
Slide 15 – Probi CEO video

11

This represents a shift to a greater focus on Business to Business (B2B)
selling and partnerships and a move away from investing ourselves to open
new market opportunities.
Through a B2B focus we are looking to leverage other companies’ strengths in
offshore markets and focus our business on delivering attractive assets that
they can take to market.
Along with this we will rationalise our investment in Business to Consumer
(B2C) activity, focusing on profitable channels and markets where we have
proven success and revising our approach where short term profitability is
challenged.
Over the last few years, we have established sustainable positions for our
BLIS PROBIOTICS brand across ecommerce (BLIS.co.nz and Amazon USA)
to complement our retail sales in NZ. This activity will be maintained however
other B2C activity related to the Unconditional skincare Co brand and our BLIS
PROBIOTICS retail focus in Canada will be transitioned in line with our
partnership focus.
To date our skincare activity has focused on establishing a brand and direct to
consumer selling in the NZ market, however the market is limited when
compared to the opportunities that exists by taking a more global approach.
Therefore, in line with the strategy shift we will look to establish partnerships to
take the unique product offer to market, with a focus on global opportunities.
In Canada we will target identifying a partner to take over the market position
we have established within retail for the BLIS PROBIOTICS range.




In line with our purpose, we have a track record of developing breakthrough
probiotic solutions.
Along with bringing to market innovative and unique probiotic strains, we have
developed a deep knowledge on how to overcome formulation challenges and
deliver finished product formats that unlock new opportunities.
This capability will underpin our B2B strategy.
Slide 17 – Focus our strength

12

Initially, we will remain focused on specific health targets where we have
developed capability and in line with the attractive pipeline we have in place.
Over time we will continue to look for white space where we can deliver value.



This slide summarises the previous strategy and business model and key
elements of our refreshed model.
Our B2B focus on international markets will see us looking to leverage other
companies’ strengths in the B2C market while we focus Blis’ business on
growing and delivering a portfolio of ingredients and finished product formats
that those companies can take to market.
Our focus on 3 key health and wellbeing targets remains unchanged, we have
developed important capability in these areas that can be leveraged with a
B2B focus.
Over the last few years, profitable positions have been established for the
BLIS PROBIOTICS™ brand across ecommerce channels (BLIS.co.nz and
Amazon USA) to complement the New Zealand retail sales base. These
profitable markets will be maintained.
Our review identified Blis’ research and development programme as a core
strength. We have pipeline opportunities that will keep Blis at the front of
probiotic innovation and represents significant commercial opportunity to
partners.



Focus on core business and our strengths with a B2B selling focus, leveraging
partners strengths in global markets

A significant level of the current business and the capability we have built up
will remain with a focus on profitable elements.

Slide 18 – Business model changes
Slide 19 – Strategy Summary

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However, we will stop investing ourselves in opening new B2C market
opportunities.

These strategic changes require a review of resourcing and capability to be
undertaken. Subject to consultation a small reduction in staffing levels is
expected.

We are confident that the changes to our strategy and business model will put
us on track for a return to profitability.




I’m pleased to share the Q1 result.

Revenue in the first quarter (to 30 June 2022) is up by 29% over the same
quarter last year to $2.3m. EBITDA for the quarter was a loss of $0.3m, which
is a significant improvement on the EBITDA loss of $1.2m in the previous year.

Looking forward for the rest of FY23, we are encouraged by overall growth
prospects across the global market for probiotics driven primarily by Asia
Pacific and Europe. The US remains a large an attractive market but is
expected to contract in coming years.

Our business has seen a recovery in ingredient sales in all markets in the first
quarter this year, however in line with the global market dynamics we remain
cautious in respect to the US market.

We are confident that our refreshed strategy and business model will drive
scale, revenue growth and see a return to profitability.

A market update on our progress will be provided with the half year interim
report.



Slide 21 – Summary
Slide 20 – Q1 Performance and outlook

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As a business we will refocus on our core strength, delivering probiotic
innovation.
To commercialise this innovation our business model will shift to a focus on
Business to business selling and partnerships.
The Probi partnership represents a good example of this model and it remains
an important part of our future growth plans.
In line with this focus, we will develop transition plans for unprofitable channels,
aligning them with our B2B model.
Through this shift in strategy and the business model we see a clear path back
to profitability and the opportunity to work with partners to drive scale.
With that I will hand over to Geoff who will facilitate the questions section of the
meeting.
Thankyou.





Thank you, Brian.

We now have an opportunity to take questions on the company’s financial
statements and reports for the year ended 31 March 2022 , and the
presentations you have heard from Brian and myself.
Before asking your question, could you state your name and if you are a
shareholder, proxy holder or shareholder representative.





Slide 22 – Questions

15

Thank you. I now move to the formal part of the meeting, the resolutions. If you
do not have a pen or a voting paper and would like one, please raise your hand
and Link Market Services will help you.

Tony Offen retiring from the Board

Tony Offen retires from the board at the conclusion of today’s annual meeting.

On behalf of the Board, I would like to thank Tony for us outstanding contribution
the past 13 years. Tony joined the board in 2009 and during that time he has
served as Chair, Deputy Chair and Chair of the Audit and Risk Committee.
Tony’s finance and business investment background combined with his in-depth
understanding of the company’s business and company’s journey has been
invaluable.

Director Election Resolutions

Ordinary Resolution 1 proposes:

That Alison Stewart, who is eligible for election, be elected as a director of the
company. Alison is retiring by rotation is offering herself for re-election in
accordance with the NZX Listing Rules and the Company’s constitution.

The Board has determined Alison is standing as an independent, non-executive
director.

The Board recommends Alison to you as a director of Blis Technologies Limited
and unanimously supports her re-election.

I now invite Alison to address the meeting.
Is there any discussion on this resolution?
There appears to be no further discussion.
I now put to the vote the ordinary resolution: That Alison Stewart, who is eligible
for election, be elected as a director of the company.
Please take a moment to mark your proxy voting form in relation to Resolution
1.


Ordinary Resolution 2 proposes:

16

That Tom Rönnlund, who is eligible for election, be elected as a director of the
company. Barry retiring by rotation is offering himself for re-election in
accordance with the NZX Listing Rules and the Company’s constitution.

The Board has determined that Tom is not an Independent Director due to his
role as CEO of Probi, which is a substantial product holder of Blis Technologies
Limited.

The Board recommends Tom to you as a director of Blis Technologies Limited
and unanimously supports his re-election.

Tom has recorded a short video to address the meeting.
Is there any discussion on this resolution?
There appears to be no further discussion.
I now put to the vote the ordinary resolution: That Tom Rönnlund, who is eligible
for election, be elected as a director of the company.
Please take a moment to mark your proxy voting form in relation to Resolution
2.

Ordinary Resolution 3 proposes:

That Aimee McCammon, who is eligible for election, be elected as a director of
the company. Aimee is retiring by rotation is offering herself for re-election in
accordance with the NZX Listing Rules and the Company’s constitution.

The Board has determined Aimee is standing as an independent, non-executive
director.

The Board recommends Aimee to you as a director of Blis Technologies Limited
and unanimously supports her re-election.

I now invite Aimee to address the meeting.
Is there any discussion on this resolution?
There appears to be no further discussion.
I now put to the vote the ordinary resolution: That Aimee McCammon, who is
eligible for election, be elected as a director of the company.

17

Please take a moment to mark your proxy voting form in relation to Resolution
3.


Ordinary Resolution 4 proposes:
That the Directors be authorized to fix the remuneration of the auditors for the
ensuing year.
Is there any discussion on this resolution?
There appears to be no further discussion.
I now put to the vote the ordinary resolution: That the Directors be authorized to
fix the remuneration of the auditors for the ensuing year.
Please take a moment to mark your proxy voting form in relation to Resolution
4.


Other Business
That brings us to any other business.
Is there any other business a shareholder wishes raise?

Close
That brings us to the end of the meeting, as mentioned earlier, you are all invited
to join us for further discussion and questions over some light refreshments.

Thank you all, I now declare the meeting closed.