10 April 2025

TruSpine Technologies plc

("TruSpine" or the "Company")

AGM Statement

TruSpine Technologies Plc, the medical device company focused on the spinal (vertebral) stabilisation market, announces that Geoff Miller, Non-executive Chairman of the Company, will provide the following statement at its annual general meeting to be held today:

"Over the year since I joined the TruSpine Board, we have sought to refocus the Company on delivering value for shareholders. I am pleased to report that considerable progress has been made in this regard.

The potential value of the technology owned by the Company has never been in doubt to my mind, and my experience in engaging with the industry over the past year has reinforced this belief. There is enthusiasm for what our Company may be able to achieve, but this is crucially dependent on receiving regulatory approval for all the Company's technologies.

We have an excellent team ready to deliver on our objectives, so it is vital for the Company to have sufficient capital for the Company to achieve regulatory approvals, and to then validate the commercial viability of the technology.

I am pleased to say that considerable progress has been made in sourcing funding, and we expect to make announcements in the near term, as commitments transition to actual investments.  It has taken a considerable time for this process to reach fruition, but the Board believes that this process is now reaching a conclusion.

From the start, your new Board has been clear that all shareholders will have the opportunity to participate in future fundraises.  In conjunction with the details of refinancing TruSpine, we also expect to provide details on how the fundraise will be open to all investors and shareholders on the same terms.

Closing out the fundraising has taken far longer than the new Board members were originally anticipating, and consequently operational progress has slowed. Funding conditions for pre-revenue companies generally remain extremely challenging, and TruSpine has the added challenge of historical allegations of wrongdoing to further complicate matters.  Nonetheless, the Directors that joined the Board last year thoroughly examined all historical allegations and have found no evidence of actionable wrongdoing.  Previous decision making by former management has been far from perfect, but it is also clear that former management had the authority to take the decisions that they did and reported the position accurately.  Having completed this process, the Board now intends to move on and leave these matters in the past.

We will only comment on regulatory clearance as and when it is achieved, or when there has been material change to the position.

As funding plans are finalised, there will be significantly more engagement through our interactive InvestorHub platform. This will begin with a webinar tomorrow, along with a series of videos to follow, which will focus on explaining our technology in greater detail, along with the corporate governance that will support the growth of the business.

Although corporate governance may appear to be a mundane subject, it is crucially important to the successful execution of the Company's strategy.  It is the Board's view that the lack of good corporate governance historically both obscured accountability and led to poor delivery on historic goals.

In future the Company will have clear lines of responsibilities, reporting to agreed targets and within defined budgets. No work will be undertaken or contracted that hasn't been fully costed and funded.  This may seem an obvious requirement for any company, but in pre-revenue technology driven businesses such as TruSpine, too often, in my experience, the focus is on the goal and not how to get there. This will no longer be the case.

Although we have had to take time to build a solid financial base before seeking to execute our strategy, I believe that this has been time well spent and we can now look forward to delivering a successful outcome for the Company.

Finally, I would like to acknowledge the assistance and dedication over the past year of Dr Tim Evans, Nikunj Patel and Norman Lott as members of the Board of TruSpine Technologies. Today they step down from the Board, although Nik and Tim will be a core part of the Medical Advisory Board for the future, and I am sure that all shareholders will join me in thanking them for their service to the Company. All three have embraced a vision of change for TruSpine, and for this the Company will be eternally grateful."

The Directors of the Company are responsible for the release of this announcement.

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Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.