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CEO's Letter to Shareholders of Imaging Diagnostic Systems, Inc.
Date:8/5/2008

izing the CTLM(R) in late 2002, we sold our first CTLM(R) system in January 2003. Since that sale, we sold 12 additional units. There are CTLM(R) systems sold or in clinical collaboration programs currently in China, Italy, Poland, Czech Republic, United Arab Emirates, and Malaysia. Our end users and clinical collaboration partners worldwide have completed more than 13,000 clinical scans. We have deposits for the purchase of CTLM(R) systems from our distributors in Hong Kong and Turkey; and our Director of Global Marketing is working with our distributors to bring their earnest leads to sale before the end of the year. We anticipate the sale of eight CTLM(R) systems before the end of the year in China, Italy, and the United Arab Emirates.

Our stock price has also faced challenges over the past several years as the Company evolved to establish itself on the market. IDSI is an equity-funded Company. Since inception, substantially all of our necessary funding came from the proceeds of the sale of common stock, convertible preferred stock and convertible debentures. The convertible securities were all converted into common stock. In essence, our common stock is our currency and since January 2001 we have used a series of private equity credit agreements with Charlton Avenue, LLC, an institutional investor, to raise the capital necessary to fund the Company's operations. The use of private equity credit agreements is dilutive as the investor sells our shares into the market.

Cost cutting initiatives and staff reductions were initiated in April by the time I was appointed Interim CEO and Chairman of the Board. I met with Executive Management and we made the decision to terminate our lease pursuant to the six-month notice provision and to lease a smaller facility. Our current facility is 24,000 sq/ft with a base rent of $24,000 per month plus insurance, taxes and maintenance, which we estimate to be $9,440 per month for a total monthly cost of $33,440. Our ne
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SOURCE Imaging Diagnostic Systems, Inc.
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