Cdex, Inc. (fka CDEX)

[Amanita]

Cdex between the lines

To our valued shareholders:

I would like to take some time and reflect on 2014, as well as provide some insight into where the Company is headed in the calendar year 2015. First, I would like to thank our shareholders for their never wavering support.
Secondly, I would like to thank the Board of Directors for their direction, counsel and steadfast vision for CDEX and its technology. Their guidance has proven to be invaluable to CDEX and to its shareholders. Lastly, I would like to say thank you to our team of contractors, suppliers, and employees. Their
patience, commitment, and endurance, have proven vital in our push toward success in the chemical detection and validation technologies for the healthcare
and security markets.

For Gods sake, let's hope this is bumfield's acknowledgement of his complete failure at being CEO of anything greater than fruit stand. Hopefully the Board of Directors have asked him to move on to work comensuate with his skills, ditch digging comes to mind. I was really wondering why Pemco would lay out a deal for "certain obligations" , that is paying off bumfield. Well my guess is that after the total blow out at the NIBA loan-a-thon the folks on the hook for the pay checks and R/D monies at the small studio in Tucson have finally had enough.

2014 was an exciting year for CDEX and its technology. Our ValiMed G4 formulary, which consists of all diversion drugs was completed for beta testing. We also began our efforts to incorporate an additional 40 high risk drugs into the formulary that would be beneficial to the ValiMed G5 patient safety
platform that is currently on pace to launch in 2016. While in beta testing, ourValiMed G4 provided valuable information, leading us to conclude that the product required additional updates. From beta feedback, we began to make the necessary changes to advance the Valimed G4 out of beta mode and
toward a final product.

Yep, the product required additional updates. Yeah like your own stuff inside. I have been telling you this now for a year now, "hang in there 2017 is your big year!".

To aid in the upgrades of the ValiMed G4, CDEX expanded its technical team to include John Coates, Ph.D. as the Technical Director for Spectroscopy Products. Dr. Coates, a globally recognized spectroscopist and instrumentation expert with 40-years experience in the fields of applied spectroscopy and
analytical method development, is charged with guiding the ongoing development of CDEXs spectral management systems for medication analysis and validation, with specific focus on achieving optimal performance of the ValiMed Medical
Validation System product line. With Dr. Coates on our team, we worked with our OEM manufacturers to improve the specifications of the components in our system, modified some processes, expanded the capabilities of the system, and with his efforts we feel that the product is very close to its final form and
ready for commercialization in the upcoming year.

Wow! OEM manufacturer, what's that mean to you? Does that mean the heart of this thing is say someone elses Raman machine? Coates was added by cdex in August of 2014. So in less than five months the distingished said doctor has been able to tell them what they couldn't figure out since 2010. I don't know that sounds like a hugh waste of investor monies for the last four years to me. What suckers!



Due to the established growing needs for our technology and given the fact that we are very close to commercialization and implementation of our ValiMedG4,, CDEX has engaged Hanover International as its Capital Markets Advisor.Hanover International will maintain a proactive investor relations outreach effort, keep an open line of communication with the investment community and help guide us as we build our investment banking relationships, which could prove to be pivotal in our quest to accomplish our business plan and our near term growth strategies.

Established growing needs? You must be freaking kidding me! The fact that we are very close to commerialization. Again, you must be freaking kidding me! Guide us as we build our investment banking relationships, which could prove to be pivotal in our quest to accomplish our business plan and our near term growth strategies, you mean the "could prove" part is telling us what we already know, that cdex didn't get JACK at the NIBA! I told you they should have taken sean bumfield and dumbed the the presentation down by a factor of 100.


As for an update from our Security Markets division, we have continued to sell the ID2 Meth Scanner at a slow and steady pace. With opportunities presenting themselves in New Zealand and Australia, 2015 should prove to be interesting for our Security Markets division. However, until we are able to
launch theValiMed G4 system completely, we will handle the sales of the product as they are needed. We will look to more aggressively market and promote the ID2 Meth Scanner product line after the ValiMed G4 product launch.

First this one always get's me, "security markets division"? What a complete load! If you read between the line on this one I think you can see that the ID2 toy is and has been done for a long time, done as in no one is interested.

With the steady flow of inquiries and continued growing interest in the ValiMed G4 system from hospitals nationwide along with the feedback that we have received from various investment banking firms, I am very optimistic that CDEX is ready for a break out year in 2015.

Oh please! Feedback from investment firms? What like not only no, but hell no! Cdex has no, ZERO products! For God's sake get a CLUE!

As you probably know, we cannot predict the future with certainty. Many of the thoughts expressed in this letter are forward-looking statements under the Private Securities Litigation Reform Act of 1996 and as such are subject to
risks and uncertainties. You should read this letter in conjunction with all of our information available on the SEC's website at href="http://www.sec.gov/">www.sec.gov, including risk factors included therein.

I damn sure would!