Simavita Limited
ASX : SVA
TSX VENTURE : SV

Simavita Limited

October 14, 2015 10:54 ET

Queensland Department of Health to Provide Significant Funding for Deployment of SIM™

Highlights:

- Queensland Department of Health awards significant funding to supply of Simavita's Smart Incontinence Management (SIM™) platform for two large public hospitals in Queensland

- Total value of two-year contract is $469,450, and is the first of its kind in an acute care setting

- Funding awarded under the Queensland New Technology Funding and Evaluation Program

SYDNEY, AUSTRALIA--(Marketwired - Oct. 14, 2015) - Simavita Limited (ASX:SVA) (TSX VENTURE:SV) ("Simavita" or the "Company"), a global leader in the digital healthcare sector, is pleased to announce that funding for the supply its Smart Incontinence Management (SIM™) technology to the rehabilitation wards of two large public hospitals in Queensland has been approved following successful applications made under the Queensland Department of Health's New Technology Funding and Evaluation Program ("NTFEP".)

The NTFEP encourages innovation and the appraisal of new health technologies in Queensland. Its objectives include:

  • Introducing safe and effective health technologies;
  • Ensuring equitable patient access to health services;
  • Improving patient flow through acute health services;
  • Decreasing elective surgery waiting lists for acute health services; and
  • Enhancing service delivery for the major hospital redevelopment projects underway across Queensland.

Under the NTFEP, successful applications to use SIM™ were registered by two large Queensland hospitals who will deploy the technology throughout their rehabilitation wards. The use of SIM™ in this setting, as opposed to a traditional aged care setting, represents an outstanding new opportunity for the SIM™ technology, which could be repeated in additional hospital settings across Australia and potentially across other markets such as North America and Europe where SIM™ is currently being rolled out.

Pursuant to the contract, funding totalling $469,450 will be paid by NTFEP to the two hospitals to fund the deployment of the SIM™ technology across their rehabilitation wards during the 2016 and 2017 financial years. Details of the deployment are currently being agreed between Simavita and the hospitals.

"In this situation, SIM™ has been sought out by two of Queensland's leading hospitals who have identified its potential to assist patients undergoing rehabilitation and to shorten their hospital stays. We are delighted that the acute care market has recognised the benefits that SIM™ can deliver to patients, and will continue to work with hospitals and rehabilitation facilities in Australia to further address this significant alternative market and the patient and cost benefits it can provide", said Simavita CEO, Philippa Lewis.

"We are proud to be recognised by the NTFEP as a leading provider of unique technology to the health care sector, and that with this NTFEP funding, these hospitals can now implement technology that will, where possible, help manage and improve their patients' incontinence with the support of SIM™", Mrs. Lewis continued.

For further information, see our website (www.simavita.com) or contact the persons outlined below.

About Simavita

Simavita is a digital healthcare company that has developed an innovative software platform. The first application for the platform is a world first solution for the management of urinary incontinence, with a focus on the elderly. This platform technology is an instrumented incontinence assessment application that provides evidence-based incontinence management care plans to the residential aged care market.

About SIM™

SIM™ is a wireless sensor technology that delivers evidence-based instrument incontinence data on individuals. SIM™ provides user friendly tools and software to assess the incontinence condition and to help plan better outcomes. SIM™ is used to detect, record and report incontinence events during a compulsory or recommended assessment period in residential aged care facilities to develop an evidence-based incontinence care plan.

Conducting assessments is mandatory in many countries and the incontinence assessment creates an influential element of care of each individual. For more information on Simavita or SIM™, please visit www.simavita.com.

The TSX Venture Exchange ("TSX-V") has in no way passed upon the merits of the transactions set out herein and has neither approved nor disapproved the contents of this press release. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this Release.

Except for historical information, this announcement may contain forward-looking statements that reflect the Company's current expectation regarding future events. These forward-looking statements involve risk and uncertainties, which may cause, but are not limited to, the anticipated date of on the ASX, changing market conditions, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process, and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting.

Forward-Looking Information

This document may contain "forward-looking information" within the meaning of Canadian securities laws ("forward-looking information"). This forward-looking information is given as of the date of this document.

Forward-looking information relates to future events or future performance and reflects Simavita management's expectations or beliefs regarding future events. Assumptions upon which such forward-looking information is based include that Simavita will be able to successfully execute on its business plans. Many of these assumptions are based on factors and events that are not within the control of Simavita and there is no assurance they will prove to be correct.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "potential", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or information that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Simavita to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to actual results of current business activities; changes in business plans and strategy as plans continue to be refined; other risks of the medical devices and technology industry; delays in obtaining governmental approvals or financing or in the completion of development activities; as well as those factors detailed from time to time in Simavita's interim and annual financial statements and management's discussion and analysis of those statements. Although Simavita has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Simavita provides no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

Contact Information

  • Simavita Limited
    Philippa Lewis
    Chief Executive Officer
    +61 2 8405 6381

    Simavita Limited
    Thomas Howitt
    Chief Financial Officer
    + 61 418 351 127

    Media and Investor Relations
    Jane Lowe
    +61 411 117 774
    jane.lowe@irdepartment.com.au