Simavita Limited

Simavita Limited

February 27, 2014 17:13 ET

Simavita Limited Announces Changes to Board and Management Composition

SYDNEY, AUSTRALIA--(Marketwired - Feb. 27, 2014) - Simavita Limited ("Simavita" or the "Company") (ASX:SVA)(TSX VENTURE:SV) today announced changes to its Board and Executive Management Team.

Mr. Tom Howitt, who currently serves as the Company's Non-Executive Finance Director, has resigned as a Director (effective from April 14, 2014) to take up the executive position of Chief Financial Officer. Mr. Howitt will also retain his current position as Company Secretary.

Mr. Howitt, 49, has served as a Director of Simavita (previous known as Gtech International Resources Limited) for nearly ten years and played a key role in the acquisition by the Company of Simavita Holdings Limited in late 2013. He has more than 20 years experience serving as CFO and Company Secretary for a number of public companies, listed on various international stock exchanges (TSX-V, ASX, NASDAQ and NZSE). His wide experience covers all facets of financial management and control across various industries, having been instrumental in the successful development and commercialisation of several innovative technologies. He has played key roles in the raising of significant equity capital and debt and the management of complex due diligence programs, and has previously worked as a senior Taxation Consultant for Ernst & Young and in the investment banking industry. Mr. Howitt is also a current member of the Victorian Branch Committee of AusBiotech Ltd. in Australia.

As part of this restructure, current Simavita Chief Financial Officer, Mr. Colin Christie, will leave the Company. The Board wishes to thank him for his contribution to the Company during his tenure and would like to wish him well in his future endeavours.

Simavita CEO, Ms. Philippa Lewis, said, "We are very pleased to welcome Tom to the Simavita Executive Management Team and we look forward to drawing on his considerable public company experience to advance the interests of the Company and its shareholders. We would also like to recognise the contribution made by Colin in assisting Simavita with its transition to a listed environment."

About Simavita

Simavita is a medical device company that has developed an innovative, world first solution for the management of urinary incontinence, with a focus on the elderly. The first product is the SIM™ platform technology which 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

The TSX Venture Exchange 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 TSX Venture Exchange not its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.

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 and includes, but is not limited to, information with respect to the successful completion of the listing of Simavita on the ASX and the closing of the prospectus offering. 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.

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