Simavita Limited
ASX : SVA
TSX VENTURE : SV

Simavita Limited

July 30, 2015 18:58 ET

Simavita Limited: ASX Appendix 4C for the Quarter Ended June 30, 2015

SYDNEY, AUSTRALIA--(Marketwired - July 30, 2015) - Simavita Limited (ASX:SVA)(TSX VENTURE:SV) ("Simavita" or the "Company"), a global leader in the digital healthcare sector, is pleased to release its ASX Appendix 4C for the quarter ended June 30, 2015.

Cash receipts from customers for the quarter were $141,246, taking the total receipts for the full 2015 financial year to $701,743. This annual figure represents an increase of 88% over the total cash receipts from customers for the 2014 financial year of $373,321.

During the June quarter, the Company successfully concluded a placement of 18,517,490 common shares and CDIs at an issue price of $0.45 per security. This placement raised a total of $8,332,871, prior to the payment of associated costs of $298,628. As a result of the above capital raising, the total cash and cash equivalents held by Simavita at the end of June 2015 was $9,027,722, which represented an increase of 32% over the cash balance as at the end of the previous financial year.

Quarterly operational highlights

A number of operational highlights were recorded during the June quarter, including:

  • The successful closing of the Company's $8.3 million placement, with strong support from high quality institutional and sophisticated investors in Hong Kong, the USA and Australia, including WF Asian Reconnaissance Fund Limited.
  • Signing non-exclusive sales and marketing partnership agreements in Australia with major continence product distributors, Bunzl and (immediately post the quarter) HARTMANN.
  • The commencement of development work under which Simavita will integrate its Smart Incontinence Management™ (SIM™) platform with the Electronic Health Record system distributed by MatrixCare, one of the largest providers of such systems in the US.
  • Commencement of a major research project in Denmark, alongside local distributor Abena, with nine aged care facilities.
  • Advancing negotiations with parties to extend the distribution of SIM™ into other European countries.

Simavita's CEO, Mrs. Philippa Lewis commented, "The June quarter was important for Simavita as we used the period to further build on the foundations that will support our activities in the key markets of Australia, North America and Europe.

Notably, our agreement with MatrixCare to jointly develop an interoperable solution between our SIM™ platform and their electronic health record system, will open doors to significant long term care opportunities for Simavita in the US. In Australia, we have now executed valuable new distribution agreements with Bunzl and HARTMANN which will expand our sales force and our reach in the local market, alongside two trusted and reputable partners."

"More recently, we have negotiated positive changes to our agreement with our US distributor, Medline, and executed agreements with two Canadian parties to commence the sale and distribution of SIM™ in Canada. All of this activity, alongside further foundational activity in Europe, supported by our successful capital raising in April, positions Simavita strongly to enter into what we see as an important new financial year ahead for the Company," Mrs. Lewis added.

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

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