Simavita Limited
ASX : SVA
TSX VENTURE : SV

Simavita Limited

May 27, 2015 14:47 ET

Simavita Releases Unaudited Financial Results for the Nine Months Ended March 31, 2015

SYDNEY, AUSTRALIA--(Marketwired - May 27, 2015) - Simavita Limited ("Simavita" or the "Company") (ASX:SVA)(TSX VENTURE:SV) announced today its financial results for the three and nine month periods ended March 31, 2015, reported in Australian dollars and in accordance with International Financial Reporting Standards ("IFRS"). The Company's results are presented in comparison to the three and nine month periods ended March 31, 2014, which were also prepared in accordance with IFRS.

Financial highlights

As reported in the Company's ASX Appendix 4C on April 29, 2015, total revenue for the nine-month period ended March 31, 2015 was $618,826, representing strong growth as compared to the total revenue for the corresponding nine-month period ended March 31, 2014 of $254,121.

Cash receipts from customers for the quarter were $343,277, taking the total for the first nine months of the 2015 financial year to $532,305. This figure compares favourably to the total cash receipts from customers for the entire 2014 financial year of $373,321.

Quarterly operational highlights

A number of significant operational achievements were recorded in the quarter ended March 31, 2015 and up to the date of this release. Notable developments and achievements included:

  • Appointment of Mr. Michael Brown as a Non-Executive Director and Chairman of the Board;
  • Completion of a successful placement with strong support from institutional and sophisticated investors, including Hong-Kong based fund Ward Ferry, raising gross proceeds of $8,294,371;
  • Appointment of Abena A/S as the exclusive distributor of Simavita's Smart Incontinence Management™ (SIM™) platform in Denmark, along with the commencement of sales of SIM™ in Denmark;
  • Receipt of $1,370,468 under the Australian Federal Government's R&D Tax Incentive Scheme;
  • Execution of new supply agreements for SIM™ in the Australian market, with leading aged care groups, McKenzie Aged Care Group and Queensland Rehabilitation Services; and the further roll-out of SIM™ across existing customer, Arcare's, network of aged care facilities, with 19 of 24 sites noted as actively using the Company's technology;
  • Completion of successful trials of SIM™ Europe and Australia;
  • Confirmation of the ability to sell and market SIM™ in the significant Canadian aged care market;
  • Appointment of two new Executives: Mr. Chris Southerland (US) and Mr. Charles Cornish (Australia) to expand the Company's global sales and marketing activities; and
  • Appointment of Mr. Warren Bingham as a Non-Executive Director.

Simavita's CEO, Mrs. Philippa Lewis commented, "My fellow directors and I are very pleased with the significant progress that was made during the March quarter. The placement of shares closed with strong support from institutional and sophisticated investors, and the capital raised will enable Simavita to continue to execute on its plans to sell and market SIM™ across our key markets. The team worked solidly during the quarter to set up pilots, distribution agreements and other activities in Australia, North America and Europe, which we expect will contribute to future reporting."

For further information, please visit the Company's profile on SEDAR (www.sedar.com) or the Company's website (www.simavita.com) or contact the persons outlined below.

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 www.simavita.com.

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 use of proceeds in connection with the issuance of CDIs. 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
    In Australia: Jane Lowe, IR Department
    +61 411 117 774
    jane.lowe@irdepartment.com.au
    www.simavita.com