Simavita Limited
TSX VENTURE : SV
ASX : SVA;

Simavita Limited

November 28, 2014 13:23 ET

Simavita Releases Unaudited Financial Results for the Three Months Ended September 30, 2014

SYDNEY, AUSTRALIA--(Marketwired - Nov. 28, 2014) - Simavita Limited ("Simavita" or the "Company") (TSX VENTURE:SV)(ASX:SVA) announced today its financial results for the first quarter ended September 30, 2014, reported in Australian dollars and in accordance with International Financial Reporting Standards ("IFRS"). The Company's results are presented in comparison to the three months ended September 30, 2013, which were also prepared in accordance with IFRS.

Quarterly highlights

Notable developments and achievements during the first quarter and up to the date of this release included:

  • Successful completion of a private placement and capital raise in Australia via a CDI purchase plan, raising gross proceeds of $3,633,497;
  • Completion of the roll-out of the Company's fourth generation SIM™ technology to its existing customers in the Australian market and to new customers in the US;
  • Commencement of sales in the US market through its exclusive distributor Medline Industries, Inc.;
  • Forecast revenues for the first half of the 2015 financial year likely to exceed 2014 full year revenues;
  • Agreement in principle reached with Sanicare Sweden to develop first Swedish SIM™ showcase site;
  • Danish showcase site progresses, along with negotiations with potential European distributors; and
  • Mr. Craig Holland appointed as a non-executive Director of the Company.

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 operating in the digital healthcare sector that has developed an innovative, world first solution for the management of urinary incontinence, with a focus on the elderly. SIM™ is a platform technology and the first application is an instrumented incontinence assessment product that provides evidence based incontinence management care plans to the residential aged care market driving efficiencies and improved clinical outcomes.

About SIM

SIM™ is a wireless sensor technology that delivers evidence-based instrument incontinence data on individuals that replaces the current manual process. 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. This results in labour efficiency, reduced costs and person centered care that provides greatly enhanced clinical outcomes.

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.

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
    Buchan Consulting
    Annabel Murphy
    +61 2 9237 2800
    amurphy@buchanwe.com.au