Simavita Limited

Simavita Limited

May 30, 2016 13:40 ET

Simavita Releases Unaudited Financial Statements and MD&A for the Nine-Month Period Ended March 31, 2016

SYDNEY, AUSTRALIA--(Marketwired - May 30, 2016) - Simavita Limited ("Simavita" or the "Company") (TSX VENTURE:SV) (ASX:SVA), a global leader in the digital healthcare sector, is pleased to release its financial results for the third quarter ended March 31, 2016, reported in Australian dollars and in accordance with International Financial Reporting Standards ("IFRS").

Quarterly highlights

Notable highlights during the September quarter included:

  • Revenue from the sale of the Company's incontinence diagnostic tool kit of $178,174 representing an increase of 11% over the same prior year period.
  • The number of facilities at which Company's incontinence diagnostic tool kit has been deployed, or contracted to be deployed, continues to grow and as at date is 147. In North America some facilities are co-located on the same site. The number of sites has increased to 135 and the number of beds under contract has now passed 12,800.
  • Revenue for the period also included the first major sale in Europe through Danish distributor, Abena, who signed a contract to distribute the Company's incontinence diagnostic tool kit in the Municipality of Aarhus, Denmark.
  • Further strengthening the Company's global patent portfolio, with the filing of 6 new patents during the quarter bringing total patents filed to 34, including 32 granted patents.

Immediately post the quarter:

  • On April 27, 2016 the Company issued secured notes totalling $3,063,000. The terms of the secured note issue provide that the secured notes will automatically convert into CDIs on the Company obtaining shareholder approval. A Special General Meeting has been convened on 23 June 2016 to consider approval of this conversion. The conversion price under the secured notes is AUD$0.05.

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. The first product is the SIM™ incontinence diagnostic tool kit 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 instrumented incontinence data on individuals. It 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 and related nursing interventions during a compulsory or recommended assessment period in residential aged care facilities; and to then develop evidence-based person-centred incontinence care plans.

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 ("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.

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