Simavita Limited
ASX : SVA
TSX VENTURE : SV

Simavita Limited

November 20, 2015 12:15 ET

Simavita Releases Unaudited Financial Statements and MD&A for the Three-Month Period Ended September 30, 2015

SYDNEY, AUSTRALIA--(Marketwired - Nov. 20, 2015) - Simavita Limited ("Simavita" or the "Company") (ASX:SVA)(TSX VENTURE:SV), a global leader in the digital healthcare sector, is pleased to release its financial results for the first quarter ended September 30, 2015, 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 SIM™ of $203,814 representing an increase of 107% over the same prior year period.

  • Execution of sales and marketing agreement with Paul Hartmann Pty. Ltd. to further expand the distribution of SIM™ in the Australian marketplace.

  • Commencement of global roll out of the Software as a Service (SaaS) business model.

  • Signing two Canadian partners to distribute SIM™ on a non-exclusive basis in Canada and, post the quarter, the first Canadian chain was signed up under a SaaS model.

  • Further strengthening the Company's global patent portfolio, with the granting of six new patents during the quarter.

  • Distribution arrangements with Medline modified, transitioning to a non-exclusive distribution agreement in parallel with the strengthening of Simavita's own US sales and marketing team.

Immediately post the quarter:

  • Significant funding ($469,450) was awarded by the Queensland Health Department to fund the deployment of SIM™ in rehabilitation wards of two major hospitals in Brisbane over the next two years.

  • Sales of SIM™ in the North American market continued to grow, with new agreements signed representing 2,500 beds, and further pilots underway as part of the expanding North American pipeline.

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 instrumented 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 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 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.

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