Simavita Limited

Simavita Limited

May 08, 2017 13:32 ET

Simavita secures $1.5m in funding

SYDNEY, AUSTRALIA--(Marketwired - May 8, 2017) - Simavita Limited ("Simavita" or the "Company") (ASX:SVA) is pleased to announce that as a result of support from new investors and existing shareholders it had raised $1,500,000.

This funding is important and will be applied as working capital for the Company's key objectives.

Mr Michael Spooner, Non-Executive Chairman said "Simavita will focus upon delivering its strategy of inexpensive, easy to use, continence sensor technology, particularly to mass markets in key geographies. Simavita will similarly aim to enter into partnership arrangements with large manufacturing firms to deliver this technology to market."

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About Simavita

Simavita (ASX:SVA) develops and markets advanced systems associated with smart, wearable and disposable sensors for the health care industry. Our first products focus on major unmet needs for the assessment and management of incontinence. The annual global economic burden is billions of dollars for incontinence diapers alone and is increasing rapidly.

Simavita operates in Australia, Europe and North America where there is a significant and growing demand for products that deliver real clinical and cost benefits to the health care industry.

With the support of our shareholders, customers and employees, Simavita is absolutely committed to the business at hand; creating a commercially successful and growing corporation.

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, including licensing agreements, signing new customers, growth plans, cost reductions and entry into new markets . 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.

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