Simavita Limited

Simavita Limited

June 29, 2016 11:44 ET

Simavita Secures $7.3m in Funding

SYDNEY, AUSTRALIA--(Marketwired - June 29, 2016) - Simavita Limited ("Simavita" or the "Company") (TSX VENTURE:SV)(ASX:SVA) is pleased to announce that as a result of significant support from its shareholders it had raised $7,353,000.

This funding is critical to the significant changes that the company is undertaking to reduce its cost structure, deliver new product and to significantly increase sales.

Mr Michael Spooner, Non-Executive Chairman said "We are very firmly focused on turning the operations of the Company around. This financing provides an opportunity for the Company to focus squarely on delivering results. Our plans are clear, to introduce a much simpler product as quickly as is possible. We are focused on making sure that our products are perceived as providing a real value add to the management of people with incontinence and to their carers."

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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.

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