Simavita Limited
ASX : SVA
TSX VENTURE : SV

Simavita Limited

March 18, 2015 11:05 ET

Simavita Updates on New Agreements, Pilots and Key Appointments

SYDNEY, AUSTRALIA--(Marketwired - March 18, 2015) -

Highlights

  • Simavita expands the roll out of SIM® and executes further agreements with leading aged care providers
  • Revenue is now being generated from the sale of SIM® on three continents, with significant pilot programs proceeding well in US, Denmark, Canada and Sweden
  • Key executive appointments made to drive sales in Australian and North American markets

Simavita Limited (ASX:SVA) (TSX VENTURE:SV) ("Simavita" or the "Company"), a global leader in the digital healthcare sector, is pleased to provide details of material new agreements to supply its Smart Incontinent Management solution (SIM®) in Australia, updates on the progress of showcase sites in Canada and Sweden and the launch of significant pilot sites in the US, as well as announce two key executive appointments.

Australia

Simavita is pleased to announce the further roll out of SIM® and two new supply agreements.

  • The Arcare group has now successfully implemented SIM® into 19 of its 24 sites. The Company anticipates that the balance of the sites will be rolled out by June 2015.
  • McKenzie Aged Care Group has agreed to deploy Simavita's technology across all of its facilities. This national group is expected to comprise 20 sites by the end of 2015.
  • Queensland aged care group Queensland Rehabilitation Services has agreed to roll out SIM® across all five of its sites.
  • The minimum aggregate value of the contracts with the above customers is expected to be in the order of $800,000 per annum.

"The importance of these groups to Simavita goes beyond a commercial arrangement. Each one is recognised as a leading aged care provider who is focused on the efficiencies and potential revenue uplift gained from implementing cutting edge technologies like SIM®. Each of these customers focus on quality outcomes as one of the top priorities for their residents, believing that proper continence management and evidence-based assessments will contribute strongly to enabling residents to maintain their dignity and independence. We are delighted to be working together," said Philippa Lewis, CEO of Simavita.

North America

United States

Intense collaborative work between Medline and Simavita continues in the US. A small, but highly specialised Simavita sales team is now covering the east coast, mid-west and west coast of the USA. The Medline/Simavita team is focusing its sales and marketing efforts on a target list of highly qualified "early adopters".

As earlier reported, a pilot program is now in progress with a long term care provider in the US which has over 80 sites. This pilot is progressing successfully and is scheduled to conclude shortly.

Medline and Simavita's US team is currently progressing six new additional pilots with multi-site, long term care providers.

A thought-leading, 126 bed, long term care facility based in Illinois has agreed to commence a 90 day study of the SIM® technology in partnership with Medline. The project's goal is to publish a white paper which will outline the empirical data that justifies the cost reduction and efficiencies delivered by the SIM® technology. This research is expected to be completed during the June quarter.

Canada

Further to the Company's announcement in January, where it reported that SIM® had satisfied all regulatory standards for distribution in Canada, Simavita advises that a 14 facility group in Ontario has established a showcase pilot of the SIM® technology in a 231 bed facility. This pilot, which will be concluded in April, is progressing well. The group is an excellent thought leader in Canada, making this showcase a valuable enterprise. The anticipated minimum aggregate value of a potential agreement with this group, if it were to roll out SIM® across all of its sites, could be in the order of AUD$450,000 per annum.

Europe

Denmark

The Company's first customers in Denmark are now ordering SIM® technology and distribution partner, Abena, is currently in consultation with a number of additional municipalities for the supply of the technology.

Some of the materials used as part of that marketing campaign can be viewed on the Abena website, via the following link: http://www.abena.dk/.

Abena's Chairman, Preben Terp-Nielsen, is visiting Australia later in March and will present his vision for the roll-out of Simavita's technology in Europe at a lunch to be held in Sydney on 23 March.

Results from the Danish showcase sites are currently being compiled for review and consideration by the Danish Government and Simavita is now facilitating visits to the Danish sites for other potential European distribution partners.

Sweden

The Company's pilot program with Sanicare Sweden, as previously announced, is scheduled to commence in May with a major facility in Stockholm.

First orders for this pilot and subsequent supply to market are expected to be received during the upcoming June quarter.

Sales and marketing team bolstered by key strategic appointments

Simavita has recently added two new key appointments to its management team, principally dedicated to sales of the SIM® technology.

Chris Southerland

Christopher Southerland joins Simavita as US Executive V.P. of Sales and Marketing responsible for overseeing SIM® sales and distribution activities in North America. Chris has over 25 years of experience successfully growing medical device, diagnostic and biotech companies. Prior to joining Simavita, he was with Molnlycke Healthcare where he served as V.P. of Sales for the US Surgical Division, and IDEXX Laboratories where he served as V.P. of Global Sales and Marketing for the OPTI Medical Diagnostic Division.

Chris has extensive experience building sales and marketing infrastructure in early stage companies. He served as the Director of Sales for Binax, Inc., which was successfully acquired by Alere in 2004.

Charles Cornish

Charles Cornish joins Simavita in the role of Director ANZ. Charles will lead the Company's Marketing, Sales and Service Team.

Most recently, Charles held the position of Managing Director of Ontex ANZ where he was responsible for retail and healthcare sales of diapers, incontinence aids and feminine hygiene products, along with diaper manufacturing, supply chain and warehousing operations. Charles brings to Simavita a wealth of commercial sales and marketing expertise combined with industry knowledge and understanding of the incontinence field.

"Chris Southerland and Charles Cornish make important strategic additions to the Simavita executive team. They will be instrumental in delivering the sales necessary for the Company to successfully execute its business plan. We are delighted to welcome Chris and Charles, with their breadth of experience into their new roles," said CEO, Philippa Lewis.

For further information, see our website (www.simavita.com)

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™ platform technology 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 instrument 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 during a compulsory or recommended assessment period in residential aged care facilities to develop an evidence-based incontinence care plan.

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.

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.

Contact Information

  • Company: Philippa Lewis, Chief Executive Officer
    +61 2 8405 6381
    Thomas Howitt, Chief Financial Officer
    + 61 418 351 127

    Media and Investor Relations
    Jane Lowe
    IR Department
    jane.lowe@irdepartment.com.au
    +61 411 117 774