ASX RELEASE
Medical Monitors Limited
Suite 407 Westfield Eastgardens
Eastgardens NSW 2036
Tel (02) 9344 8100 Fax (02) 9344 8200
Web site: www.medmon.com.au
2nd February 2005
AGREEMENT Signed for CANADA
For ECG and Blood Pressure Businesses
Medical Monitors Limited (ASX: MDM) is pleased to advise that it has finalised an
agreement with a Canadian based investment group to operate a new monitoring
service company in Canada. The agreement grants an exclusive license for MDM’s
unique ECG and Blood Pressure monitoring technologies and further extends our
success in expanding MDM’s technologies internationally.
Under the terms of the agreement, consideration to MDM includes ownership of
twenty five percent (25%) of shares in the new company, as well as management
fees for the provision of technical support and an annual royalty stream based on
revenues generated from the monitoring services.
Most importantly, the Canadian investment group will assume total funding and
managerial responsibility for establishing the new business with no additional
funding requirement from MDM.
It is envisaged that the Canadian venture will list on the Toronto Stock Exchange by
May 2005 in the Health and Medical sector, and that MDM shareholders may be
entitled to a priority share purchase opportunity (subject to Canadian regulatory
criteria).
An initial sale of BPfone® monitors and ECG recorders totalling CAN$352,000
(AUD$370,000) has been agreed to, for delivery and payment in the second quarter
2005 to launch new monitoring services. MDM will be responsible for the
manufacture and supply of the ECG recorders and BPfone® monitors at an agreed
transfer price inclusive of a profit margin.
MDM’s technologies and business model are superior to the current market offerings,
and the new Company will be well placed to take a substantial share of the Canadian
market.
MDM’s unique transtelephonic (telephone transfer) technologies, which allow doctors
to remotely monitor the cardiovascular health of their patients, have already been
granted United States Food and Drug Administration (FDA) notification and will be
licensed with Health Canada to enable marketing and sales.
The directors wish to emphasise that they remain focused and confident in achieving
ongoing successful business outcomes for the benefit of all shareholders.
For further information, please contact Dr Allan Shell on (02) 9344 8100.
MDM
medical monitors limited
