Aptay1,Looks like you may be right, (and wondering if this...

Aptay1,

Looks like you may be right, (and wondering if this continued from the original STI deal back in June 2011, for 80% of Telemedcare for $3 mil, a further reference to that also below)

From the Grupo Neat site (shows date 28/9/2011), appears Telemed Care sold for 10 million Euros, perhaps some one who can read spanish can confirm please.

Extremely hard to know how much of this STI or it’s administration gets, as Stirling never owned the intellectual property of Telemedcare, that was owned by the original partner, Medcare ; and I then presume STI had roughly 60% of everything else the company was worth when it took over.

Whilst I’m tempted to jump the gun and calculate 60% of 10 million Euro and convert etc., (1 Euro approx $1.38 AUD so 10 Mil Euro =about $13.8 million AUD dollars), but given no doubt substantial payment for the intellectual property which would reduce this significantly, then less costs, and/or debt repayment or non acceptance of debt in the deal, i.e. not knowing what the deal actually is, I suggest it would likely give a false figure/expectation and/or possibly some false hope.

Regardless still way too cheap, (but we knew fire sale in porr market, but at least 10 millions euros starts sounding a bit better than $3 million dollars, because even another a further 20% ($600 thou) only brings it to $3.6 mil ? But as per the original deal it may be required to be clear of all encumbrances, and present a balance sheet free of debt, promissory notes and Other liabilities ?, but I can’t tell because I can’t read Spanish, again anyone clarify please ?

As previously stated, just have to wait for official announcements, an calculations and advise.


Ref Gruopo neat announcement
http://www.gruponeat.com/index.php?id=215&ids=851

Grupo NEAT adquiere TeleMedCare y se posiciona como expertos en TeleHealth 28/09/2011

Grupo NEAT ha adquirido la compañía australiana TeleMedCare lo que culmina su proceso de convergencia tecnológica dentro del sector sociosanitario.
Grupo NEAT ha adquirido la compañía australiana TeleMedCare con el que culmina su proyecto de convergencia tecnológica dentro del sector sociosanitario. Además consigue aumentar su presencia internacional y su fuerza de ventas en los países en que la compañía está representada.

TeleMedCare ofrece soluciones de telemonitorización de pacientes con enfermedades crónicas como diabetes, hipertensión, obesidad o EPOC, para mejorar su atención y calidad de vida. La inversión llevada a cabo en su producto del mismo nombre, TeleMedCare, es de más de 10 millones de Euros. Cuenta con una plantilla de 20 personas y oficinas en Australia, Reino Unido, Estados Unidos y Canadá, países en los cuales se están llevando a cabo proyectos de telemedicina, tanto en la administración pública, como en empresas privadas.

La adquisición de TeleMedCare encaja dentro de la estrategia del Grupo NEAT al integrarse con su plataforma de atención sociosanitaria y les posiciona en el mundo de la telemedicina al contar con la solución de TeleHealth más avanzada del mercado. Según Adolfo Tamames, Presidente del Grupo NEAT: “con la compra de TeleMedCare, Grupo NEAT aumentará un 20% de su plantilla. En cuanto a cifras, estimamos que durante los próximos 5 años los productos de TeleHealth significarán más del 50% de la facturación de todo el grupo”.

Solución TeleMedCare


TeleMedCare es un sistema llave en mano donde se incluye desde el dispositivo, la conexión al sistema, el mantenimiento y la integración con bases de datos. Está especialmente diseñado para su uso por personal sanitario a domicilio – empresas de teleasistencia - o en clínicas, hospitales y residencias de mayores.

El dispositivo de TeleMedCare destaca por su facilidad de uso, su diseño compacto y ergonómico. Posee una pantalla táctil de gran tamaño que orienta a la persona en su manejo. Es multiusuario e incluye el reconocimiento biométrico a través de la huella digital del usuario. Además dispone de mecanismos de medición de constantes vitales integrados como: tensiómetro, termómetro, electrocardiógrafo, espirómetro, pulsioxímetro, báscula y glucómetro, además de otros que se pueden añadir.

El sistema TeleMedCare cuenta con una agenda personalizada para cada uno de los usuarios donde se recuerda su medicación, las visitas a los centros de salud y/o especialistas e incluso un test de salud que puede ser rellenado por el paciente. La información del paciente está disponible de forma remota a través de la plataforma de gestión del servicio de Grupo NEAT, desde la cual tanto el personal sanitario, como el paciente pueden acceder a los datos desde cualquier ubicación y de forma segura.

TeleMedCare dispone de todos los certificados y homologaciones requeridas para la comercialización de sistemas médicos y de telemonitorización de pacientes. Entre los que destacan el marcado CE para Europa, la FDA para Estados Unidos y Canadá y el cumplimiento con la EN ISO 14971:2007, Medical Devices – Application of Risk Management to Medical Devices.


Por ahora, el Grupo NEAT ha presentado el sistema a diferentes prestadores de servicios en España, incluyendo administración pública con una importante acogida. La compañía espera en breve iniciar ya algunos proyectos.

Grupo NEAT es una empresa tecnológica que ofrece soluciones completas para los sectores sociosanitarios y de seguridad. Fundado en el año 1988 su objeto social de ofrecer productos y servicios profesionales de elevada calidad en el área tecnológica.

Los productos de NEAT se caracterizan por ofrecer alta calidad, innovación, alto nivel tecnológico, seguridad y fácil manejo para cumplir con las altas expectativas técnicas y de conocimiento demandadas por sus clientes.

Dentro de la línea de negocio del Sector SocioSanitario, desarrollan sistemas de teleasistencia fija y móvil, residencias y ayuda a domicilio. Dentro de este sector es líder en España

PREVEIOUS ref STI was selling to Grupo Neat for $3 mil just prior to administration and was an STI announcement dated June 22, 2011

http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=58170804

Recent Private Companies Transactions
Type
Date Target
Merger/Acquisition
June 22, 2011 Telemedcare Limited

Ref
http://www.finnewsnetwork.com.au/CompanyReports/Stirling-Products-Limited/Sale-of-Controlling-interest-in-TeleMedCare

Media Releases
see all media releases
Sale of Controlling interest in TeleMedCare
22 Jun,2011 09:32 AM
Health Care NZ Publishes Results of Successful e-Health Trial using
TeleMedCare

Healthcare group, Stirling Products Limited (ASX:STI) advises that the Company has continued its negotiations with regard to the sale of TeleMedCare.
The Company today exchanged a conditional Purchase Offer Term Sheet with Grupo Neat of Spain for the sale of 80% of TeleMedCare for $3,000,000. The Term Sheet provides for time to be of the essence, is subject to due diligence, and following completion of due diligence, agreement of the respective Boards to the transaction. The Company is also further required to provide that the sale be clear of all encumbrances, and present a balance sheet free of debt, promissory notes and other liabilities.


From the PDF

22 June 2011
Sale of Controlling interest in TeleMedCare
Health Care NZ Publishes Results of Successful e-Health Trial using eleMedCare Healthcare group, Stirling Products Limited (ASX: STI) Advises that the Company has continued its negotiations with regard to The sale of TeleMedCare.

The Company today exchanged a conditional Purchase Offer Term Sheet with Grupo Neat of Spain for the sale of 80% of TeleMedCaref for$3,000,000. The Term Sheet provides for time to be of the essence, is subject to due diligence, and following Completion of due diligence, agreement of the respective Boards to the transaction.

The Company is also further required to provide that the sale be clear of all encumbrances, and present a balance sheet free of debt, promissory notes and Other liabilities. Pending completion of this transaction, the Company will seek to achieve A TeleMedCare structural reorganization and cause TeleMedCare Pty Ltd to cease trading forthwith whilst its affairs are formally addressed pending the potential sale.

TeleMedCare Holdings Pty Ltd and its subsidiary, MedCare Pty Ltd, which controls the TeleMedCare Intellectual Property, will continue to trade. Until the sale becomes unconditional with the required approval of the respective Boards of Stirling Products And Grupo Neat, there can be no assurance that the transaction will complete.

As previously reported, TeleMedCare last week received the internationally coveted Dual ISO 13485:2003 and CMDCAS Certification for the design, development, manufacture, distribution and service provision of multi-parameter Telehealth monitors. This award greatly increases the global regulatory acceptance of the Company’s products
And services. This certification followed a three-day intensive audit by TUV SUD, one Of the world’s largest and most respected ISO and CMDCAS accreditation bodies.
ISO 13485:2003 is a certification relating to the proven establishment of a medical device Quality management system for regulatory purposes and certification according to the Canadian Medical Devices Conformity Assessment System (CMDCAS) is a pre-requisite For medical device entry into Canada which is along with gaining FDA clearance for entry into the USA is TeleMedCare’s immediate expectations.

Continued re small but very positive New Zealand trial result etc. Bigger results came from UK trials.