Hi @raz0r11 Found this Report in Biotech daily dated March 28...

Hi @raz0r11

Found this Report in Biotech daily dated March 28 2018 Re: Missed MOU's

Biotech Daily
Wednesday March 28, 2018
Daily news on ASX-listed biotechnology companies

G MEDICAL RESPONDS TO ASX MISSED MILESTONES QUERY
G (GEVA) MEDICAL INNOVATIONS
G Medical has responded to an ASX query saying that it has not achieved a number of milestones it expected to reach in previous announcements.
Last year, G Medical raised $12 million to list on the ASX and commercialize its mobile telephone electronic health devices (BD: May 10, 2017).

G Medical said that a trial of its smartphone case with vital sign sensors announced in May last year would not go ahead following agreement with Beijing Silverlake that “the trial was no longer required [and a number of G Medical partners, including Silverlake, have received the first released units for internal assessment purposes”.

The ASX asked G Medical whether Silverlake had purchased any units in accordance with the distribution and co-operation agreement which cited 100,000 in the first year and reaching a total of 4,050,000 units in five years.

The ASX also noted that in July, G Medical said that the Shandong Boletong Information S&T Co would distribute a minimum of $US67,500,000 of its products and services in China within the first year on the granting of certification (BD: Jul 27, 2017).
G Medical said that to supply its devices to Silverlake it required China Food and DrugAdministration approvals, expected by July 2018, with Silverlake to begin buying “within a few weeks of ... approvals”.

The ASX asked whether the company had received any payments from Medtel.
Last year, G Medical said it had appointed the Nikosia, Cyprus-based Medtl [as it was named sat that time] Medical Technologies as its Prizma smartphone case distributor for Greece and Cyprus, which would provide $US500,000 for a 24 hours a day, seven days a week medical call centre service and agreed to buy a minimum number of cases in the first year worth $US10.5 million, with the minimum increasing at 25 percent a year (BD: Oct 2, 2017).

G Medical told the ASX it had received $US15,000 from Medtel following its receipt of the first commercially-ready Prizma cases.

The ASX asked whether First Channel had purchased any units under the memorandum of understanding which expected minimum commitments of $US90 million in the first year rising to $US135 million in the second year and $US180 million in the third year for distribution in India and Taiwan (BD: Nov 10, 2017)

The company told the ASX that the British Virgin Islands-registered First Channel had “not purchased any units”.
G Medical said in November that First Channel was in discussion with partners including Vodafone India, Reliance Communications and BSNL Mobile with agreements to be finalized, providing support for the distribution and financial commitments to G Medical.“On this basis, the company cannot categorically state that the full anticipated revenues under this agreement ... can be achieved.

The ASX said that the company had been granted “green channel” approval by the ChinaFDA and asked whether or when it expected regulatory approval for the Prizma medical smartphone case.

G Medical said it had not been granted approval, with clinical trials to be finalized within the next few weeks and a submission lodged for approval, expected by July 2018.

The ASX asked whether the Prizma smartphone cases were commercially ready and G Medical confirmed they were.

The ASX asked for a breakdown of the receipts received from customers totalling$US22,000

and the company responded that it “related to receipts from services providedby G Medical Diagnostic Services, previously Cardiostaff, in the US and does not reflect any sales related to our Prizma product.

G Medical fell half a cent or 1.8 percent to 27 cents with 1.5 million shares traded.

GLTAH PDYOR