telemedcare and hda partnering

IMMEDIATE RELEASE
TeleMedCare Transaction
Finalises
Meetings initiated for Drug
Inhalation Platform Partnering
11 August 2010
Pharmaceutical and Healthcare group, Stirling Products Limited (ASX:STI) is
pleased to advise that the TeleMedCare transaction has now finalised with all
outstanding documentation completed.
This acquisition of a 65% controlling interest in TeleMedCare is opportune in
timing as health authorities globally are only starting to seriously embrace the
efficiencies promised through e-health applications. Recent examples include:
As reported in the Wall Street Journal last month four major health insurers-
Aetna, Humana, UnitedHealth Group and WellPoint's Anthem Blue Cross in
California have recently announced funding programs that will allow heart
disease patients to remotely monitor themselves and to send vital-sign data to
their healthcare professional for tracking and follow-up purposes. These recent
initiatives will allow patients to stay in their homes and will reduce patient
hospitalizations and re-admissions through the better health administration made
possible having access to regularly monitored vital statistics.
Last month, Russia announced a $16 billion overhaul of the countrys healthcare
system, US$750 million being allocated to the establishment of e-health services.
In the UK, major government initiatives are being implemented to provide multimillion
pound support for e-health initiatives and last year, President Obama
introduced a US$19.2 billion stimulus package for health IT.
TeleMedCare is well positioned within this rapidly emerging market having
developed some of the worlds most comprehensive advanced and integrated
remote vital signs monitoring products that are fully video, voice and data
enabled for use through the Internet.
Stirling also advises that it has, subject to shareholder approval, agreed to pay
TeleMedCare employees and consultants a total $600,000 in part of their
respective annual salary and fees in Stirling shares to be issued at $0.01 each,
both as an incentive and also to preserve Company cash reserves.
In the UK today the Companys Managing Director, Peter Boonen executed and
exchanged a non exclusive TeleMedCare Distribution Agreement with United
Health.Co.UK Limited and along with Professor Glyn Tonge worked with staff to
identify and consolidate current pipeline sales of 11.1 Million Pounds ($19.3
Million) of TeleMedCare product. Details of initiated and completed sales will be
advised to the market as they progress.
The Company further advises that following approach by two major global
industry interests, the companys executives have commenced early discussions
and meeting initiatives in London this week with three of the largest global
pharma and healthcare companies regarding partnering and/or alliance
agreements for the Companys Inhalation Drug Delivery Platform. The Company
advises that, at this stage, there can be no assurance that the discussions and
planned meetings will result in any formal or final relationship and will advise the
market accordingly as further developments materialise.
For further information see www.stirlingproducts.net or contact:
Peter Boonen
Managing Director
Stirling Products Limited
Ph: +61 2 9299 9270
E: [email protected]
For all Investor Relations inquiries please contact:
James Moses
Mandate Corporate
Ph: +61 420 991 574
E: [email protected]