www.stirlingproducts.net
Stirling Products (ASX:STI) is a manufacturer and marketer of proprietary and/or patented pharmaceutical products and natural health products for its own interests as well as on a contractual basis for third parties. Strategically, Stirling Products is positioned to capitalise on the rapidly changing conditions within the global pharmaceutical and health markets.
The Stirling Products corporate headquarters are in Sydney, Australia and its North American pharmaceutical manufacturing operations are based on Cape Breton, Nova Scotia, Canada.
Stirling operates through three main business units each managed by proven industry specialist managers:
- Pharmaceutical & Healthcare
- Research & Development
- Animal Products
Stirling Products to acquire 65% stake in TeleMedCare Holdings
Pharmaceutical and Healthcare group Stirling Products (ASX: STI) has reported it proposes to acquire a controlling 65 per cent interest in TeleMedCare Holdings Pty Limited from the Administrator.
TeleMedCare currently operates in Australia, New Zealand and the UK and delivers telehealth solutions that allow remote viewing and intelligent reporting of a full range of vital signs and health questionnaires with specific applications to care for patients at home, in care facilities or in community settings.
TeleMedCare's proprietary equipment and software form the core of its telehealth solutions. Interestingly, TeleMedCare's system can provide for online pharmaceutical prescription.
The deal is subject to approval from TeleMedCare creditors, Stirling would enter into a Deed of Company Arrangement and pay a total of $511,302 over the next 12 months so that TeleMedCare can emerge from Administration.
The transaction is also subject to the approval of shareholders of TeleMedCare of the issue to Stirling of shares equating to a 65% controlling interest in TeleMedCare.
Stirling has indemnified the Administrator’s costs and advanced a total $360,000 to TelemedCare to support its ongoing trading under the Administration. Further trading funding by Stirling will continue.
Initial funding for the deal has been arranged through an 18 month, $1.2 million private funding facility convertible into shares at an average price of 1 cent per share ($400,000 at $0.008, $400,000 at $0.01 and the balance at $0.012).
Peter Boonen, managing director of Stirling, said the company has been approached by a US fund and a UK fund looking to invest in the company via a convertible note.
