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 Canadian pharmaceutical plant to commence production in April
Stirling Products (ASX:STI) is progressing a number of initiatives following the completion of its oversubscribed A$3 million capital raising announced March 10.
Stirling's Canadian pharmaceutical plant will commence production from mid April. Following full licensing, the plant was effectively commissioned on 14 March 2011.
The first contract has been accepted and is scheduled to commence mid April. Final pricing and additional manufacturing approvals are currently progressing with five companies on a series of products.
The freehold plant in Nova Scotia was acquired by Stirling at a discount to replacement value in 2010 and is over 4,300 square metres on 20,000 square metres of land and is a near new state-of the art pharmaceutical plant.
In addition, Stirling is repositioning its 65% controlled TeleMedCare business following expressions of participation interest from the US, Canada, Russia, EU and UK with further strong interest also from India and China.
The TeleMedCare business unit will require further significant investment to harness its potential. A number of expressed interests from global parties are negotiating exclusive license and operational rights to major global regions.
Stirling intends to spin out the majority of its TeleMedCare interests, to a number of operational entities that would be independently funded and in some cases also possibly separately listed within their respective licensed territories.
The first of these spin outs, which will beon a pro-rata basis to all Stirling shareholders, is expected to be finalised during the current quarter.
The company's recent share placement closed successfully with a total of $3,143,218 subscribed. Shares have been issued totalling $1,790,818 in subscriptions.
A further $458,400 has been issued as 18 month convertible notes bearing interest at 8% per annum with these Notes being, subject to shareholder approval able to be converted to shares at $0.004.
The company requires a shareholders meeting to issue additional shares required to satisfy the final placement balance of $894,000.
Stirling has also announce today that it will offer a share purchase plan providing the opportunity for shareholders to subscribe for a minimum of $2,000 up to a maximum of $15,000 worth of new shares without occuring any brokeridge fees.
As part of a strategic review Stirling has commenced an in depth review of all assets, capital requirements and business operations and focus. The company is seeking to secure its operational activities through cash flow generation.
