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 receives strong interest in TeleMedCare from India, $5m letter of intent
Stirling Products (ASX: STI) has received and agreed to the terms of a letter of intent (LOI) for the first exclusive licensing agreement for TeleMedCare for India.
Exclusive TeleMedCare rights for India will be granted to a special purpose company to be incorporated and publicly listed in India.
An Extraordinary Shareholders Meeting will be held before 30 June 2011, to gain approval from the Company’s Shareholders to consider the resolutions that will be required for the LOI.
If approved, existing shareholders of TeleMedCare are to receive a 40% interest in this company on establishment which is to be non dilutive for the first AUD$3 million raised.
The LOI also is conditional upon Stirling entering into binding agreements in India by participating Indian subscribers and the exclusive licensing agreement between TeleMedCare and the Indian Licensee.
The company must also deliver 174 TeleMedCare vital signs monitoring devices to the Indian Licensee along with all necessary support and training at no added charge, the entire package is valued at A$870,000.
The parties to the LOI must also obtain all required or necessary approval and consents for the transactions, including to the consent and approval of all governmental, local and other authorities in India for the use of the TeleMedCare Clinical System in the country.
The closing of the transaction can be no later than 30 days following the approval by Stirling shareholders of the resolutions that will be required to be passed in order for the contemplated transaction to proceed.
The company has also advised that a number of the Indian investors to the TeleMedCare special purpose Indian company are also planning to invest directly into Stirling Products to gain a direct exposure to the global TeleMedCare and High Density Aerosol (HDA) pulmonary drug delivery growth.
The agreement has been conditionally approved for a subscription for the issue of a total 880 million shares in Stirling Products at an average of $0.0056 per share in to raise AUD$5 million.
Providing impetus for Stirling Product's initiatives in India, an emerging market report on the Indian healthcare industry by PriceWaterhouseCoopers, defined healthcare as one of the country’s largest sectors with a projection to grow to nearly $40 billion by 2012.
The pharmaceutical industry in India has a current valuation of US$20 billion with the expectation to double to US$40billion by 2015, with projected exports of US$8.2 billion.
