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 agrees to sell controlling interest in TeleMedCare for A$3m
Stirling Products (ASX: STI) has exchanged a conditional purchase offer term sheet with Grupo Neat of Spain for the sale of 80% of the TeleMedCare (TMC) system for A$3 million.
TMC provides the only viable multi-user vital signs monitoring service/device in the world and has attracted interest from a number of major corporations.
The term sheet is subject to due diligence and the agreement of the respective Boards to the transaction.
Under the agreement the company must ensure that the sale be clear of all encumbrances, and present a balance sheet free of debt, promissory notes and other liabilities.
Pending completion of this transaction, Stirling Products will seek to achieve a TeleMedCare structural reorganisation and cause TeleMedCare Pty Ltd to cease trading, whilst its affairs are formally addressed pending the potential sale.
TeleMedCare Holdings Pty Ltd and its subsidiary, MedCare Pty Ltd, which controls the TeleMedCare Intellectual Property, will continue to trade.
The TMC system delivers sophisticated health management in multi-user clinical and community settings, as well as medications management systems in residential care facilities.
The company has recently been awarded of the internationally coveted dual ISO 13485:2003 and CMDCAS Certification for the design, development, manufacture, distribution and service provision of multi-parameter telehealth monitors.
The certification greatly increases the global regulatory acceptance of the company’s products and services and represents a significant milestone for Stirling Products.
In addition to this news, the company has just been advised that Health Care NZ has published results of a successful e-Health trial using TeleMedCare.
In the trial half the chronically ill parties used TeleMedCare for daily vital signs monitoring whilst the other half continued under traditional care.
Despite being only a 12 month trial, it was significant with 10% of the TeleMedCare daily monitored chronically ill group dying compared to 40% in the control group.
