SYDNEY, AUSTRALIA--(Marketwired - May 22, 2015) - Simavita Limited ("Simavita" or the "Company") (TSX VENTURE:SV)(ASX:SVA) advises that it has allotted a total of 85,555 CDIs in the Company to parties associated with two Directors (the "Placement"). Approval for the issue of such CDIs was received at the Special Meeting held on May 21, 2015. The issue of the CDIs, at the issue price of AUD$0.45 per CDI, raised a total of AUD$38,500 for the Company.

The proceeds from the issuance of CDIs will be used to accelerate the roll-out of Simavita's current technologies in the US and European markets, appoint further distributors to roll-out SIM in Europe, for continued product innovation and general working capital purposes.

All CDIs issued pursuant to the Placement are to be fully tradeable and listed on the Australian Securities Exchange (the "ASX"). Quotation of the CDIs issued pursuant to the Placement is expected to occur on the ASX on or about May 25, 2015. The issuance of CDIs is subject to TSX Venture Exchange acceptance of requisite regulatory filings.

The Company gives this Notice in accordance with section 708A(5)(e) of the Corporations Act 2001 (Cth) (the "Corporations Act").

The above CDIs were issued without disclosure to investors under Part 6D.2 of the Corporations Act.

As at the date of this Notice, the Company has complied with:

  • the provision of Chapter 2M of the Corporations Act as they apply to the Company; and
  • section 674 of the Corporations Act.

As at the date of this Notice, there is no excluded information for the purposes of section 708(7) and section 708(8) of the Corporations Act.

For further information, please check our website (www.simavita.com).

About Simavita

Simavita is a medical device company that has developed an innovative, world first solution for the management of urinary incontinence, with a focus on the elderly. The first product is the SIM platform technology which is an instrumented incontinence assessment application that provides evidence-based incontinence management care plans to the residential aged care market.

About SIM

SIM is a wireless sensor technology that delivers evidence-based instrument incontinence data on individuals. SIM provides user friendly tools and software to assess the incontinence condition and to help plan better outcomes. SIM is used to detect, record and report incontinence events during a compulsory or recommended assessment period in residential aged care facilities to develop an evidence-based incontinence care plan. Conducting assessments is mandatory in many countries and the incontinence assessment creates an influential element of care of each individual. For more information on Simavita or SIM, please visit www.simavita.com.

The TSX Venture Exchange has in no way passed upon the merits of the transactions set out herein and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.

Forward-Looking Information

This document may contain "forward-looking information" within the meaning of Canadian securities laws ("forward-looking information"). This forward-looking information is given as of the date of this document.

Forward-looking information relates to future events or future performance and reflects Simavita management's expectations or beliefs regarding future events and includes, but is not limited to, information with respect to the use of proceeds in connection with the issuance of CDIs. Assumptions upon which such forward-looking information is based include that Simavita will be able to successfully execute on its business plans. Many of these assumptions are based on factors and events that are not within the control of Simavita and there is no assurance they will prove to be correct.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "potential", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or information that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Simavita to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to actual results of current business activities; changes in business plans and strategy as plans continue to be refined; other risks of the medical devices and technology industry; delays in obtaining governmental approvals or financing or in the completion of development activities; as well as those factors detailed from time to time in Simavita's interim and annual financial statements and management's discussion and analysis of those statements. Although Simavita has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Simavita provides no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

Contact Information:

Simavita Limited
Philippa Lewis
Chief Executive Officer
+61 2 8405 6381

Simavita Limited
Thomas Howitt
Chief Financial Officer
+61 418 351 127
www.simavita.com

Media and Investor Relations
In Australia:
Jane Lowe
IR Department
+61 411 117 774