re: summary looks promising NOTES: TO MARCH 31, 2003
The Company is pleased to announce that it has consolidated a number
of sales opportunities for Medical Monitors' technology and services,
with top tier international pharmaceutical companies in Australia and
overseas. In particular, first phase sales have been completed with
Australian subsidiaries of these companies, providing an initial
$253,000 of sales revenue.
The Company expects to be in a 'cash positive' position over the
coming months, with progressive sales revenue of more than $1 million
anticipated from these entities in Australia alone.
A review of the quarterly activities includes:
* Medical Monitors' wholly owned USA subsidiary, Wellness Monitoring,
is in final discussions for a service contract with a US-based
pharmaceutical company to provide BPfone(TM) units for a planned
blood pressure drug evaluation trial. As previously stated, multi
level 'drug evaluation trials' will provide significant sales
opportunity for the BPfone(TM), with more than US$2 million expected
from this initial contract.
* Care Medic al Limited, the UK joint venture (JV) company for
Medical Monitors, continues to provide the BPfone(TM) blood pressure
monitoring system for the medical and pharmacy community. It is
currently in final evaluation trials, with a leading pharmacy chain,
for this program to expand UK-wide. It is anticipated that future
sales contracts will attract more than 1 million pounds of revenue
from these activities.
* Bosch + Sohn has finalised the next phase of manufacture of
BPfone(TM) blood pressure units in preparation for the fulfilment of
sales contracts currently under negotiation. As previously stated,
Bosch + Sohn has specialised in quality blood pressure
instrumentation, over the past 35 years, and is the leading blood
pressure monitoring product distributor in Europe. Bosch + Sohn.
* The HMS Monitoring Service, the Malaysian provider for the
BPfone(TM) monitoring service, has undertaken an evaluation trial
with the Gleneagles group - a premier private health care
institution. Final discussions are also in progress with one of the
top tier pharmaceutical companies to provide the BPfone(TM) in a
Malaysia -wide health promotion program. Sales revenues are expected
over the coming quarter.
* In February, 2003, the Company received an initial payment of
$60,000, from Austrade's EMDG program (Export Market Development
Grant) and is flagged to receive a further payment of up to $140,000
over this next quarter. This program provides assistance with
marketing and promotional expenses for Australian companies
developing export markets.
* The Company has recently initiated the $660,000 'line of credit',
provided through Provident Capital. This will allow for more
efficient use of working capital and will provide the Company with
the necessary funding to build its inventory base.
As previously stated, the combination of monies raised in the
previous quarter, and the anticipated sales revenue over the coming
months, provide a sound financial base for the Company to continue
with its current sales and marketing programs in Australia and
overseas.
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