G MEDICAL EXECUTES ~US$22 MILLION IN PURCHASE ORDERS IN THE US TERRITORY
Announcement posted by G Medical Innovations 30 Jan 2019
HIGHLIGHTS
Mobile and e-Health company G Medical Innovations Holdings Ltd (ASX: GMV) (“G Medical” or the “Company”) is pleased to announce it has executed significant purchase orders with Hygea Holdings Corp (“Hygea” or the “Purchaser”) and two subsidiaries of Hygea, Palm Medical Group and AllCare Management Services, Inc. for a total of up to ~US$21.85 million (“Orders”).
The Orders are for the ‘Prizma’ Medical Smartphone Case (PRIZMA), as well as G Medical’s Vital Signs Monitoring System (VSMS or G Medical Patch (GMP)) over a 24-month term, commencing on 1 April 2019, for aggregate payments of up to ~US$21.85 million. Payments are scheduled to be made on a monthly basis of amounts varying between approximately US$90,000 and US$1.33 million.
The Prizma Cases and VSMS’s (GMPs) are proposed to be provided to the Hygea clinics and practices, as well as to AllCare (Hygea contracted MSOs) and Palm Medical Group (IPAs).
ABOUT HYGEA
Hygea is a United States based diversified healthcare holding company led by a team of nationally recognised industry innovators and leaders who represent many aspects of healthcare, from insurance and finance, to medicine and technology. Hygea ownership includes physician practices, ancillary services companies (pharmacies, therapies and diagnostic facilities), independent physician associations (IPA’s), and other medical service entities that provide seamless care to commercial, Medicare and Medicaid patients. With a critical mass of physicians across 76 specialties, Hygea creates and owns management service organizations (MSO’s), under contract with Medicare and Medicaid health maintenance organisation (HMO) plans. Hygea currently manages over 190,000 members and patients through their Medicare Advantage at-risk contracts and provide care through our Integrated Group Practice as an improved delivery model.
ABOUT ALLCARE MANAGEMENT SERVICES, INC.
AllCare is a managed services organization (MSO) that had been provided managed care services in the south Florida market for the last fifteen years. AllCare has contracted with over 250 primary care physician practices to see its panels of Medicare Advantage and Medicaid patient members under its 5 HMO contracts. G Medical Innovations Holdings Ltd ARBN 617 204 743
ABOUT PALM MEDICAL GROUP
Palm is Florida’s oldest (25 years) and largest Independent Physician (or Practice) Association with approximately 2,800 practice members representing over 5,000 providers. These providers see over 7 million unique patients and represent all specialties and subspecialties. Among its services Palm offers and provides contracting and managed care services to its member physician groups.
For further information, please refer to Hygea’s website: http://www.hygeaholdings.com/.
Commenting on the purchase orders, G Medical CEO Dr. Yacov Geva, said: “Today marks our commercial entry into the key US market for our medically certified devices, and we are proud to partner with a well-respected and industry-acknowledged multinational of the calibre of Hygea. “Our partner has a long-standing history of providing an array of the highest quality multi-disciplined patient care solutions and services and we are very proud that they have acknowledged that our medical devices and services are integral to the future generation of modern and complete patient care systems and service provisions.
“We continue to increase our market share across the US in this important area of digital health delivery, and this places us in a strong position as we move closer towards our proposed NASDAQ dual listing.”
The additional material terms of the Orders are summarised below.
Media Enquiries - David Wolf, Closer Communications, + 61 411 111 787 david@closer.com.au
Corporate Advisors - Otsana Capital, 108 Outram Street West Perth WA 6005. Ph: +61 8 9486 7244 www.otsana.com
About G Medical Innovations
G Medical (ASX: GMV) was founded in August 2014, aiming to be at the forefront of the digital health revolution, developing the next generation of mobile health (mHealth) technologies. The Company leverages the experience and expertise of its Board to deliver best-in-class solutions to address this global opportunity.
The Company specialises in innovative next generation mobile and e-health solutions and services using its suite of devices and software solutions with a view to driving multiple and recurring revenue streams, across numerous verticals and territories.
For more information on G Medical, please visit www.gmedinnovations.com
About the Prizma Medical Smartphone Case
The Prizma enables consumers to easily transform their smartphone into a highly-reliable mobile medical device for independently managing their own health. Currently the Prizma measurements include a 1-lead ECG, heart rate, stress levels, temperature and oxygen saturation. Consumers can continuously measure, monitor and share these biometrics with caregivers and loved ones. In addition to providing immediate access to personal health indicators, the medical data can be sent to the consumers’ personal Portal where it is stored, and can be easily viewed and shared with those involved in their medical care.
About the Vital Sign Monitoring System with G Medical Patch
A modular, easy-to-use, clinical grade solution for monitoring patients, the VSMS with GMP utilizes patented wireless technologies, proprietary information technology and service platforms. This innovative solution is ideal for monitoring patients in most healthcare settings including clinics, assisted living residences, hospitals and out-patient locations. It can be used to monitor patients at all stages of the healthcare lifecycle, and takes the burden off medical and healthcare personnel, while still enhancing patient care.
- First committed purchase orders in the US territory for ~US$21.85M
- Purchase orders for both the PRIZMA and the VSMS (G Medical Patch)
- G Medical’s medically certified devices to be distributed and integrated across long established and diverse, multi-disciplined patient care infrastructure
Mobile and e-Health company G Medical Innovations Holdings Ltd (ASX: GMV) (“G Medical” or the “Company”) is pleased to announce it has executed significant purchase orders with Hygea Holdings Corp (“Hygea” or the “Purchaser”) and two subsidiaries of Hygea, Palm Medical Group and AllCare Management Services, Inc. for a total of up to ~US$21.85 million (“Orders”).
The Orders are for the ‘Prizma’ Medical Smartphone Case (PRIZMA), as well as G Medical’s Vital Signs Monitoring System (VSMS or G Medical Patch (GMP)) over a 24-month term, commencing on 1 April 2019, for aggregate payments of up to ~US$21.85 million. Payments are scheduled to be made on a monthly basis of amounts varying between approximately US$90,000 and US$1.33 million.
The Prizma Cases and VSMS’s (GMPs) are proposed to be provided to the Hygea clinics and practices, as well as to AllCare (Hygea contracted MSOs) and Palm Medical Group (IPAs).
ABOUT HYGEA
Hygea is a United States based diversified healthcare holding company led by a team of nationally recognised industry innovators and leaders who represent many aspects of healthcare, from insurance and finance, to medicine and technology. Hygea ownership includes physician practices, ancillary services companies (pharmacies, therapies and diagnostic facilities), independent physician associations (IPA’s), and other medical service entities that provide seamless care to commercial, Medicare and Medicaid patients. With a critical mass of physicians across 76 specialties, Hygea creates and owns management service organizations (MSO’s), under contract with Medicare and Medicaid health maintenance organisation (HMO) plans. Hygea currently manages over 190,000 members and patients through their Medicare Advantage at-risk contracts and provide care through our Integrated Group Practice as an improved delivery model.
ABOUT ALLCARE MANAGEMENT SERVICES, INC.
AllCare is a managed services organization (MSO) that had been provided managed care services in the south Florida market for the last fifteen years. AllCare has contracted with over 250 primary care physician practices to see its panels of Medicare Advantage and Medicaid patient members under its 5 HMO contracts. G Medical Innovations Holdings Ltd ARBN 617 204 743
ABOUT PALM MEDICAL GROUP
Palm is Florida’s oldest (25 years) and largest Independent Physician (or Practice) Association with approximately 2,800 practice members representing over 5,000 providers. These providers see over 7 million unique patients and represent all specialties and subspecialties. Among its services Palm offers and provides contracting and managed care services to its member physician groups.
For further information, please refer to Hygea’s website: http://www.hygeaholdings.com/.
Commenting on the purchase orders, G Medical CEO Dr. Yacov Geva, said: “Today marks our commercial entry into the key US market for our medically certified devices, and we are proud to partner with a well-respected and industry-acknowledged multinational of the calibre of Hygea. “Our partner has a long-standing history of providing an array of the highest quality multi-disciplined patient care solutions and services and we are very proud that they have acknowledged that our medical devices and services are integral to the future generation of modern and complete patient care systems and service provisions.
“We continue to increase our market share across the US in this important area of digital health delivery, and this places us in a strong position as we move closer towards our proposed NASDAQ dual listing.”
The additional material terms of the Orders are summarised below.
- Payment: Payment shall be made on the terms of 2% 10 days, net 60 days from the date of invoice. Upon request from G Medical, the Purchaser shall provide Seller with a rolling letter of credit (LC) that will be issued on a quarterly basis (e.g. for 6 consecutive quarters on the first PO) but drawn down monthly in accordance with the unit draw down schedule set forth in each Order.
- Changes: The Purchaser has the right to make changes to the Order, including as to quantities and delivery schedules. If any such changes cause an increase or decrease in the cost of or the time required for the performance of any work under the Order, an equitable adjustment will be made in the contract price or delivery schedule, or both.
- Pricing: If G Medical reduces its prices during the term of the Order, the reduced price will apply to the Order thereafter.
- Termination:
- Either party may terminate all or part of the Order for cause at any time by written notice of a material breach of the Order terms to the other party. The breaching party shall have 30 days to cure such breach before a termination becomes effective. Upon such termination, the Purchaser's liability will be limited to reasonable termination charges mutually agreed by G Medical and the Purchaser
- The Order shall terminate automatically if an insolvency event occurs to G Medical;
- The Order is subject to other customary terms and conditions.
-ENDS-
Media Enquiries - David Wolf, Closer Communications, + 61 411 111 787 david@closer.com.au
Corporate Advisors - Otsana Capital, 108 Outram Street West Perth WA 6005. Ph: +61 8 9486 7244 www.otsana.com
About G Medical Innovations
G Medical (ASX: GMV) was founded in August 2014, aiming to be at the forefront of the digital health revolution, developing the next generation of mobile health (mHealth) technologies. The Company leverages the experience and expertise of its Board to deliver best-in-class solutions to address this global opportunity.
The Company specialises in innovative next generation mobile and e-health solutions and services using its suite of devices and software solutions with a view to driving multiple and recurring revenue streams, across numerous verticals and territories.
For more information on G Medical, please visit www.gmedinnovations.com
About the Prizma Medical Smartphone Case
The Prizma enables consumers to easily transform their smartphone into a highly-reliable mobile medical device for independently managing their own health. Currently the Prizma measurements include a 1-lead ECG, heart rate, stress levels, temperature and oxygen saturation. Consumers can continuously measure, monitor and share these biometrics with caregivers and loved ones. In addition to providing immediate access to personal health indicators, the medical data can be sent to the consumers’ personal Portal where it is stored, and can be easily viewed and shared with those involved in their medical care.
About the Vital Sign Monitoring System with G Medical Patch
A modular, easy-to-use, clinical grade solution for monitoring patients, the VSMS with GMP utilizes patented wireless technologies, proprietary information technology and service platforms. This innovative solution is ideal for monitoring patients in most healthcare settings including clinics, assisted living residences, hospitals and out-patient locations. It can be used to monitor patients at all stages of the healthcare lifecycle, and takes the burden off medical and healthcare personnel, while still enhancing patient care.