Stirling Products Ltd has acquired a 65% controlling interest in remote patient monitoring equipment company TeleMedCare Holdings Pty Ltd, which is in administration. TeleMedCare operates in Australia and the UK but intends to expand in other countries. Creditors of TeleMedCare and a wholly-owned subsidiary have approved deeds of company arrangement (DOCAs) which provide for Stirling to contribute a total $511,302 over the next 12 months as full settlement of the TeleMedCare group trade creditors.

Stirling will also provide $3 million in working capital over 18 months, and allow for the repayment of shareholder loans of $3.66 million exclusively from future TeleMedCare profits.

Source: News Bites