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May 01, 2012 at 06:55 AM EDT
Westhouse Medical Services plc (FRA:5WM): Chairman's Report

Since Westhouse Medical Services' formation in July 2011, the company has been developing and growing at an exponential rate. In its initial six months of operation, it has acquired BreastCheck, a low cost non-invasive breast screening device, Profemme, a surgery / clinic based non-invasive testing device for Breast Cancer and also acquired AST Ambulance Service - a specialist Bariatric and Intensive Care patient transport service operating in the U.K.

The company continued throughout 2011 to develop BreastCheck and are very pleased with our progress leading up to the launch of the product. Further announcements regarding launch dates and global roll out plans will be made during the course of 2012. The international launch of BreastCheck will be launched through a major, multi-media PR campaign which is currently being developed.

The company sold its patient transport service business, AST Ambulance Service, in March 2012 to a Management Buyout for GBP2.75m. We were very pleased with the financial gains that the company realized through the sale of AST. As previously announced, negotiations are under way to acquire other Patient Transport Services for its Westhouse's Medical Services Division.

We have also entered into discussions with a number of Medical Device Businesses who have developed new and exciting products to further enhance and improve on patient care and treatment. To this end we have announced agreed terms with Sunridge International for the acquisition of their revolutionary Glaucoma treatment and device patents. Further acquisition announcements will be made during the course of 2012.

During May 2012, the company plans to apply to move up to the Open Standard tier on the Frankfurt Stock Exchange. Concurrently, the company will be making a submission for a secondary listing on the United States OTC QX Exchange.
Our Audited Accounts for the period ending 31st December 2011 have now been published. In the 6 month period trading period from the company's inception in July 2011, Turnover for the period was GBP1,679,082 with losses for the period of GBP1,778,900 which were in line with expectations. Total Assets as at 31st December 2011 amounted to GBP8,818,067.

As part of its on-going long term strategy, Westhouse will continue to develop its portfolio of Medical Devices and add to its portfolio of Technology and Patents as appropriate. Additionally, the Company will seek to expand and consolidate targeted acquisitions in the Patient Transport sector for its Medical Services Division.

About Westhouse Medical Services Plc:

Westhouse Medical Services plc (FRA:5WM) provide Medical Services to the Primary Healthcare Sector and implement the innovation and development of cutting edge technology through a range of Medical Devices.

Westhouse consists of two divisions: Medical Services and Medical Devices. Westhouse has a deep knowledge of identifying and commercialising break-through medical technologies and improving the performance of medical service businesses.


Contact:
Westhouse Medical Services Plc
Jack Kaye - Chairman
E: info@westhousemedical.com

For press information:
Jo Lee / Sian Edwards / George Baggaley 
Chameleon PR
Email: westhouse@chameleonpr.com
Ph: +44-207-680-5500
 


Source:

Westhouse Medical Services Plc

Copyright (C) 2012 ABN Newswire. All rights reserved.

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