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By 28 May, 2012August 19th, 2022General News

TSV Australia (ASX:TSH) Announces Name Change to Azure Healthcare (ASX:AZV) and Secures $2.08m Through Fully Underwritten Rights Issue

TSV Holdings (ASX:TSH) is pleased to announce that it has changed its name to Azure Healthcare (ASX:AZV) Limited, to better reflect the ongoing nature of the business. The shareholders of the Company approved the name change at the Company’s Annual Meeting held on 30th November 2011.

In January 2012, Azure Healthcare successfully completed a $2.08m Rights Issue, with in excess of 65% of the shareholders taking up the rights issue. The remaining 35% shortfall was snapped up by a series of high profile investors including; the current Chairman and CEO of Azure Healthcare Mr. Robert Grey, former Ernst & Young Entrepreneur of the Year (WA), Mr. Nathan Buzza and Perth Businessman, Mr. Michael Ruane.

When asked about his investment in Azure Healthcare, Grey stated, “The Austco business has been operational for over twenty five years and installed some 6,000 nursecall systems. I am delighted to be back in role of Chairman and Chief Executive.

The recent capital raising strengthens our existing balance sheet and enables us to commit to an aggressive programme of Research & Development.

Within Acute Care there is a myriad of clinical alarm systems; Patient Monitoring devices that measure your O2 Levels, Heart Rate and Blood Pressure along with Ventilators and IV Pumps. All these systems tend to operate autonomously and there is definitive requirement to provide a ubiquitous network to integrate these platforms into a common architecture.

Nursecall systems are the primary method in which patients attract the attention of nursing staff, so it makes logical sense to integrate these third party platforms into our staff allocation platform.

Additionally, there is a whole host of systems such as Bed Management, Infant Abduction, HL7, Real Time Location Services and Building Management Systems that are required to be integrated into this backbone.

With our Aged Care market segment, we have opportunities to integrate with the existing providers of Care Management Database and further enhance our line of Dementia Monitoring Solutions.”

The company stated in the prospectus that it intends to further develop its existing integrations in healthcare equipment.

Buzza commented, “I am exceptionally excited to be coming on board as a cornerstone investor. The Austco business has been operational for over twenty five years and has over 6,000 healthcare sites utilising their nursecall systems globally. Coupled with the additional $1.375m of funding for R&D, with the 45% rebate provided by R&D Tax Incentive, the company is well positioned to capitalise on Clinical Workflow integrations.”

Buzza was the founder and Chief Executive of Clinical Middleware provider CommtechWireless that was acquired in October 2008 by US Software giant Amcom Software for an undisclosed sum.