Eastland raises $2.5m with IMD sale

West Perth-based Eastland Medical Systems Ltd has concluded the sale of its shareholding in the UK AIM listed company International Medical Devices PLC for a consideration of $2.5million.

The continued distribution of Eastland.'s products in the UK and Europe through IMD and their associated companies will be unaffected by the sale of Eastland's shareholding and will proceed under the current contractual obligations in place between the companies.

Eastland. newly appointed CEO Mr. Dermot Patterson says "this allows the company to quickly implement the planned South African manufacturing operation, bringing forward the mass production of the Clip-On safe needle.

This capital injection also enables Eastland. to further strengthen and expand the Australian distribution network through acquisition.

Realizing the benefit of the IMD investment ensures Eastland will continue its strategy to rapidly expand its operations and to capitalise on a significant pharmaceutical business opportunity.

Eastland is looking forward to implementing their aggressive expansion plans and anticipates concluding several contracts in the near future.