Eastland wins export deal

SHARES in Perth-based developer and manufacturer of injection, infusion and blood-drawing devices, Eastland Medical Systems Ltd, received a boost this week after it announced the conclusion of a supply contract and received its first substantial export order for five million ClipOn Safe needle devices. The company said the contract order took place following the recent visit to Australia by two senior executives from UK-based Response Medical Equipment Ltd, a 100 per cent owned subsidiary of International Medical Devices Plc, to inspect Eastland’s manufacturing facility and Australian operations. The company said ClipOn was a safe hypodermic needle designed to replace standard Luer needles on syringes, making it more cost effective and functional than other current safe retractable syringes. Earlier this month, the company announced it would acquire 100 per cent of Westcoast Surgical & Medical Supplies. The purchase, through its subsidiary Eastland Medical (WA) Pty Ltd, includes a payment of $850,000 in cash together with the issue of 5.67 million of fully paid ordinary shares in Eastland at 15 cents per share. There is a deferred payment of $504,000, based upon performance of the business, which will be paid in three annual amounts of $168,000 by the issue of Eastland shares.