Two important decisions have been made by your Board in the last ten days:
1. To reach agreement with our Company’s CEO, Mr Derek Smith, to step down and to appoint Mr Verdal-Austin as new CEO of SomnoMed Limited.
2. Today we decided to close all operations of our RSS subsidiary from 1st January 2019.
Both decisions need some further explanation.
Two and a half years ago we decided to proceed with the implementation of the S3 business model of a “Direct to Patient” concept for the treatment of OSA in treatment centre to be set up across the US by our US subsidiary Renew Sleep Solutions, Inc.
The decision was based on the successful three year history of S3, which had started operations in Texas during the financial year 2012/13. By 2016 S3 had become the biggest customer of SomnoMed North America and demonstrated the financial viability of its concept.
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