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Healthcare group, Stirling Products Limited (ASX:STI) advises that the Company has continued its negotiations with regard to the sale of TeleMedCare.
The Company today exchanged a conditional Purchase Offer Term Sheet with Grupo Neat of Spain for the sale of 80% of TeleMedCare for $3,000,000. The Term Sheet provides for time to be of the essence, is subject to due diligence, and following completion of due diligence, agreement of the respective Boards to the transaction. The Company is also further required to provide that the sale be clear of all encumbrances, and present a balance sheet free of debt, promissory notes and other liabilities.
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