Mediwatch boosted by US contract wins

WARWICKSHIRE medtech Mediwatch has announced that its US subsidiary MediwatchUSA Inc has signed three new distribution contracts in the United States.

The first contract is with McKesson, a Fortune 500 company in healthcare services, which acquired PSS earlier this year to become the largest distribution company in the US.

The second contract signed is with Cardinal Healthcare, a Fortune 21 company, which calls on 60,000 locations in the USA each day and is the second largest distribution company in the US.

The third contact signed is with Owens & Minor, which calls on 4,500 healthcare providers through 55 distribution centres across the US.

Client targets in all three cases are hospitals, physicians and healthcare providers.
 
MediwatchUSA has also signed up and received its first order from a distributor in Chile.

Philip Stimpson said: “These three new contracts along with the 12 Group Purchasing Organisation (GPO) contracts already signed, allows Mediwatch to bid on the purchasing group contracts, which is becoming a much more common way of doing business in the healthcare sector in the USA.  

“These three new distribution contracts are very important to the future growth of Mediwatch and along with its own sales and distribution group of 45 direct and indirect sales personnel, makes a sound platform for the future support of its diagnostic and disposable range.”

The contracts are a boost to the Rugby-based firm following the collapse of its JV deal with Genesis Medical earlier this year.

Hummingbird digs in after fresh funding injection

BIRMINGHAM-registered gold and minerals exploration firm, Hummingbird Resources has received the first tranche of a £9.3m ($15m) funding agreement with a wholly-owned subsidiary of mining group Anglo Pacific.

The firm said it had satisfied the conditions stipulated by Anglo Pacific and the $5m payment had been delivered.

The deal, agreed in December 2012, will see the subsidiary advance the finds in three equal tranches. It will allow Hummingbird to continue further exploration and development work of its Dugbe 1 Project in Liberia.

The second tranche is payable upon either the completion of 25,000 metres of infill drilling or the publication of the results of a scoping study on the Dugbe 1 Project, due shortly. The third tranche will become due once both a scoping study and the 25,000 metres of infill drilling have been completed.

Tom Hill, Hummingbird Finance Director, said: “Good progress continues to be made on our fully funded 2013 work programme which is focussed on progressing the Dugbe 1 Project with the scoping study near completion, and over 7,000m of drilling completed this year since commencing on January 24, 2013.” 

National Grid benefits from New York rates approval

THE New York Public Service Commission has approved rate case settlements for National Grid’s Niagara Mohawk electric and gas utility businesses.  A written order is expected to be issued by the Commission shortly.   
 
The new rate plans include a three-year rate period, a 9.3% allowed return on equity, a 48% equity portion in the assumed capital structure and increased operating cost allowances compared to the current rate plans.  They also provide for a cumulative delivery rate revenue increase of $123m for electric operations and $9m for gas operations by the third year of the rate period.

Also included is a three-year capital expenditure programme of approximately $1.6bn.  

The new rates are expected to become effective on April 1, 2013.
 
Ken Daly, National Grid President for New York, said: “I am pleased that the rate impacts of the plan will result in customers seeing a reduction in their delivery bills in the first year of the proposal. 

“The rate plans allow the company to continue to invest in infrastructure upgrades and new electric and gas assets to cost effectively operate and maintain a safe and reliable electric and gas distribution system in upstate New York.  The agreement provides adequate revenue to support National Grid’s operations to achieve the public interest benefits identified by the Commission and other stakeholders.”