Latest News

Back to Latest News back

 

ASIC fines Rhinomed over non-disclosure of promotional campaign

ASIC fines Rhinomed over non-disclosure of promotional campaign
June 26, 2015

The Australian Securities and Investments Commission (ASIC) has fined respiratory techology company Rhinomed for having failed to disclose a deal with gym chain Fitness First.

The ASX-listed medical technology company was has been fined $33,000 by the corporate watchdog for failing to disclose a promotional deal to promote its Turbine sports respiratory product through Fitness First.

In a statement, ASIC explained Rhinomed had allegedly failed "to comply with its continuous disclosure obligations".

Rhinomed has two key products, the Turbine and Mute, with the former designed to assist breathing during exercise and the latter to improve breathing during sleep.

ASIC alleged that, on 6th June 2014, Rhinomed had "entered into an agreement concerning a promotional campaign, in which Fitness First was to promote the Turbine product in some of its gyms and health clubs in Australia".

More than a month later, on 9th July 2014, Rhinomed announced to the ASX that it would partner with Fitness First health clubs to promote Turbine throughout July.

In its 9th July statement to the market, the nasal technology junior described the agreement as "a real coup" and an "outstanding commercial opportunity".

ASIC issued Rhinomed with an infringement notice and the company, led by Chief Executive Michael Johnson, complied with the infringement notice and paid the $33,000 penalty on 9th June this year.

Rhinomed said in a statement to the ASX on Wednesday that it "strongly denies the alleged contravention" and argued that the deal with Fitness First was not price sensitive and did not need to be disclosed to the market immediately.

The company statement read "Rhinomed fundamentally disagrees with ASIC's position regarding the infringement notice in the present circumstances ... compliance with the

infringement notice does not constitute any admission of liability by Rhinomed in respect of this matter.

The Melbourne-based group dismissed the fine as "relatively immaterial" and said it decided to pay ASIC rather than dispute the matter to avoid further "cost and distraction".

Rhinomed has a market value of $20 million.

21st November 2008 - BEACH HOUSE FITNESS ENTERS ADMINISTRATION


Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?

The news we publish at www.ausleisure.com.au is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.

However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.

Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.

Subscriptions cost just $90 a year.

Click here to subscribe.

 

supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

TJS Services

TJS Services is a leading national facility services provider. We deliver quality cleaning, maintenance, construction and facility management services to over 1,500 sites Australia wide.  Our…

read more

Hospitality / Retail / Venues

 
 

The Pool Enclosure Company

Welcome to The Pool Enclosure Company (TPEC). We provide a large range of premium commercial and residential retractable swimming pool, spa and terrace enclosures throughout Australia, servicing…

read more

Aquatics / Design / Recreation / Venues

 
 

VLOCKER

Vlocker Pty Ltd has been designing, manufacturing, installing and servicing locker systems worldwide since 1995. Vlocker specialises in providing locker solutions to suit client requirements in…

read more

Aquatics / Attractions / Safety / Security / Venues

 
 

LINKS MODULAR SOLUTIONS

Links Modular Solutions are a leading provider of high-quality, innovative software solutions for leisure facilities. Our software suite includes modules such as POS, Classes, Members, Facility…

read more

Access / Billing / Finance / Fitness / Technology

 
 

LANDER & ROGERS

Lander & Rogers' Sports Business Group is the leading sports law practice in Australia, representing over 150 national and international sporting bodies. Our clients include international…

read more

Legal

 
 

Felton Industries

Felton Industries is Australia’s leading designer, manufacturer and supplier of quality outdoor furniture and has been supplying premium seating solutions for all sporting, commercial, community…

read more

Parks / Play / Recreation / Sport / Venues

 
 

APT Asia Pacific Pty Ltd

APT (Advanced Polymer Technology) is the leading global manufacturer of polyurethane-based materials, acrylic coatings and synthetic turf products for sporting and recreational applications. From…

read more

Environment / Sport / Surfaces / Technology

 
 

iDwala Pty Ltd

iDwala is the Community Sports Surface Specialist offering the highest quality designs and technical expertise to Councils, Schools and Sporting Clubs looking to create sporting…

read more

Consultants / Design / Recreation / Sport / Surfaces

 
 
 
 

get listed with our suppliers directory

Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!

list your business