Billionaire Bill Parfet is strongly influencing the hiring of key personnel at PuriflOH
The first sign of this occurred at the $PO3 AGM on November 30 when chairman Steve Morris noted that the BP had submitted CVs of prospective CEOs.
The second sign appears in the PO3 December half report filed on February 28.
Steve Morris reveals the recruitment of Jim Heath to oversee the commercialization of PO3’s FRG technology for medical industry sterilization.
This is the first appointment announced by PO3 since Parfet joined the board on November 8.
Clearly, medical sterilization will be very important to PuriflOH.
On December 13, 2018, Melbourne corporate adviser Beer & Co issued a report valuing $PO3 at $20 a share.
It valued the medical sterilization operation alone at $13 a share – that’s more than treble $PO3's current price of $3.80 a share.
“We welcome Mr Bill Parfet to the Board, and acknowledge the A$9.6M investment made by Upjohn Laboratories”, Steve Morris says in the half yearly report.
“Mr Parfet’s experience is well documented and we are fortunate to have access to his knowledge, experience and contacts.
“This has already assisted engagement with Original Equipment Manufacturers with global brands, distribution and supply chains.“
Bill Parfet is a former lead independent director of Kalamazoo, MI-based $SYK/Stryker Corporation.
During much of BP’s Stryker board tenure, Jim Heath was president of the group’s Stryker Instruments division.
On Friday, Stryker’s shares traded on the NSY at a record high of $191. MC topped $71b for the first time.
Stryker is a global medical device player with 33,000 employees and turnover of >$13b.
It claims to have been gonged in 2017 as running Australia’s #1 workplace.
More importantly for PO3, Stryker does business with some 3000 US hospitals. And it has long experience in gaining FDA clearances for devices such as the Mako artificial knee.
According to Steve Morris, Jim Heath recently addressed a meeting of the full board at the company’s HQ in Detroit, MI.
“The discussion commenced on sterilization and sanitation issues within wards, operating theatres and hospitals in general”, Morris says.
“Mr Heath will advise PuriflOH on the commercialization of the FRG within the medical sector.
“This is an important step in the Company’s plans to access its various market segments.”
Morris says PO3’s Somnio Global affiliate has commenced prototype work, guided by a clear set of performance criteria which have been derived from discussions with "a number of industry players”.
While Morris doesn’t name the “players”, I believe they include Stryker Corp and $MMM/3M Co/MC $120b.
Jim Heath will seek to ensure that PO3’s FRG tech:
. Achieves high kill rates for bio contaminants
. Is non-toxic and non-carcinogenic
. Completely disinfects target spaces including hard-to-access areas
. Has short disinfection and recovery-after-disinfection times and
. Does not damage equipment and structures
Apart from more than US 3000 hospitals, Heath’s target markets are likely to include medical and veterinary centers where low level surgical procedures are practised.
Jim Heath retired as president of Stryker Instruments in 2015 when the division’s sales topped $1b.
Describing Heath as a “Stryker Legend” colleague Ben Hobbs has produced a podcast about Heath’s thoughts on leadership and his post-retirement bicycle adventure across the US.
(20min delay)