Biosign Appoints New CFO and Grants Options to Directors & Employees
TORONTO, Aug. 22, 2012 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) ("Biosign" or the "Company") announced today that it has appointed Mr. Frank Iadipaolo, CA as Chief Financial Officer, to replace Mr. Colley Clarke, CA who has resigned in order to spend more time on his other business interests.
Frank Iadipaolo will oversee Biosign's finance and accounting functions, utilizing extensive financial management and corporate development experience gained with small to medium sized enterprises in the technology and software sectors. He previously served as Senior Vice-President, Corporate Finance with a Toronto-based boutique investment banking firm and Chief Financial Officer for Telesis North Communications Inc. and Microforum Inc. (both previously listed on the TSX). Mr. Iadipaolo has also acted in a senior advisory role for other private and publicly traded growth companies. He holds an honours degree in Commerce from the University of Windsor and is a member of the Institute of Chartered Accountants of Ontario.
In connection with the retainer of Mr. Iadipaolo, the Company announced the grant of an aggregate of 400,000 stock options to him pursuant to the Company's stock option plan. These options expire in 5 years, have an exercise price of $0.10 per share, being a premium to the current market price, and are subject to vesting as follows: 100,000 options shall vest immediately, and the remaining options will vest in equal amounts on each of the 6th, 12th and 18th month anniversaries of the date of grant.
The Company also announced the further grant of an aggregate of 3,410,000 stock options pursuant to the Company's stock option plan, effective August 22nd, 2012. These options expire in 5 years and have an exercise price of $0.10 per share, being a premium to the current market price. 2,400,000 options were granted to four directors of the Company, subject to vesting as follows: 50% shall vest immediately and then the balance shall vest in equal amounts on each of the 6th, 12th and 18th month anniversaries of the date of grant. 1,010,000 options were granted to an officer and various employees, subject to vesting as follows: 25% shall vest immediately, 25% shall vest on each of the 12th and 24th month anniversaries of the date of grant, and 25% shall vest upon the attainment of a specified sales-related milestone.
Biosign's CEO Mr. Robert Kaul stated, "We are very pleased to welcome Mr. Iadipaolo to Biosign as our new CFO. He brings us specific experience in the organization and growth of technology and software companies, which we will put to good use as we move forward with our ambitious plans to commercialize our cutting edge Health Monitoring products, particularly in the US marketplace. Meanwhile I would like to thank Mr. Colley Clarke for his service to the Company. He has helped guide Biosign through several challenging periods, and his dedication, skill and professionalism are greatly appreciated. We wish him all the best in his future endeavours."
About Biosign Technologies Inc.
Biosign Technologies Inc. (TSXV: BIO) provides automated, computer enabled biomedical systems and devices. Key applications include the noninvasive monitoring of vital signs including blood pressure, pulse rate and breathing rate, enhanced with web services. The Company's UFIT® medical device technology powers quality data collection for clinical decision support, self-care, wellness and disease management, while it's Healthanywhere™ Suite offers industry-leading remote patient monitoring solutions. For more information on Biosign, please visit www.biosign.com
This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and Biosign's actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. In the context of any forward-looking information please refer to risk factors detailed in, as well as other information contained in, Biosign's filings with Canadian securities regulators (www.sedar.com).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Biosign Technologies Inc.For further information:
Biosign Contact Information
Robert Kaul, CEO
Biosign Technologies Inc.
Phone: (416) 218-9800 ext. 234