Biosign Corporate Update
TORONTO, March 15, 2013 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) ("Biosign" or the "Company") today announced the following:
Changes to the Board of Directors:
Biosign announces the resignation of directors Mr. Jason Meretsky and Senator Alfonse D'Amato, effective immediately. Mr. Meretsky and Senator D'Amato are leaving the Board in order to devote time to their other business interests. The Board and management wish to sincerely thank both directors for their dedicated service. They have helped lead Biosign through a challenging period of restructuring and their advice and counsel have been instrumental in allowing the Company to succeed. We wish them both great success in all their future endeavors.
Biosign is pleased to announce the appointment of two new directors:
Dr. Sandeep (Sonny) Kohli is an attending Physician in the Intensive Care Department of Oakville Trafalgar Memorial Hospital and Assistant Clinical Professor (Adjunct) of Medicine at McMaster University. He is also the Medical Director, ACLS, at the Michener Institute for Applied Health Sciences and President of Triomi Medical Innovations Inc. From May 2008 to March 2009 Dr. Kohli was an Astronaut Candidate at the Canadian Space Agency (CSA), where he was awarded a Scholarship by the CSA as a Critical Care Medicine fellow to go to Johnson Space Center and partake in aerospace medical research activities. Dr. Kohli has also been appointed as Medical Director for Biosign. He is highly knowledgeable regarding Biosign's Pulsewave™ product, having previously served as a medical advisor to BioAnalytics Inc., a Biosign distribution partner.
Mr. Dennis Rygwalski is a senior financial services & technology executive recognized for leading best-of-class enterprise IT and bank operations organizations. He is currently the founder of D. Rygwalsky & Associates Inc., a Tulsa, Oklahoma management consulting firm to the financial services and technology sectors. Until 2012 he served as EVP Technology & Chief Information Officer for Western Alliance Bancorp, a $7 billion commercial multi-bank holding company based in Phoenix, Arizona, and before that he held the positions of Chief Technology Officer for the Bank of Oklahoma, a $25 billion financial services group (2006-2011), head of Finance Industry Solutions for Boston-based technology provider Exigen Group (2001-2005), and Chief Information Officer for Fleet Boston Financial, a $180 billion diversified banking and financial services company acquired by Bank of America in 2004 (1988-2001).
With these appointments, the Board now consists of independent directors Dr. Sonny Kohli and Mr. Dennis Rygwalski, along with Chairman John Rizvi and Biosign CEO Robert Kaul.
Biosign CEO Robert Kaul commented: "I would like to personally thank Mr. Meretsky and Senator D'Amato for their work on the Board. They have both provided our team with outstanding advice and their wisdom has been much appreciated. We are pleased to welcome two new Board members. Dr. Sonny Kohli is a very passionate, articulate advocate for Biosign's products and we look forward to his assistance as we present our products to the medical community. Dennis Rygwalski brings to the Company many years of experience as a senior technology leader and his advice will be particularly welcome as Biosign grows into the U.S. market starting in 2013. I believe that shareholders will be well served by the addition of these independent directors."
Update on Previously-Announced Financing
With respect to the previously announced additional subscription of 6,000,000 units of the Company (the "Units") at a purchase price of $0.05 per Unit, forming part of the previously- announced private placement (see news release issued on December 21, 2012), a tranche of 700,000 Units was completed on March 14, 2013 for gross proceeds to the Company of $35,000. The investor has not completed the remaining subscription for 4,300,000 Units on the scheduled closing date. As a result of the foregoing, the Company reserves all of its rights and remedies available under the subscription agreement with the investor.
About Biosign Technologies Inc.
Biosign Technologies Inc. (TSXV: BIO) provides automated, computer enabled health information products. Key applications include the noninvasive monitoring of vital signs including blood pressure, pulse rate and breathing rate, enhanced with web services. The Company's Pulsewave™ medical device technology powers data collection for clinical decision support, self-care, wellness and disease management, while it's Healthanywhere™ software suite offers industry-leading remote patient monitoring solutions. The Company offers a number of cardiovascular screening programs for consumers under its Heart Friendly™ brand, including Heart Friendly™ Dentist. 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
Chief Executive Officer
Phone: (416) 218-9800 ext. 201