Biosign Investor Update
TORONTO, Oct. 23, 2013 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) ("Biosign" or the "Company") announces the following:
Biosign Technologies Appoints Two Investor Relations Firms:
Investor Cubed Inc. ("ICI") of Toronto, Ontario has been retained in order to educate Canadian brokers about the new Biosign business plan and the synergies being driven through our previously announced growth strategy. The terms of engagement provide for a monthly fee of $5,000 and the issuance to ICI of 1,300,000 options to purchase Biosign shares under the Company's Stock Option Plan (the "Plan") at an exercise price of $0.10/share, subject to regulatory approval. These options will vest quarterly in four tranches over a period of 12 months, provided sufficient options remain available in the Plan. If insufficient options are available, the option grants will take place once options become available. If the performance of ICI is unsatisfactory between the date of retention and December 16th, 2013, Biosign may terminate the agreement with no further obligation, and all option, to the extent granted, will be cancelled. These option grants comply with TSX Policy 4.4 (Incentive Stock Options).
Frontier Merchant Capital Group ("Frontier") of Toronto, Ontario has been retained to represent Biosign to retail investors in Canada and the United States. Frontier has offices in five Canadian provinces and two U.S. states, and specializes in representing small-cap technology companies to investors. The terms of engagement provide for a monthly fee of $5,000 per month and the issuance to Frontier of 300,000 options to purchase Biosign shares under the terms and conditions of the Plan at an exercise price of $0.10/share, subject to regulatory approval. These options will vest quarterly in four tranches over a period of 12 months, provided sufficient options remain available in the Plan. If insufficient options are available, this option grant will take place once options become available. The one-year up front payment is conditional on the company raising a minimum of $125,000 in fresh capital for Biosign prior to November 30, 2013. These option grants comply with TSX Policy 4.4 (Incentive Stock Options).
Biosign CEO Robert Kaul stated: "As Biosign emerges from our turnaround and begins to grow, management has concluded that retaining a professional Investor Relations team makes good sense. By communicating the story of the "New Biosign" to the investor community, Biosign will be able to improve liquidity and attract a new audience. The fact that Investor Cubed offers the option of early termination if performance is not satisfactory reduces risk that these expenditures might not be productive for our shareholders."
Biosign Closes Private Placement:
Biosign announced that is has closed a private placement for proceeds of approximately $1,036,800, pursuant to which approximately 45 investors purchased approximately 20,737,000 units of the Company. Each unit consisted of a common share and a common share purchase warrant, with an exercise price of $0.10 and a term of 2 years. Use of proceeds from this placement is: general working capital, including integration of newly acquired software assets, as well as sales and marketing expenses. The transaction is subject regulatory approval, and all securities issued are subject to a hold period of 4 months and 1 day.
Biosign CEO Robert Kaul: "This private placement was initiated in order to build up working capital so that Biosign could complete several important steps in our previously announced business plan. Our team is working hard to complete those steps and due to the success of this placement, we have the resources to do so. As Biosign moves into a new growth phase, we hope to become much less reliant on raising capital, and will begin to fund operations from revenue."
About Biosign Technologies Inc.
Biosign Technologies Inc. (TSXV: BIO) provides automated, software enabled health information solutions including the Pulsewave™ Health Monitor and the Healthanywhere™ Patient monitoring / self-care platform. The Company's Pulsewave™ Health Monitor solution enables Pulse data collection for cardiovascular clinical decision support and self-care, while its Healthanywhere™ solution offers industry-leading remote patient monitoring and patient centred care management. The Company also offers a number of cardiovascular screening programs for consumers under its Heart Friendly™ brand, including Heart Friendly™ Practice, Heart Friendly™ Dentist, and Heart Friendly™ Fitness. 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 the company'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