/NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE
TORONTO, Dec. 31, 2013 /CNW/ - Biosign Technologies Inc. (TSXV: BIO)
("Biosign" or the "Company") is pleased to announce the execution of a
Share Purchase Agreement (the "SPA") under which it has agreed to
acquire 100% of the issued and outstanding shares of Saint John NB
based IBL Internet Business Logic ("IBL"), a practice management
software developer and creator of ClinicServer® and PencilThat™ software platforms.
Founded in 1998, IBL offers integrated clinic management software on a
cloud-based 'software as a service' platform. Their ClinicServer® solution is deployed to manage over 250 clinics in Canada and the
United Kingdom, and is being used by physiotherapists, chiropractors,
naturopaths and similar allied health professionals. Their newly
developed PencilThat™ internet-based self-scheduling application is
complete and ready for launch. IBL has 7 employees in Saint John, New
Biosign will operate IBL as a wholly-owned subsidiary, while updating
and integrating features from the ClinicServer® and PencilThat™ platforms into the next iteration of our
Healthanywhere™ comprehensive healthcare software system.
The total purchase price of $1.96 million will be satisfied by way of
payment of $75,000 in cash, and by the issuance of 36,000,000 common
shares of Biosign at an ascribed price of $0.05 per share, being a
premium to the market price at the execution date of the SPA. This
transaction is subject to receipt of all necessary regulatory and
mandatory government approvals. The common shares to be issued to the
vendors in connection with this transaction will be subject to a
regulatory hold period of 4 months and 1 day while certain selling
activities are contractually restricted over a 24-month period. It is
the intention of management that no new "Control Person" (as such term
is defined by the TSX Venture Exchange) of the Company be created as a
result of this transaction.
Biosign CEO Robert Kaul commented: "We are pleased to announce this
acquisition and welcome the team at ClinicServer to the Biosign family.
Biosign is in the business of delivering value to health care providers
by supplying innovative software solutions. The ClinicServer® platform developed by IBL Internet Business Logic has been embraced by
a growing number of allied health clinics in Canada and the United
Kingdom. Our team will now integrate Biosign's unique Pulsewave® vital sign monitoring technology into ClinicServer®, and the improved system will be offered to IBL's client base as a
value-added upgrade. Meanwhile, Biosign will install IBL software
systems as part of the $6 million software project that Biosign
announced on December 27th, 2013. These examples of early synergy prove that together, Biosign and
IBL are well placed to grow quickly as an integrated technology leader
in the healthcare clinic management industry around the world.
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-management platform. The Company's Pulsewave® Health Monitor solution enables pulse wave 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