MISSISSAUGA, ON, Aug. 26, 2015 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) ("Biosign" or the "Company") announced today the completion of the consolidation of its issued and outstanding common shares (the "Common Shares"). The Common Shares will be consolidated on a basis of 10 pre-consolidation shares for each post-consolidation share ("Consolidation"). The Consolidation has been approved by the TSX Venture Exchange and the Company's shareholders at its Annual Meeting of Shareholders held on May 5, 2015. The Consolidation will be effective market open Friday August 28, 2015.
This consolidation will reduce the issued and outstanding shares of the Company from 228,232,020 to 22,823,202 shares, assuming no other change in the issued capital. The Company's outstanding options and warrants will also be adjusted on the same basis (10 for 1) as the common shares, with proportionate adjustments being made to exercise prices.
Fractional common shares will not be issued, and no cash will be paid in lieu of fractional post-consolidation common shares. The number of post-consolidation common shares to be received by a shareholder will be rounded up or down to the nearest whole common share.
A letter of transmittal will be mailed to shareholders advising that: (i) the consolidation has taken effect; and (ii) shareholders should surrender their existing share certificates (representing pre-consolidation common shares) for replacement share certificates (representing post-consolidation common shares). Until surrendered, each existing share certificate will be deemed, for all purposes, to represent the number of common shares to which the holder thereof is entitled as a result of the consolidation.
The Company has not changed its name as part of the Consolidation, but will issue new share certificates under new CUSIP number 09070P209. The Common Shares continue to trade on the TSX Venture Exchange under its current symbol "BIO".
The Board of Directors believes that the proposed share consolidation will better position the Company to raise the funds it requires to finance its business activities. Management is continuing its efforts to secure additional funding for the Company's short and long-term obligations. The financing alternatives include debt and/or equity financings and asset sales. While the Company is striving to achieve its financing plans, there is no assurance that future funding will be available on favourable terms to the Company, or at all.
About Biosign Technologies Inc. (TSXV: BIO) Biosign is a developer of world class healthcare software solutions targeted at the Home Care markets with operations in Canada and Germany.
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: Michael Gross, CEO and Chairman, Biosign Technologies Inc., Phone: (416) 218-9800 ext. 201, Email: email@example.com