TORONTO, July 7 /CNW/ - Biosign Technologies Inc. (CNSX: BIO) today announced the signing of an exclusive Master Distribution Agreement with Dubai-based ALQAEM International (FZE) to distribute the Biosign products in the United Arab Emirates, Oman, Qatar, Bahrain, Kuwait, Saudi Arabia, Egypt, Syria, Jordan and Iraq. Under the terms of the agreement, ALQAEM has paid an initial fee of US$100,000 and will also pay all the costs associated with acquiring local government approval to market Biosign products in each country. Assuming local approvals are granted by the end of 2010, ALQAEM has made a commitment to achieve sales in excess of US$14 million in 2011.
John Rizvi, C.E.O. of Rizvi Group and Managing Director of ALQAEM stated: "ALQAEM is a diversified trading, marketing and distribution company that does business in Middle East & Persian Gulf region. Our extensive sales and marketing presence, combined with our regional knowledge and experience in dealing with government and quasi-government bodies and departments, will allow us to quickly and securely bring the excellent UFIT(R) products to market in the Gulf."
UFIT(R) TEN-20 is an online medical device for self-monitoring of blood pressure and blood glucose. The device takes the pulse at the wrist through an inflatable cuff and gives blood pressure and blood glucose measurement results. All measurements are indirect, noninvasive, and passive. The data is stored on Biosign servers providing immediate readings, historical profiles, and the ability to quality audit each and every reading.
Radu Leca, President of Biosign noted: "the Persian Gulf and North Africa population base has the highest per-capita rate of diabetes in the world. Local governments are expending an increasing amount of resources fighting obesity, hypertension and type-2 diabetes. We believe that this region will benefit directly and materially from the deployment of our UFIT(R) Health Monitor System."
Biosign will also deploy recently acquired e-commerce capabilities to better serve ALQAEM, their resellers and end-user customers.
About Biosign Technologies Inc.
Biosign provides biomedical systems. Key applications include intelligent systems for noninvasive monitoring of common health risks associated with blood pressure, glucose, and medication. The core technology combines measurement, analysis, and rapid knowledge formation to support health monitoring across global markets. The UFIT(R) medical device technology powers quality data collection and analytics for clinical diagnostics, self-care, wellness, disease state evaluation & management, and remote patient monitoring. For more information on Biosign please visit www.biosign.com.
About ALQAEM International (FZE)
ALQAEM International (FZE) is a diversified trading and distribution company headquartered in Sharjah, United Arab Emirates (a suburb of Dubai). The firm is a recognized leader in the areas of material supply, installation and technology for the largest private and public corporations in the Middle East, including Nakheel and Emaar. A large potion of Alqaem's business is health-care focused, and the company has supplied a number of high-tech product lines to hospitals in Dubai, Abu Dhabi and the other United Arab Emirates. In addition, Alqaem directs healthcare sales teams in a number of Gulf countries.
The CNSX has neither approved nor disapproved the contents of this press release.
SOURCE Biosign Technologies Inc.
For further information: For further information: Radu Leca, President & CEO, Biosign Technologies Inc., Phone: (416) 218-9800 ext. 234, Email: firstname.lastname@example.org