/NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE
TORONTO, July 11, 2013 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) ("Biosign" or the "Company") announces that it has executed a Term
Sheet pursuant to which Biosign will purchase a 51% interest in
Peterborough ON-based software development company QLINE Solutions Inc.
(QLINE), for a purchase price of $1.53 million.
QLINE is a privately held Ontario corporation founded in 1985, with 7
full time and 3 part-time employees. The company produces the QCARE Integrated Product Suite, a comprehensive software platform used primarily to manage
medium-to-large companies in the Home Care industry. Personal Support
and Homemaking, Nursing Services, Therapy, Community Service Support
and Hospital Shift Staffing businesses all use QCARE. The Suite offers
one of the sector's most sophisticated intake & scheduling systems,
client record management, integrated messaging, billing, payroll, and
IVR communications, as well as charting & reporting capabilities. It's
a solution set that delivers advanced features based on both proven and
emerging technology. QLINE serves a number of national, multi-province
and multi-site clients, as well as smaller regional customers. Biosign
& QLINE intend to integrate QCARE with both the Pulsewave and
Healthanywhere product groups, in order to streamline the gathering of
vital sign information for QLINE clients. Automated vital sign
measurement will reduce errors & increase visit efficiency, saving
money. In-home monitoring using Healthanywhere™ may reduce the need for
daily nursing visits while improving patient adherence and health
Broadly defined, the Home Care industry in Canada includes over 3
million individual caregivers*. The average Canadian over 65 will
receive 6 years of individual / family care in their lives*. The market
is split between $7 billion spent annually by the provinces and $1.9
billion spent annually by private insurance and by families
out-of-pocket*. QLINE is one of the primary suppliers of management
software to the industry, primarily in Ontario and Alberta.
Financially, QLINE has trailing annual unaudited revenues of
approximately $1 million, and unaudited EBITDA estimated at
Biosign has agreed to pay $630,000 in cash and issue 18 million common
shares of Biosign at an ascribed value of $0.05/share, being a premium
to the current market price, for 51% of QLINE. No new "Control Person"
is created as a result of this purchase. The term sheet executed by the
Parties is subject to due diligence review, financing, board and
regulatory approvals. Subject to satisfying such conditions, the
parties anticipate that the transaction will be consummated by
September 30, 2013.
QLINE Founder & President Jim Allan stated: "Biosign's solutions,
corporate presence and access to resources, coupled with the QLINE
business vision and strategy within the Home Care industry transforms
an incremental growth opportunity into a compound growth and revenue
opportunity. While mobile and IVR are the current wave for mobile Home
Health workers, virtual at-home care combined with remote vital sign
monitoring is an imminent wave needed by the industry to serve the
aging North America demographic more efficiently and at a lower cost
per visit. By integrating QCARE with Biosign's solutions, we create a
unique Homecare Software Suite that positions Providers with the
capability to deliver a differentiated level of service, generate
additional revenues, and run their operations all on the same platform.
Biosign CEO Robert Kaul commented, "Biosign is pleased to continue our
growth strategy with the acquisition of QLINE. Their team is focused,
professional and dedicated to customer service. This combination is
both strategic and accretive for Biosign - the combined Biosign/QCARE
solution will not only meet the future needs of Canadian home care
providers, but we believe it will be competitive in the even larger US
*References: "Home and Community Care in Canada: An Economic Footprint",
2012, The Conference Board of Canada.
About QLINE Solutions Inc.:
QLINE Solutions offers a selection of professional services that include
operational support, assessment, consulting, special development and
data acquisition, delivering an extensive library of reporting options
backed by expert analysis so their clients can access timely
information in order to make strategic decisions. QLINE understands the
difficulty involved in looking beyond the day-to-day demands of a
health care management organization. From management to operational to
outcome reporting, they can promptly assemble and interpret required
data quickly and affordably.
About Biosign Technologies Inc.:
Biosign Technologies Inc. (TSXV: BIO) provides automated, software
enabled health information solutions. Key products include the Pulsewave™ Health Monitor and the Healthanywhere™ Patient monitoring / self-care platform. The Pulsewave™ Health Monitor
collects and remotely analyzes pulse wave data to deliver comprehensive
vital signs, while the Healthanywhere™ system offers industry-leading
remote patient monitoring and patient-centred care management
capabilities. 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.
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:
Contact Information for Biosign:
Chief Executive Officer
Biosign Technologies Inc.
Phone: (416) 218-9800 ext. 201
Contact Information for QLINE:
Founder & President
QLINE Solutions Inc.
Phone: (705) 743-8682