Biosign Technologies Converts Demand Loans into Equity

TORONTO, Dec. 4, 2012 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) (the "Company") announced agreement that it received prior agreement to convert $137,790.35 in non-interest bearing demand loans previously made by two related parties (the "Loans"), into common shares priced at a price of $0.05 per share, subject to regulatory approval. The terms of the Loans provide that they are repayable on the date the Company completed a debt or equity financing for proceeds of not less than CAD $250,000. The Company has previously received forbearance agreements in respect of the amounts otherwise due. As a result of this debt conversion and subject to all applicable regulatory regulations, 2,755,807 common shares shall be issued in full satisfaction of the Loans.

Biosign CEO Robert Kaul stated: "This conversion of debt to equity allows us to preserve cash during our restructuring efforts and is a key expression of support for the success to date we have achieved from those efforts. As we re-capitalize the Company, our goal remains to preserve funds while we execute our new sales plan."

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 

Robert Kaul
Chief Executive Officer
Biosign Technologies
Phone: (416) 218-9800 ext. 201
Email: ceo@biosign.com

Profil de l'entreprise

Biosign Technologies Inc.

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