/Not for distribution in the United States or through United States wire services/
TORONTO, June 19, 2014 /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 51% of the issued and outstanding shares of Klingenberg Germany-based MECK Medical GmbH. ("MECK"). MECK is a developer of innovative healthcare software solutions assembled into a cloud-based platform that provides facility management services, document management, prescription management, wound management and social networking services to the long term care, nursing home and extended care industries in Germany.
MECK earns recurring license fees for each facility installation on a per-patient basis, as well as transactional revenue from appointments, prescriptions or other procedures scheduled and managed managed by the system. In addition, MECK earns fees for various services provided directly to consumers.
Currently, MECK solutions are installed in a number of German healthcare facilities. It is expected that MECK's platform will roll out to an expanding number of long term care facilities under a framework contract with their launch customer, Caritas, a large operator of German nursing home & extended care facilities. Biosign will operate MECK within its wholly owned European subsidiary, Biosign Technologies GmbH, also based in Germany.
The purchase price will be satisfied with a cash payment of 875,000 Euros, and by the issuance of 3,000,000 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 government approvals. The common shares to be issued to the vendor in connection with this transaction will be subject to a regulatory hold period of 4 months and 1 day.
Biosign CEO Robert Kaul commented: "We are pleased to announce this acquisition and welcome the team at MECK to the Biosign family. The software developed by MECK is complementary to the other solutions in the Biosign healthcare software portfolio - our combined offerings will be very synergistic. For example MECK brings us modules such as wound management and prescription management, while in turn, Biosign can provide MECK customers with remote patient monitoring, Pulsewave® medical devices, and access to the new technology we are developing for the Qualcomm Tricorder XPRIZE. This kind of 21st-Century convenience, security and value is a good example of the type of leading software solutions Biosign is now proud to provide."
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: Robert Kaul, Chief Executive Officer, Biosign Technologies, Phone: (416) 218-9800 ext. 201, Email: [email protected]