/NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES/
TORONTO, Dec. 23, 2013 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) ("Biosign" or the "Company") announced the following:
The Company has appointed Michigan-based RJL Systems Inc ("RJL") as a non-exclusive agent for sales of Biosign Pulsewave® monitoring system ("Pulsewave®") within the United States. In a parallel agreement, Biosign has been appointed by RJL as a non-exclusive agent for their Quantum IV Body Impedance Analysis technology in the United States and Canada, and the parties have agreed to co-market their healthcare IT solutions.
The RJL Quantum line of professional body composition analyzers rely on a technology that RJL originated in 1979, called "Bioelectrical Impedance Analysis" (BIA), for precise measurements used to assess and predict lean dry mass, body fat, intracellular and extracellular water, total body water, body mass index, fat free mass, basal metabolic rate, and daily energy expenditure. Researchers, educators and clinicians from around the world, including the Mayo Clinic, Cleveland Clinic, NASA, Harvard University, Cancer Treatment Centers of America and Yale University, use RJL's system to measure body composition.
RJL Quantum BIA analyzers are ISO 13485:2003 certified, licensed through Health Canada, and cleared by the FDA as Class II medical devices. Under a Sales Agency Agreement between the two firms, RJL Systems and Biosign can co-market and sell Pulsewave® and Quantum IV devices and software products, with optional Cloud Diagnostics™ data storage and sharing. Plans are already underway to optimize and integrate both software platforms in 2014.
Michael Liedtke, RJL Director of Business Development commented: "RJL remains committed to its leadership role in the professional body composition industry. This year alone, we have released new RJL iPad™ software for body composition, unparalleled progressive Food & Fitness report upgrades, a new Quantum lease program, and even a buyback incentive for non-RJL devices."
Biosign CEO Robert Kaul said, "This partnership will offer Biosign clinical customers, including those taking part in the Heart Friendly™ Practice program, a proven, precision tool for monitoring several key health biomarkers that allied health professionals have relied upon for over thirty years. The RJL list of customers reads like a "who's who" of the clinical world - Biosign will now have a chance to offer Pulsewave® technology to this prestigious group. Our new relationship with RJL is another example of our commitment to offering practitioners unprecedented access to critical medical data."
Other News: Completion of shares for debt transaction:
The Company agreed to convert $157,720.25 owing to approximately 7 parties, one of whom is a related party as they are a director of the Company (the "Indebtedness"), into common shares at a price of $0.05 per share. Subject to regulatory approval, 3,147,305 common shares shall be issued in full satisfaction of the Indebtedness, 30,225 shares are being issued to a director of the Company. The common shares will be subject to a regulatory hold period of 4 months and 1 day.
Biosign CEO Robert Kaul stated: "This conversion of debt to equity allows us to preserve cash during a difficult economic climate, and thereby maximize funds to pursue our sales objectives".
About Biosign Technologies Inc.:
Biosign Technologies Inc. (TSXV: BIO) provides automated, computer enabled health information products. Key applications include the noninvasive monitoring of vital signs including blood pressure, pulse rate and breathing rate, enhanced with web services. The Company's Pulsewave™ medical device technology powers data collection for clinical decision support, self-care, wellness and disease management, while it's Healthanywhere™ software suite offers industry-leading remote patient monitoring solutions. For more information on Biosign, please visit www.biosign.com
About RJL Systems Inc:
RJL Systems is a pioneer in the Bioelectrical Impedance Analysis (BIA) industry -- with an accurate, quantitative, comprehensive body measurement approach that has been the choice of scores of health professionals and researchers. As a Michigan-based company since 1979, RJL Systems remains committed to bringing the technology and innovation that leading researchers and practitioners around the globe depend upon for safe, reliable and accurate measurements of body composition. To date, over 40,000 RJL BIA devices have been chosen by top hospitals, universities, clinics, and private practitioners.
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, Biosign'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 Technologies Inc.
Robert Kaul, CEO
(416) 218-9800 ext. 202
RJL Systems, Inc.
Michael R. Liedtke, Director of Business Development
(800) 528-4513 ext. 102