MISSISSAUGA, ON, Aug. 31, 2015 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) ("Biosign" or the "Company") announces that on August 28, 2015 the Company received notice that Atlantic Canada Opportunities Agency ("ACOA") intends to initiate a judgement action against the Company and its wholly-owned subsidiary IBL Internet Business Logic Inc. ("IBL") for breach of contract and interference with contractual relations seeking full repayment of the amounts due to ACOA by IBL claimed to be $852,521. On July 31, 2015, Biosign completed the sale of the business assets of IBL for a total purchase price of $2,500,000 and ACOA claims that as a result of this transaction all amounts owed to ACOA should be repaid from the proceeds received. None of the allegations have been proven in court and the Company plans to vigorously defend itself against these claims.
About Biosign Technologies Inc. (TSXV: BIO) Biosign is a developer of world class healthcare software solutions targeted at the Home Care markets with operations in Canada and Germany.
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).
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SOURCE Biosign Technologies Inc.
For further information: Biosign Contact Information: Michael Gross, CEO and Chairman, Biosign Technologies Inc., Phone: (416) 218-9800 ext. 201, Email: [email protected]