TORONTO, Nov. 4, 2014 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) ("Biosign" or the "Company") announces that it has formally closed the acquisition of 100% of the issued and outstanding shares of Peterborough, Ontario based QLINE Solutions Inc. ("QLINE"). The Company announced on January 6, 2014, that the parties had executed a Share Purchase Agreement under which Biosign agreed to acquire 100% of QLINE for a total price of $3 million.
QLINE is a privately held Ontario corporation founded in 1985 and 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 will operate QLINE as a wholly-owned subsidiary and will continue to expand the QCARE, Qmobile and QPointofCare platforms with the goal to create world class solutions.
Biosign CEO Michael Gross stated: "We are pleased to finalize the acquisition of QLINE which will enable Biosign to become a leading provider in the home care market in North America. In the several months since we initially announced our intention to acquire QLINE, we have been impressed by QLINE's technology leadership and by their relationships with some of the largest operators in the fast-growing home care and extended care industries."
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."
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. The Company's various software divisions, including Clinicserver™ PencilThat™ EESI Corporate Benefits and AioMed GmbH offer industry-leading allied health clinic and patient centred care management solutions. 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: Michael Gross, Acting CEO and Chairman, Biosign Technologies, Phone: (416) 218-9800 ext. 201, Email: [email protected]