/NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES/
TORONTO, Feb. 6, 2014 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) ("Biosign" or the "Company") is pleased to announce the execution of a Memorandum of Understanding with Novosante Healthcare, a division of Sharjah UAE based Gulf Holdings LLC.
Biosign attended Arab Health 2014 at the invitation of the Government of Ontario, with a presence in the Ontario booth. During Arab Heath, the Company met several times with His Excellency Sheikh Sultan bin Khalid al Qassimi, Chairman & CEO of Gulf Holdings, a diversified conglomerate that owns over 50 companies. Novosante is a newly created subsidiary of Gulf Holdings, focusing on marketing and distributing cutting-edge medical and healthcare technology.
The terms of agreement between Biosign and Novosante are as follows: Novosante will be an exclusive agent for Biosign products in the Gulf Cooperation Council Region which covers the United Arab Emirates, the Kingdom of Saudi Arabia, Kuwait, Oman, Qatar, and Bahrain. In addition, Novosante will represent Biosign in Iraq and Jordan. In other territories where Gulf Holdings has a presence, Novosante will partner with Biosign on a non-exclusive or conditionally exclusive basis.
Commercial efforts will focus on selling Biosign software solutions that are ready for immediate deployment in the region, including Healthanywhere™, ClinicServer™, PencilThat™ and QCARE™. Meanwhile, Novosante will expedite the approval process for the Biosign Pulsewave® Health Monitor system with the various regional Ministries of Health, which will fast-track import approval for Pulsewave® devices.
The agreement stipulates minimum revenues to Biosign of $5 million USD over an initial 60-month term. The parties agree to complete a definitive distribution agreement as soon as possible but no later than March 31st, 2014.
Biosign CEO Robert Kaul stated: "We are pleased to execute this agreement with Novosante. Our experience in the region has underlined the importance of working with the right partners. There could be no better partner and mentor than Sheikh Sultan, who enjoys a worldwide reputation as a visionary businessman and investor. Statistics indicate that the countries of the Gulf Region suffer from some of the world's highest rates of hypertension, type 2 diabetes and other health challenges. Our engagement with Novosante and Gulf Holdings immediately positions Biosign for success in this important and growing market."
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:
Chief Executive Officer
Phone: (416) 218-9800 ext. 201
Email: [email protected]