/NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES./
TORONTO, July 11, 2013 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) ("Biosign" or the "Company") announces that it has executed a Term Sheet pursuant to which Biosign will purchase a 51% interest in Peterborough ON-based software development company QLINE Solutions Inc. (QLINE), for a purchase price of $1.53 million.
QLINE is a privately held Ontario corporation founded in 1985, with 7 full time and 3 part-time employees. The company 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 & QLINE intend to integrate QCARE with both the Pulsewave and Healthanywhere product groups, in order to streamline the gathering of vital sign information for QLINE clients. Automated vital sign measurement will reduce errors & increase visit efficiency, saving money. In-home monitoring using Healthanywhere™ may reduce the need for daily nursing visits while improving patient adherence and health outcomes.
Broadly defined, the Home Care industry in Canada includes over 3 million individual caregivers*. The average Canadian over 65 will receive 6 years of individual / family care in their lives*. The market is split between $7 billion spent annually by the provinces and $1.9 billion spent annually by private insurance and by families out-of-pocket*. QLINE is one of the primary suppliers of management software to the industry, primarily in Ontario and Alberta. Financially, QLINE has trailing annual unaudited revenues of approximately $1 million, and unaudited EBITDA estimated at approximately $400,000.
Biosign has agreed to pay $630,000 in cash and issue 18 million common shares of Biosign at an ascribed value of $0.05/share, being a premium to the current market price, for 51% of QLINE. No new "Control Person" is created as a result of this purchase. The term sheet executed by the Parties is subject to due diligence review, financing, board and regulatory approvals. Subject to satisfying such conditions, the parties anticipate that the transaction will be consummated by September 30, 2013.
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. By integrating QCARE with Biosign's solutions, we create a unique Homecare Software Suite that positions Providers with the capability to deliver a differentiated level of service, generate additional revenues, and run their operations all on the same platform.
Biosign CEO Robert Kaul commented, "Biosign is pleased to continue our growth strategy with the acquisition of QLINE. Their team is focused, professional and dedicated to customer service. This combination is both strategic and accretive for Biosign - the combined Biosign/QCARE solution will not only meet the future needs of Canadian home care providers, but we believe it will be competitive in the even larger US market."
*References: "Home and Community Care in Canada: An Economic Footprint", 2012, The Conference Board of Canada.
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. Key products include the Pulsewave™ Health Monitor and the Healthanywhere™ Patient monitoring / self-care platform. The Pulsewave™ Health Monitor collects and remotely analyzes pulse wave data to deliver comprehensive vital signs, while the Healthanywhere™ system offers industry-leading remote patient monitoring and patient-centred care management capabilities. 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.
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:
Contact Information for Biosign:
Chief Executive Officer
Biosign Technologies Inc.
Phone: (416) 218-9800 ext. 201
Email: [email protected]
Contact Information for QLINE:
Founder & President
QLINE Solutions Inc.
Phone: (705) 743-8682
Email: [email protected]