TORONTO, Sept. 23, 2013 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) ("Biosign" or the "Company") announces the following:
Biosign Purchases Patient Portal Software Product
The Company has entered into an Asset Purchase Agreement with Saint John, NB based Business Health Matters Inc. ("BHM") pursuant to which the Company has purchased the source code to BHM's Employee Wellness software product (the "BHM Portal") for a purchase price of $113,000.00. The purchase price will be paid as to $48,000.00 in cash, in 12 equal monthly installments of $4,000.00, plus the issuance of 1.3 million common shares of Biosign, subject to regulatory approval (the "Biosign Shares"). The issue of shares is subject to all necessary regulatory approval including the TSX Venture Exchange and are restricted from sale for a period of 4 months and 1 day. Further, BHM has contractually agreed not to sell 350,000 of the Biosign Shares before the twelve month anniversary of the Agreement and a further 350,000 of the Biosign Shares before the eighteen month anniversary of the Agreement.
The BHM Portal is a comprehensive, evidence-based software solution designed to duplicate the Health Risk Assessment and Employee Wellness services offered by Business Health Matters, with audio education, videos and immediate audio educational feedback to the responses of the general health assessment. An extensive reporting capability provides for strategic development of customized interventions. The services offered by Business Health Matters were developed over a period of eight years, and have proved effective in reducing health care costs and improving employee satisfactions in many large Canadian companies.
In addition to acquiring this software asset, Biosign has executed a Consulting Agreement with the founder of BHM and the architect of the PHM Portal, Ms. Jennifer Blackwood R.N, CCRC, founder of Business Health Matters Inc. Ms. Blackwood has over 30 years of experience in the health care field. As a registered nurse her specialty is in occupational health with her primary focus on proactive health. BHM's mission and Ms. Blackwood's personal passion is to reduce the unnecessary burden of illness to individuals and organizations by empowering individuals to choose health. Because of her work, companies are significantly reducing their employee health costs and enjoying the benefits of significantly reduced absenteeism, increased productivity and employee retention. Progress magazine published an article on BHM "The health dividend" (http://www.progressmedia.ca/article/2011/11/health-dividend).
The BHM Portal joins Pulsewave, Healthanywhere, QCARE and QIVR in the growing portfolio of leading-edge Healthcare Software assets under the Biosign umbrella. These software systems have proven track records at delivering outstanding results to clients across Canada.
Biosign CEO Robert Kaul stated: "We are pleased to announce the acquisition of this effective and award-winning Wellness Solution. Biosign's previously announced strategy is to build a compelling suite of innovative software solutions for Healthcare. We will do this by developing our internally created systems including Pulsewave and Healthanywhere, and by acquiring complimentary software assets like QCARE (announced July 15th, 2013) and the BHM Portal. In particular, the integration of the BHM Portal with our Healthanywhere clinical portal will produce a platform uniquely optimized for large corporate wellness campaigns with high returns-on-investment. The BHM solution is deployable immediately, and along with the services of Ms. Blackwood this acquisition will have a material impact on our sales and marketing activities in both Canada and the United States."
Conversion of Outstanding Indebtedness
Biosign announced that it has reached an agreement with approximately eight parties to convert $475,543.50 in outstanding debt (the "Indebtedness") into common shares at a price of $0.05 per share, subject to regulatory approval. None of the parties are related parties. As a result of these debt conversion agreements and subject to all applicable regulatory requirements, 9,510,870 common shares shall be issued in full satisfaction of the Indebtedness. The common shares issued under these agreements will be restricted from sale for a period of 4 months and 1 day.
Biosign CEO Robert Kaul stated: "As we complete the turn-around of Biosign, our goal is to conserve working capital to fund sales and revenue generation activities. This conversion of debt to equity allows us to preserve cash and complete our short-term corporate objectives, leading to smarter investments in business development."
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-care platform. The Company's Pulsewave™ Health Monitor solution enables Pulse 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