X-Prize Contestants Announced; Qline Acquisition Revised
TORONTO, Nov. 8, 2013 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) ("Biosign" or the "Company") announces the following:
X-Prize Contestants Announced
The XPRIZE Foundation, based in Culver City, California, announced the 34 registered teams competing for the Qualcomm Tricorder XPRIZE, a 3.5-year global competition sponsored by the Qualcomm Foundation that will award $10 million to teams that develop a consumer-friendly, mobile device capable of diagnosing and interpreting a set of 15 conditions and capturing vital health metrics. Competing teams in the Qualcomm Tricorder XPRIZE are expected to develop a device that can accurately diagnose a set of diseases, including diabetes, atrial fibrillation (AFib), stroke, tuberculosis, chronic obstructive pulmonary disease (COPD), pneumonia, and hepatitis A, among others. The device is also expected capture real-time health metrics including blood pressure, respiratory rate and temperature, independently of a health care worker or facility, and in a way that provides a compelling consumer experience.
Biosign has entered the Tricorder XPRIZE Competition under the team name "Cloud DX". The Company's entry is based upon its patent-pending Pulsewave® MAX next-generation health monitor technology. Pulsewave® MAX can directly measure four channels of biological data: digital sphygmogram, oxygen saturation, temperature and ECG. The Company's patent-pending Cloud Diagnostics™ software then derives six additional parameters: heart rate, blood pressure, breathing rate, heart rate variability, heart arrhythmia and pulse transit time. By combining these readings with additional data, team Cloud DX will attempt to qualify for the XPRIZE finals in April 2014. Over 300 teams expressed an intention to compete - Team Cloud DX is one of only 3 teams from Canada selected to register as a contestant.
Biosign CEO Robert Kaul stated: "We are pleased to be accepted as one of only 34 contestants around the world to compete in this prestigious innovation competition. We believe our ground-breaking Pulsewave® technology is a sound basis for creating a fully-functioning Tricorder as imagined by the XPRIZE Foundation. Under the leadership of our Medical Director, Dr. Sonny Kohli (himself a former astronaut candidate), we believe we have an excellent chance to make a strong impression while at the same time continue to bring a commercial version of the Pulsewave® MAX closer to market."
Biosign Increases Stake in QLINE Solutions Inc:
On July 11, 2013 Biosign announced that it had executed a term sheet pursuant to which it would acquire 51% of Peterborough, Ontario based QLINE Solutions Inc. ("QLINE") for a purchase price of $1.53 million, to be paid as to $630,000 in cash and the issuance of 18,000,000 common shares of Biosign at an ascribed value of $0.05 per share. As a result of favourable discussions with the QLINE management team and greater visibility into QLINE's projected revenue and operations, the Company has entered into an amended term sheet pursuant to which it will increase the percentage of QLINE to be acquired from 51% to 72%. The total purchase will be satisfied with the previously agreed $630,000 in cash and by the issuance of 31,000,000 common shares of Biosign at an ascribed value of $0.05 per share. Biosign retains the option to acquire the final 28% of QLINE for $820,000, less certain consulting fees paid to the principals, to be paid in cash and shares, which will be priced in the context of the market at the time the option is exercised. All other terms relating to this acquisition remain the same as announced in the press release dated July 11th, 2013. The transaction is subject to final approval of the board of directors, receipt of all necessary regulatory approval, and satisfaction of financing conditions. The common shares to be issued to QLINE in connection with this transaction will be subject to a regulatory hold period of 4 months and 1 day, plus further contractual restrictions shall restrict certain selling activities over a 24 month period. No new "Control Person" (as such term is defined by the TSX Venture Exchange) of the Company is created as a result of this transaction.
QLINE is a privately held Ontario corporation founded in 1985, with 7 full time and 3 part-time employees. QLINE produces the QCARE Integrated Product Suite, which is a comprehensive software platform used primarily to manage medium-to-large companies in the Home Care industry. QCARE is used to manage Personal Support and Homemaking, Nursing, Therapy, Community Service Support and Hospital Shift Staffing businesses. The suite offers one of the sector's most sophisticated intake and scheduling software, client record management, integrated messaging, billing, payroll, and IVR communications, as well as charting and reporting capabilities. QLINE's solution set 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 CEO Robert Kaul: "Biosign is committed to its strategy of becoming a global leader in healthcare delivery technology. Our acquisition of QLINE is a key step in this strategy. QLINE is innovating in the home care delivery space at an accelerated pace with some of the largest customers in this industry having taken note. We are pleased to have increased our stake in QLINE and to join forces with their solid team."
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 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
XPRIZE is the leading organization solving the world's Grand Challenges by creating and managing large-scale, high profile, incentivized prize competitions in five Prize Groups: Learning; Exploration; Energy & Environment; Global Development; and Life Sciences. Active prizes include the $30 million Google Lunar XPRIZE, the $10 million Qualcomm Tricorder XPRIZE, the $2.25 million Nokia Sensing XCHALLENGE and the $2 million Wendy Schmidt Ocean Health XPRIZE. For more information, go to www.xprize.org. STAR TREK®, TRICORDER® and related marks and logos are trademarks of CBS Studios Inc. Used under license.
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.
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Biosign Contact Information
Chief Executive Officer
Phone: (416) 218-9800 ext. 201
Email: [email protected]