TORONTO, Jan. 26, 2015 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) ("Biosign" or the "Company") announced its Board of Directors has decided to withdraw from the acquisition of QLINE Solutions Inc. ("QLINE"). The Company had executed a Share Purchase Agreement under which Biosign acquired 100% of the issued and outstanding shares of QLINE for a total price of $3.03 million including $830,000 to be paid in cash and the issuance of 44,000,000 common shares of Biosign at an ascribed value of $0.05 per share. Only $30,000 of the cash portion has been paid which will be retained by the sellers and all 44,000,000 shares held in trust will be returned to Biosign for cancellation.
Biosign Chairman & interim CEO Michael Gross stated: "We have decided that it is in the Company's best interest to withdraw from this acquisition and focus on investing in our AioMed Home Care and our ClinicServer Allied Health Care software platforms which we intend to deploy in major markets worldwide".
About Biosign Technologies Inc (TSXV: BIO) Biosign is a developer of world class healthcare software solutions targeted at the Home Care and Allied Health Care markets. The Company's various software divisions, including ClinicServer™, EESI Corporate Benefits and AioMed GmbH offer industry-leading Home Healthcare and Allied Health clinic management solutions to international companies and service providers worldwide. 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@example.com