TORONTO, Aug. 28, 2014 /CNW/ - Biosign
Technologies Inc. (TSXV: BIO) ("Biosign" or the "Company")
announced the completion of a Share Purchase Agreement (the "SPA")
with 3282909 Nova Scotia Limited ("the Investor") under which it
has sold 12.5% of its 51% ownership stake of the issued and
outstanding shares of MECK Medical GmbH ("MECK") previously
acquired on June 30, 2014. The
Investor who paid $400,000 on closing
for the stake in MECK is a corporation owned by Dr. Michael Gross who is Chairman and acting CEO of
Biosign. The Investor has committed to pay an additional
$75,000 subsequent to closing.
As part of the transaction, Biosign has a repurchase option from
the Investor that can be exercised at its own discretion for up to
6.25% of the issued and outstanding shares of MECK for a period
three years. Biosign retains its 51% control of MECK through
a voting trust agreement.
MECK was recently renamed AioMed GmbH ("AioMed"). AioMed
is a developer of innovative healthcare software solutions
assembled into a cloud-based platform that provides facility
management services, document management, prescription management,
wound management and social networking services to the long term
care, nursing home and extended care industries in Germany.
Biosign Chairman & acting CEO Michael Gross stated on behalf of the Board of
Biosign: "We are pleased that Mr. Gross has taken this step to
continue to improve the Company's financial position and allow
Biosign to focus on its software strategy". Dr. Gross also stated
that he is very pleased to be part of Biosign's new direction as a
leading cloud based medical software company and that he is
committed along with his executive team and employees to help
transform Biosign into a Canadian success story.
Management is continuing its efforts to secure additional
funding for the Company's short and long-term obligations. While
the Company is striving to achieve its financing plans, there is no
assurance that future funding will be available or at on favourable
terms.
About Biosign Technologies Inc.
Biosign Technologies Inc. (TSXV: BIO) provides automated,
software enabled health information solutions. The Company's
various software divisions, including Clinicserver™ PencilThat™
EESI Corporate Benefits and AioMed GmbH offer industry-leading
allied health clinic and patient centred care management solutions.
For more information on Biosign, please visit www.biosign.com
Forward-Looking Statements
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.