Renee
8 years ago
HRTT: The U.S. District Court for the Central District of California yesterday evening issued a final judgment against former professional football player Willie Gault, who served as co-CEO of Heart Tronics, Inc. in 2008. After a two-week trial in March 2015, a jury found Gault liable for taking part in a securities fraud scheme, knowingly circumventing Heart Tronics' internal accounting controls, and making false CEO certifications in a public filing with the Commission.
The court ordered Gault to pay $101,000 in disgorgement, $27,570 in prejudgment interest, and $78,000 in civil penalties, for a total of $206,570. The court also imposed permanent injunctive relief against Gault, including an equitable bar against acting as an officer or director of any public company until Gault affirmatively demonstrates that "he has made himself knowledgeable of the requirements of the securities laws imposed on officers and directors" and "otherwise become competent and fit to serve as an officer or director." Gault is also enjoined from committing future violations of Section 17(a)(3) of the Securities Act of 1933, Section 13(b)(5) of the Securities Exchange Act of 1934, and Rule 13a-14 of the Exchange Act.
The jury had found Gault liable for his knowing or negligent involvement in a fraudulent scheme that misappropriated funds from an investor in Heart Tronics. While acting as a CEO, Gault transferred $101,000 of investor funds to a private brokerage account that he controlled, after which the funds were lost by Gault in stock trading that the company never authorized. Additionally, Gault was found liable, as CEO, for knowingly circumventing or failing to implement internal accounting controls at Heart Tronics, and for filing a Form 10-Q with the SEC in 2008 that made false Sarbanes-Oxley certifications.
The other defendants charged in this matter had previously settled with the Commission or been found liable as a matter of law by the court by summary judgment.
The trial team from the Commission consisted of trial attorneys Kenneth Donnelly, Derek Bentsen, Melissa Armstrong, and investigative attorneys from the Division of Enforcement, Adam Eisner, Rachel Nonaka and Ashley Dolan.
https://www.sec.gov/litigation/litreleases/2016/lr23522.htm
Renee
12 years ago
HRTT SEC Litigation:
http://www.sec.gov/litigation/litreleases/2012/lr22440.htm
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22440 / August 8, 2012
Securities and Exchange Commission v. Heart Tronics, Inc., et al., 11-cv-01962 (C.D. Cal.)
The Securities and Exchange Commission announced today that Martin B. Carter and Ryan A. Rauch have agreed to settle charges brought against them in SEC v. Heart Tronics, Inc., et al. The complaint alleged that Heart Tronics repeatedly announced millions of dollars in fraudulent sales orders for its heart monitoring device between 2006 and 2008 when, in fact, the company never had viable sales orders from actual customers. Carter fabricated numerous documents to support the false disclosures, and also arranged to ship products to a friend to create the illusion that the company was delivering its product to a bona fide customer. The Commission's complaint also alleged that Rauch solicited numerous investors to buy Heart Tronics stock but failed to disclose that he was being paid by Heart Tronics in exchange for promoting the company.
On October 5, 2011, Carter pled guilty to one criminal count of conspiracy to commit mail fraud, wire fraud and obstruction of justice based on his creation of fake sales orders and other documents for Heart Tronics and providing false and misleading information to Commission staff during the investigation. To settle the Commission's civil charges, Carter has consented to the entry of a final judgment permanently enjoining him from violating Sections 5(a) and (c) , 17(a)(1) and 17(a)(3) of the Securities Act of 1933 (Securities Act); Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 (Exchange Act); and Exchange Act Rules 10b-5(a), 10b-5(c) and 13b2-1; and aiding and abetting violations of Sections 10(b), 13(a) and 13(b)(2)(A) of the Exchange Act and Exchange Act Rules 10b-5(a), 10b-5(c), 12b-20, 13a-1, 13a-11, and 13a-13. In addition, Carter has agreed to a permanent penny stock bar pursuant to Section 20(g) of the Securities Act and Section 21(d)(6) of the Exchange Act. Carter's proposed judgment, which is subject to court approval, will not impose disgorgement or penalties based on Carter's sworn financial condition.
Rauch has consented, without admitting or denying the Commission's allegations, to the entry of a final judgment that permanently enjoins him from violating Section 17(b) of the Securities Act, imposes a three-year penny stock bar pursuant to Section 20(g) of the Securities Act, and orders him to pay $15,000 of disgorgement plus prejudgment interest of $2,789.04 and a civil penalty of $20,000. The proposed judgment is subject to court approval.
On December 20, 2011, the Commission filed a civil enforcement action in federal district court in the Central District of California alleging that Heart Tronics, Inc. (formerly known as Signalife, Inc. and Recom Managed Systems, Inc.), and several individuals associated with the Company, engaged in a wide-ranging series of frauds, including the repeated announcement of fictitious sales orders in Heart Tronics' SEC filings, press releases and other public broadcasts. The fraud schemes were masterminded by Mitchell J. Stein, the purported outside counsel to Heart Tronics and the husband of Heart Tronics' majority shareholder. From at least December 2005 through September 2008, while he was leading a campaign of public misinformation to drive up the price of Heart Tronics' stock, Mitchell Stein continuously directed the sale of his and his wife's Heart Tronics stock through a series of trusts and other nominee accounts for a net profit of more than $5.8 million. On December 13, 2011, a grand jury indicted Stein on 14 criminal counts of conspiracy to commit mail and wire fraud; mail fraud; wire fraud; securities fraud; money laundering; and conspiracy to obstruct justice. The Commission's civil action against the remaining defendants, including Stein, Heart Tronics' co-CEOs Willie Gault and Rowland Perkins, and former stock broker Mark Nevdahl, is stayed until the conclusion of the criminal case against Stein.
For further information, see Litigation Release No. 22204 (December 20, 2011).
http://www.sec.gov/litigation/litreleases/2011/lr22204.htm
SevenTenEleven
13 years ago
HRTT - SEC accuses Willie Gault of fraud in Heart Tronics case
Former NFL player Willie Gault and five other men are accused by the SEC of fraudulently inflating the stock of Heart Tronics, a Studio City medical products company.
By Walter Hamilton, Los Angeles Times
December 21, 2011
Former professional football player Willie Gault spent his NFL career evading opponents' defenses. Now he's facing the Securities and Exchange Commission.
Gault and five other men, including Rowland Perkins, a co-founder of Creative Artists Agency, were accused by the SEC of fraudulently inflating the stock of a Studio City medical products company.
The company, Heart Tronics, claimed to have received millions of dollars in orders for its Fidelity 100 heart-monitoring device but had no actual customers, according to the SEC.
In its complaint filed Tuesday, the agency said Heart Tronics was secretly controlled by Mitchell J. Stein, an attorney from Hidden Hills who went to great lengths to tout the stock.
Among tactics to deceive company auditors, the SEC said, Stein had another defendant fly to Japan for a day to mail a letter from a fictitious customer. Stein reaped nearly $8 million through secret sales of Heart Tronics shares, the agency said.
Jared Scharf, an attorney for Gault, Perkins and Heart Tronics, said the company and the two men would fight the SEC allegations. Heart Tronics has a "breakthrough medical device" that Gault and Perkins believe "will save tens of thousands of lives and tens of millions of dollars in medical expenses," Scharf said.
Stein could not be reached for comment. He pleaded not guilty after being arrested in a parallel criminal investigation, the SEC said.
In its complaint, the agency said Stein installed Gault, a onetime Olympian and Super Bowl-winning wide receiver for the 1985 Chicago Bears, as a "figurehead" chief executive to draw on his celebrity.
"Stein took advantage of Gault's celebrity to further prop up the image of Heart Tronics as a successful enterprise," Stephen L. Cohen, the SEC's associate enforcement director, said in a statement.
"Stein secretly sold millions of dollars in stock while peddling false claims of Heart Tronics' lucrative sales orders, and has been living the high life off his illicit proceeds with multiple homes, exotic cars and private jets," Cohen said.
Despite being co-CEOs, Gault and Perkins "rarely questioned" the specifics of Heart Tronics' operations, according to the SEC complaint. Gault also defrauded an investor by diverting $150,000 intended to finance the company's operations to his personal brokerage account to trade Heart Tronics stock, the SEC alleged.
walter.hamilton@latimes.com
http://www.latimes.com/business/fi-sec-gault-20111221,0,2424567.story?track=rss
scion
13 years ago
SEC Charges California Company, Co-CEOs, and Attorney in Series of Fraudulent Schemes Pumping Company Stock
FOR IMMEDIATE RELEASE
2011-271
Washington, D.C., Dec. 20, 2011 — The Securities and Exchange Commission today charged a purported heart monitoring device company and six individuals involved in a series of fraudulent schemes to artificially inflate the company’s stock. Among those charged are a former pro football player, a Hollywood talent agent, and an attorney who masterminded the scheme.
Additional Materials
SEC Complaint
http://www.sec.gov/litigation/complaints/2011/comp-pr2011-271.pdf
The SEC alleges that Heart Tronics installed former pro football player Willie Gault as a figurehead co-CEO along with former Hollywood executive J. Rowland Perkins in order to generate publicity for the company and foster investor confidence. Meanwhile behind the scenes, California-based attorney Mitchell J. Stein was controlling most of the company’s business activities, hiring promoters to tout Heart Tronics stock on the Internet, and reaping nearly $8 million from secret trades that he orchestrated unbeknownst to investors.
According to the SEC’s complaint filed in federal court in Los Angeles, Gault and Perkins rarely questioned Stein’s fraudulent agenda and abdicated their fiduciary responsibilities under the Sarbanes-Oxley Act. Stein and Gault together defrauded one investor into making a substantial investment in Heart Tronics based on false representations that his money would fund the company’s operations. Instead, Stein and Gault diverted the investor’s proceeds for personal use, including the purchase of Heart Tronics stock in Gault’s personal brokerage account “Catch 83” to create the false appearance of volume and investor demand for the stock.
“Stein took advantage of Gault’s celebrity to further prop up the image of Heart Tronics as a successful enterprise,” said Stephen L. Cohen, Associate Director in the SEC’s Division of Enforcement. “Stein secretly sold millions of dollars in stock while peddling false claims of Heart Tronics’s lucrative sales orders, and has been living the high life off his illicit proceeds with multiple homes, exotic cars, and private jets.”
In addition to Heart Tronics, Stein, Gault and Perkins, the SEC charged three other individuals involved in the scheme, including Stein’s chauffer and handyman Martin B. Carter of Boca Raton, Fla., who carried out the fraud with him. The SEC also charged stock promoter Ryan A. Rauch of San Clemente, Calif., as well as Mark C. Nevdahl of Spokane, Wash., who was the trustee and stockbroker for a number of nominee accounts that Stein used to unlawfully sell Heart Tronics stock.
In a parallel criminal investigation, the U.S. Department of Justice today announced the arrest of Stein.
According to the SEC’s complaint, Heart Tronics was known as “Signalife” during most of the scheme’s time period from December 2005 to December 2008. Heart Tronics common stock was formerly listed on the American Stock Exchange but is now quoted on the OTC Link under the symbol HRTT.PK.
The SEC alleges that Heart Tronics fraudulently and repeatedly announced millions of dollars in sales orders for its product between 2006 and 2008 when, in fact, the company never had viable sales orders from actual customers. Stein and Carter fabricated numerous documents to support the false disclosures to the public, going so far as to have Carter make a one-day round-trip to Japan at Stein’s direction to mail back a letter from a fictitious customer in order to deceive management, disclosure counsel, and auditors. They also arranged to ship products to one of Carter’s friends to create the illusion that the company was delivering a heart monitoring device to a bona fide customer. Stein also profited by causing Heart Tronics to unlawfully pay Carter approximately $2 million in cash and Heart Tronics stock in a sham consulting agreement, and Carter paid nearly all of the proceeds back to Stein in the form of a kickback.
The SEC alleges that Stein hired Rauch to solicit numerous investment advisers, retail and institutional brokers, and other investors to buy Heart Tronics stock. Rauch failed to disclose that he was being paid by Heart Tronics in exchange for promoting company stock to investors. While Stein was orchestrating his campaign of misinformation and other schemes designed to inflate Heart Tronics’ stock price, his wife as the company’s majority shareholder directed the sale of more than $5.8 million worth of Heart Tronics stock while failing to disclose the sales as required under federal securities laws.
According to the SEC’s complaint, Stein enlisted Nevdahl to act as trustee for a number of purportedly blind trusts to create the façade that the shares were under the control of an independent trustee. The trusts were blind in name only, and Nevdahl met Stein and his wife’s regular demands for cash by continually selling Heart Tronics stock though the trusts.
The SEC’s complaint charges the defendants with various violations of the federal securities laws and seeks disgorgement of ill-gotten gains with prejudgment interest financial penalties and permanent injunctive relief. The SEC seeks permanent officer-and-director bars and penny stock bars against Stein, Gault, and Perkins as well as a permanent penny stock bar against Carter and Rauch. The SEC’s complaint also seeks the return of ill-gotten gains from nine relief defendants including Stein’s wife Tracey Hampton-Stein and her company ARC Finance Group LLC, which is the majority shareholder of Heart Tronics.
The SEC’s investigation was conducted by Adam Eisner and Rachel Nonaka under the supervision of Charles Cain. The SEC’s litigation will be headed by Mark Lanpher. The SEC acknowledges the assistance of the U.S. Department of Justice’s Fraud Section and the U.S. Postal Inspection Service.
# # #
For more information about this enforcement action, contact:
Stephen L. Cohen
Associate Director, SEC Division of Enforcement
(202) 551-4472
Charles E. Cain
Assistant Director, SEC Division of Enforcement
(202) 551-4911
http://www.sec.gov/news/press/2011/2011-271.htm
ScovilleUnits
16 years ago
Legend Willie Gault Becomes Signalife's Co-CEO; Company Changing Name to HeartTronics, Inc.
Monday , November 10, 2008 16:24ET
LOS ANGELES, CALIFORNIA -- (Marketwire) -- 11/10/08 -- Signalife, Inc. (OTCBB: SGAL) announced today that Willie Gault - whose passion has led to the formation of Athletes for Life - the non-profit charity who sponsored heart screenings at which the lives of patients across the country have been saved, including 16-year old high school athlete Josh Nails - has been appointed co-CEO of the Company to handle all operations. On behalf of investors as well as individually, Mr. Gault has achieved numerous large mergers and acquisitions in various industries throughout the 50-United States, and manages these investment interests for a vast array of clients nationally and internationally. Prior to that, Mr. Gault was a member of the Super Bowl Champion Chicago Bears and has set and broken numerous track and field records over what now spans a 30-year athletic career.
The Company also announced that it is changing its name and marks, commensurate with the extensive screenings and Company peer supervision now being done to assist in the eradication of sudden heart attack and late stage heart disease. The new corporate name will be HeartTronics, Inc. and the new logo shall be available for viewing on the Company's website later this week. The name of the Company will be formally changed to HeartTronics, Inc. with the State of Delaware 20 days after the Company mails an information circular to its shareholders. The trading symbol and CUSIP number for the Company's stock will be concurrently changed, with the OTCBB designating the new trading symbol on the day the name change is effectuated with the Delaware Secretary of State. The Company will provide additional information on the effective date of the name change and new trading symbol and CUSIP number concurrent with the designation of a new trading symbol by the OTCBB.
Rowland Perkins, the Company's co-CEO for Administrative matters, commented: "I have never met a person besides Willie Gault who has the energy and passion toward this worthy cause of stopping the ravage of sudden cardiac death and late stage heart disease. As we have now learned, the Fidelity 100 is the only device capable of detecting the full bandwidth of pathology recommended by the American Heart Association. I am pleased that Willie has now come aboard to increase the screenings nationwide and to make them available not only to the poor (through AFL) but to affluent communities as well. Heart disease does not distinguish. It kills our citizens irrespective of socio-economic bracket, race or gender."
Mr. Gault's initial salary shall be $1.00 per annum, until the Company is profitable. (my 2-cents input...ROFLMAO!!!)
Mr. Gault also commented: "I am honored to take on this position. Every person deserves not to die suddenly. In no other disease state can it be said that "this disease can kill instantly." The exception is stroke, however, even that can be prevented by good comprehensive physician-screenings. My goal as HeartTronics' Operational CEO is to bring our abilities and technologies to all communities - affluent and (through AFL) impoverished alike. With physician's use of our Fidelity 100 heart monitor, I have seen with my own eyes and felt with my own heart the phenomenon of a life being saved. It means something to me, because my best friends - from Reggie White to Todd Bell - died at the hands of the same evil fate. Now it is time to get on with helping all of our citizenry, and in stopping disinformation from the health care community to the effect that everything is "alright," when the costs for heart disease are increasing another $50 billion this year according to the United States Government (now a staggering $450 billion spent in the United States alone, much of which is paid by Medicare). I am working closely with the public, private and philanthropic sectors to put a stop to the nonsense."
"There are lots of heart devices out there, from arrhythmia machines to CT scans. They do nothing to provide a comprehensive screening nor to lessen the cost-and-life impact of this disease. The other devices do not even claim to assist in the problem, and that is why the figures increase by tens of billions of dollars per year. These numbers are being paid out by our federal and state governments, and by the American population. I can guarantee everybody that the governments are "on to it" and actual prevention will be the wave of the future. The Fidelity 100 weighs a few pounds and is the only device capable of testing across the full range of disease-states, and in ambulatory settings as well. Please get ready when our screenings come to a hospital or facility near you."
About HeartTronics, Inc.
HeartTronics, Inc. is a life sciences company focused on the monitoring, detection and prevention of disease through continuous biomedical signal monitoring. The Company uses its patented signal technology to design and develop medical devices - two of which are FDA-cleared - as well as therapies and/or technologies that simplify and reduce the costs of cardiovascular disease.
HeartTronics, Inc. is publicly traded OTC Bulletin Board and the Pink Sheets under the symbol SGAL. The website for the company is http://www.HeartTronics.com. Clear Data. Trusted Results.
Caution Regarding Forward-Looking Statements
http://www.knobias.com/story.htm?eid=3.1.f710a3dcc6cccfac3121cfe4cbbe2f2bf38711bb3cc055d3ed69551df9a7549c
TechKim
16 years ago
Peter Strojnik, P.C. Files First Amended Complaint Alleging Signalife, Inc. Engaged in Mass Broadcasting of Junk Faxes to Promote Its Stock; Signalife Loses Strojnik Lawsuit
Wednesday, November 05, 2008 12:30ET
PHOENIX, Nov 05, 2008 (BUSINESS WIRE) -- On October 7, 2008, Peter Strojnik, P.C. filed a first amended complaint in its proposed class action lawsuit against Signalife, Inc. in the United States District Court for the District of Arizona, case number 2:08-cv-1116, alleging the medical supply company engaged in a mass-broadcast of junk faxes to promote its stock.
President and CEO of Peter Strojnik, P.C., Peter Strojnik, opined that Signalife certainly has a motive to pump up the price of their stock. The Complaint alleges "Signalife had a net loss for the six months ending June 20, 2008 in the amount of $8,826,795.00." Mr. Strojnik added, "Signalife admitted in a recent Form 10Q that they had no revenues from product sales during the first half of 2008." Indeed, the Complaint alleges "Signalife has no sales revenues and admits ... that its inability to generate revenues could cause it to go out of business."
Signalife has not gone out of business, but they have been delisted from the American Stock Exchange. In fact, Signalife recently affected a 4500 for 1 reverse stock split and started trading on the OTCBB and Pink Sheets.
Mr. Strojnik explained that the Telephone Consumer Protection Act awards damages at a minimum of $500 for each unsolicited fax. The proposed class action lawsuit against Signalife and others alleges Defendants broadcasted between approximately 12 million to 16 million unsolicited faxes.
In what Mr. Strojnik opined was a defense tactic, Signalife, Inc. filed a Complaint for Declaratory Relief against Peter Strojnik, P.C. in Los Angeles. Signalife sought a decree that it did not violate the TCPA. After several months of argument and deliberations, Orange County Superior Court dismissed the case.
Peter Strojnik, P.C.'s proposed class action lawsuit alleges that "The purpose of the Unsolicited Fax was to manipulate SGN stock or any publicly traded Signalife stock in the securities market." Mr. Strojnik opined, "Signalife cannot be allowed to violate federal law without redress for the regular people who receive these annoying faxes." Paraphrasing the allegations of the Complaint, Mr. Strojnik stated, "In my opinion, Signalife or its insiders hired a third party fax blaster to broadcast millions of faxes promoting its stock." Indeed, Signalife admits in its most recent Form 10Q that they are "in discussions with a number of large third party marketing and distribution partners with the manpower and financial resources to more quickly and aggressively promote [its] products."
Other defendants in the class action lawsuit include Digitalspeed Communications, Inc. and Adam Harris Pasternack.
For more information, please contact Peter Strojnik at ps@strojnik.com or at (602) 524-6602.
SOURCE: Peter Strojnik, P.C.
Peter Strojnik, P.C.
Peter Strojnik, 602-524-6602
ps@strojnik.com
Copyright Business Wire 2008
ScovilleUnits
16 years ago
Junk Faxes to Promote Stock; Signalife Loses Lawsuit
http://www.knobias.com/story.htm?eid=3.1.f275d1b75a8b45267c5519ae04a78b714e97f420528599f5ebdbe706f2dfd505
Peter Strojnik, P.C. Files First Amended Complaint Alleging Signalife, Inc. Engaged in Mass Broadcasting of Junk Faxes to Promote Its Stock; Signalife Loses Strojnik Lawsuit
Wednesday, November 05, 2008 12:30ET
PHOENIX, Nov 05, 2008 (BUSINESS WIRE) -- On October 7, 2008, Peter Strojnik, P.C. filed a first amended complaint in its proposed class action lawsuit against Signalife, Inc. in the United States District Court for the District of Arizona, case number 2:08-cv-1116, alleging the medical supply company engaged in a mass-broadcast of junk faxes to promote its stock.
President and CEO of Peter Strojnik, P.C., Peter Strojnik, opined that Signalife certainly has a motive to pump up the price of their stock. The Complaint alleges "Signalife had a net loss for the six months ending June 20, 2008 in the amount of $8,826,795.00." Mr. Strojnik added, "Signalife admitted in a recent Form 10Q that they had no revenues from product sales during the first half of 2008." Indeed, the Complaint alleges "Signalife has no sales revenues and admits ... that its inability to generate revenues could cause it to go out of business."
Signalife has not gone out of business, but they have been delisted from the American Stock Exchange. In fact, Signalife recently affected a 4500 for 1 reverse stock split and started trading on the OTCBB and Pink Sheets.
Mr. Strojnik explained that the Telephone Consumer Protection Act awards damages at a minimum of $500 for each unsolicited fax. The proposed class action lawsuit against Signalife and others alleges Defendants broadcasted between approximately 12 million to 16 million unsolicited faxes.
In what Mr. Strojnik opined was a defense tactic, Signalife, Inc. filed a Complaint for Declaratory Relief against Peter Strojnik, P.C. in Los Angeles. Signalife sought a decree that it did not violate the TCPA. After several months of argument and deliberations, Orange County Superior Court dismissed the case.
Peter Strojnik, P.C.'s proposed class action lawsuit alleges that "The purpose of the Unsolicited Fax was to manipulate SGN stock or any publicly traded Signalife stock in the securities market." Mr. Strojnik opined, "Signalife cannot be allowed to violate federal law without redress for the regular people who receive these annoying faxes." Paraphrasing the allegations of the Complaint, Mr. Strojnik stated, "In my opinion, Signalife or its insiders hired a third party fax blaster to broadcast millions of faxes promoting its stock." Indeed, Signalife admits in its most recent Form 10Q that they are "in discussions with a number of large third party marketing and distribution partners with the manpower and financial resources to more quickly and aggressively promote [its] products."
Other defendants in the class action lawsuit include Digitalspeed Communications, Inc. and Adam Harris Pasternack.
For more information, please contact Peter Strojnik at ps@strojnik.com or at (602) 524-6602.
SOURCE: Peter Strojnik, P.C.
Peter Strojnik, P.C.
Peter Strojnik, 602-524-6602
ps@strojnik.com
Copyright Business Wire 2008
ScovilleUnits
16 years ago
A R/S to $45.00/share from $.04/share ?
I must be reading this wrong
http://www.knobias.com/story.htm?eid=3.1.b9446c11616b3719bfa003b9d472a4a34cc8a494691bcb44f8b4da791c9c2bfa
Signalife Announces Reverse Stock Split, Preferred Stock Dividend and $5 Million Investment
Wednesday, September 10, 2008 09:15ET
LOS ANGELES, Sept. 10 /PRNewswire-FirstCall/ -- Signalife, Inc. (Amex: SGN) announced that the company's board of directors has approved a consolidation of the company's common stock to be effected in the form of a reverse stock split which will be effected as of 4:30 p.m. EST on September 19, 2008, which will be the record date and time for the reverse stock split. As of such date and time of such reverse stock split, all outstanding shares of Signalife common stock will be consolidated into such number of shares as would result in a $45.00 per share stock price based upon the closing price for the common stock as of the record date. The reverse stock split will be structured in the form of a mandatory share exchange, meaning that each shareholder will be required to first exchange his or her certificate with the company's stock transfer agent in order to change title incident to any sale or other transaction. The exchange of common shares beneficially held in street name (i.e., through a broker-dealer) will most likely be effected through the Depository Trust Corporation without the necessity of the beneficial holder submitting his or her shares for exchange. Shares held directly in the name of the shareholder or other than in street name (such as in the case of the company's principal shareholder, ARC Finance Group, LLC), will need to be exchanged by the shareholder of record with the company's stock transfer agent. Should any shareholder have any questions relating to the mechanics of the mandatory share exchange, he or she should contact Signalife's stock transfer agent, Standard Registrar and Transfer Company, Inc., 12528 South 1840 East Draper, Utah 84020, Tel: 801-571-8844, Fax: 801-571-2551, and e-mail: standard@comcast.net.
TechKim
16 years ago
Signalife Announces Anticipated Date of Transition to OTCBB
Monday September 8, 10:09 am ET
LOS ANGELES, Sept. 8 /PRNewswire-FirstCall/ -- Signalife, Inc. (Amex: SGN - News) announced that it has filed its Form 25 with the Securities and Exchange Commission effecting the withdrawal of trading of its common stock on the American Stock Exchange ("AMEX"). The last day that Signalife's common stock will trade on AMEX will be Friday, September 12, 2008. Signalife expects that the company's common stock will be available for quotation on both the Over-The-Counter Bulletin Board and the Pink Sheets commencing upon the opening of market on Monday, September 15, 2008. Pursuant to OTCBB policy, it will assign a new trading symbol for Signalife's common stock following the close of trading on AMEX on Friday, September 12, 2008. Signalife will publicly announce the new trading symbol promptly upon receipt from the OTCBB.
About Signalife
Signalife, Inc. is a life sciences company focused on the monitoring, detection and prevention of disease through continuous biomedical signal monitoring. Signalife uses its patented signal technology to design and develop medical devices, therapies and/or technologies that simplify and reduce the costs of cardiovascular disease. More information is located at www.signalife.com. Clear Data. Trusted Results.
Caution Regarding Forward-Looking Statements
Statements in this release that are not strictly historical are "forward- looking" statements. Forward-looking statements involve known and unknown risks, which may cause the companies' actual results in the future to differ materially from expected results. Factors which could cause or contribute to such differences include, but are not limited to, the failure of Signalife's market maker to complete or timely complete the process of qualifying the shares for quotation on the OTCBB, failure to complete the development and introduction of heart monitoring and other biomedical devices incorporating the companies' technology and procure market acceptance for these products, failure to obtain federal or state or governmental or international regulatory approvals governing heart monitoring and other biomedical devices incorporating the technology, failure to obtain import and export capabilities in the various countries containing buyers and resellers and hospitals and clinics and doctors for the devices, inability to obtain physician, patient or insurance acceptance of or for heart monitoring and other biomedical incorporating of the technologies, and the unavailability of financing to complete management's plans and objectives, including the development of heart monitoring and other biomedical and information solutions incorporating the companies' technologies. These risks are qualified in their entirety by cautionary language and risk factors set forth and to be further described in Signalife's filings with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Source: Signalife, Inc.
TikiGal
16 years ago
Hot off the wire. FWIW! Interesting soap opera going on here. Hope the shareholders come out the winners on this one.
Signalife Sues Vianale & Vianale and Twelve Brokerage Houses for Injunctive Relief Against Naked Short Selling and Market Manipulation
4 minutes ago - Market Wire
Related Companies
Symbol Last %Chg
SGN 0.0421 -29.72%
As of 2:10 PM ET 9/3/08
Signalife, Inc. (AMEX: SGN) has sued Kenneth and Julie Vianale, as well as twelve of the nation's largest brokerage houses (State of California Superior Court for the County of Los Angeles, Case No. BC397448), for conspiracy to knowingly violate the federal securities laws. The Securities and Exchange Commission has released data that the April selling of Signalife securities was not "a sell off" (as claimed by certain of the defendants) but a planned naked bear attack determined to coincide with a web cast at which the bona fides of the device were not discussed at all. In addition to the alleged unlawful taking of stock of Signalife's corporate treasury in connection with naked shorting, the illegal actions have also resulted in injuries caused to persons who have not been given access to the Companies' revolutionary technologies as a consequence of the adverse impact on the company resulting from those actions. The lawsuit also alleges that, nonetheless, numerous lives have been saved through the use of the Company's Fidelity 100 given the work that the Company has been able to do - notwithstanding the unlawful naked shortselling. The lawsuit is subject to no conditions precedent, injunctive relief is planned, and the suit will be expanded to include families who were victimized by the injurious conduct of the defendants and their leaders as alleged in the complaint.
About Signalife
Signalife, Inc. is a life sciences company focused on the monitoring, detection and prevention of disease through continuous biomedical signal monitoring. Signalife uses its patented signal technology to design and develop medical devices, therapies and/or technologies that simplify and reduce the costs of cardiovascular disease.
Signalife, Inc. is traded on the American Stock Exchange under the symbol SGN. More information is located at www.signalife.com. Clear Data. Trusted Results.
Caution Regarding Forward-Looking Statements
Statements in this release that are not strictly historical are "forward- looking" statements. Forward-looking statements involve known and unknown risks, which may cause the companies' actual results in the future to differ materially from expected results. There is no guarantee that Signalife will win these lawsuits, and lawsuits involve risks. These risks are qualified in their entirety by cautionary language and risk factors set forth and to be further described in Signalife's filings with the Securities and Exchange Commission.
Contacts:
Law office of Joseph C. Maher
Joseph C. Maher II, Esq.
Litigation Counsel to Signalife
(310) 204-1910
SOURCE: Signalife, Inc.
TechKim
16 years ago
Signalife Announces Intent to Withdraw From AMEX and Trade on the OTCBB
LOS ANGELES, Aug 08, 2008 /PRNewswire-FirstCall via COMTEX/ -- Signalife,
Inc. (Amex: SGN) announced that it has provided notification to the
American Stock Exchange ("AMEX") of its intent to voluntarily withdraw its
common stock from listing and trading on AMEX under AMEX Rule 18 and
Section 1010 of the AMEX Company Guide. An application to quote and trade
Signalife's common stock has been or will be shortly filed with the OTCBB,
on which medium the shares traded prior to listing with AMEX, and the
company intends to file a Form 25 with the Securities and Exchange
Commission to formally withdraw from AMEX upon receipt of preliminary
approval from the OTCBB for trading subject to SEC rules requiring a ten
day waiting period before filing such form. Delisting from AMEX will
automatically occur ten days after filing the form 25. As soon as
information becomes available the company will announce the symbol it will
trade under on the OTCBB as well as the estimated date of the start of
trading. Signalife will continue in any event to file periodic reports
with the SEC. Withdrawal from AMEX will not impact the pending merger with
Heart One Global Research, and indeed Heart One Global Research concurred
with and sought the same result of Signalife.
The principal reason for the withdrawal is the determination by Signalife
that the trading of its common shares, the support of its price, and
protection from publicly disclosed naked short-selling activities would be
better effected on an automated quotation system with a wider array of
market makers, than through the use of a limited number of specialists as
on the AMEX market. Subsidiary reasons are to preserve working capital in
lieu of paying substantial fees for annual listing as well as the
registration of additional shares from time-to-time, as well as
uncertainties resulting from the prospective acquisition of AMEX by the
Euronext exchange.
Signalife's CEO Rowland Perkins, and Dr. Stanley Shepherd, founder of the
Heart One Global Group of companies, jointly announced that they are
excited to move to a trading platform with greater historical
predictability as this would "in the long term provide the companies with
a more cost effective, and competitive, place to grow." Rowland Perkins
continued: "We are gratified at the hard work the AMEX has gone through
with us, and the time they have spent relative to our award winning ECG
device that is currently saving lives through screenings and usages
nationwide. However, in view of factors beyond their control (e.g., naked
short selling and a change in their trading platform, yet unknown), it is
our judgment that greater predictability will be a key contributor toward
our long term success." Mr. Perkins added: "When on the OTCBB, Signalife
had some 20 market makers active in its stock without a demonstrated
history of naked shorting -- and much of this was well prior to the
company having FDA approval over even one product. In my view, more
competition in the market place will be better for the shareholders and
the company, even in the near term."
Signalife had previously received deficiency letters from AMEX pursuant to
which it advised that Signalife would, as a condition for continued
listing on AMEX, comply with AMEX's $4 million and $6 million
stockholders' equity thresholds under AMEX Rules 1003(a)(ii) and (a)(iii),
respectively. In response to the letters, Signalife submitted to AMEX for
its review and acceptance a plan to bring the company into compliance with
the aforesaid stockholders' equity requirement predicated on projected
sales (the plan of compliance relating to the first deficiency letter was
previously approved by AMEX, and is currently under review in connection
with the second deficiency letter). Signalife also submitted to AMEX
approximately three weeks ago for its review and comment a commitment
letter from a major shareholder that would enable the company to
independently satisfy the $4 million and $6 million stockholders' equity
requirements through a large equity investment. In connection with the
projections supplied by Signalife showing how the stockholders' equity
requirements will be satisfied through revenue growth, AMEX staff asked
for additional information by no later than August 8, 2008. In connection
with the commitment letter showing how the stockholders' equity
requirements will be satisfied through an additional equity investment,
Signalife has received no feedback to date from AMEX relative to the terms
of this equity investment or the independent satisfaction by this equity
investment of AMEX's $6 million and $4 million stockholders' equity
requirements. Signalife acknowledges that under Section 1011 of the AMEX
Company Guide, that in giving its withdrawal notice to AMEX, Signalife
will no longer be eligible for continued dealing on AMEX.
About Signalife
Signalife, Inc. is a life sciences company focused on the monitoring,
detection and prevention of disease through continuous biomedical signal
monitoring. Signalife uses its patented signal technology to design and
develop medical devices, therapies and/or technologies that simplify and
reduce the costs of cardiovascular disease. More information is located at
www.signalife.com. Clear Data. Trusted Results.
Caution Regarding Forward-Looking Statements
Statements in this release that are not strictly historical are "forward-
looking" statements. Forward-looking statements involve known and unknown
risks, which may cause the companies' actual results in the future to
differ materially from expected results. Factors which could cause or
contribute to such differences include, but are not limited to, failure to
complete the development and introduction of heart monitoring and other
biomedical devices incorporating the companies' technology procure market
acceptance for these products, failure to obtain federal or state or
governmental or international regulatory approvals governing heart
monitoring and other biomedical devices incorporating the technology,
failure to obtain import and export capabilities in the various countries
containing buyers and resellers and hospitals and clinics and doctors for
the devices, inability to obtain physician, patient or insurance
acceptance of or for heart monitoring and other biomedical incorporating
of the technologies, and the unavailability of financing to complete
management's plans and objectives and the aforementioned merger agreement
and its progeny, including the development of heart monitoring and other
biomedical and information solutions incorporating the companies'
technologies. These risks are qualified in their entirety by cautionary
language and risk factors set forth and to be further described in
Signalife's filings with the Securities and Exchange Commission.
SOURCE Signalife, Inc.
URL: http://www.signalife.com
www.prnewswire.com
Copyright (C) 2008 PR Newswire. All rights reserved
TechKim
16 years ago
AFL To Return to Oklahoma Due to Overwhelming Demand for Signalife Heart Screening
Wednesday July 16, 9:30 am ET
LOS ANGELES, July 16 /PRNewswire-FirstCall/ -- Due to overwhelming demand for ambulatory heart tests performed by the Athletes for Life Foundation, Inc. ("AFL" or the "Foundation") using Signalife, Inc.'s (Amex: SGN - News) award winning Fidelity 100 ECG system, AFL is returning to Ada, Oklahoma, to perform more ECG tests at the request of the Chickasaw Nation and members of the local community. Andrea Pogue MSN, RN, Industrial Coordinator of the Pontotoc Technology Center ("PTC") of The Chickasaw Nation, said, "We are so happy you all decided to come to PTC and bring the trailer to perform life saving screenings."
Willie Gault, Super Bowl champion, Olympic gold medalist, and winner of the prestigious Jim Thorpe award, and one of the founders of Athletes For Life, said, "After our last ECG screenings at the Pontotoc Technology Center, performed as part of a program sponsored by the National Library of Medicine (NLM), a division of the National Institute of Health's (NIH), we were invited back to Ada, Oklahoma to expand our efforts to test both numerous people we were unable to test on our first visit as well as many new members of the public. In our first series of tests, we identified a life threatening condition in a local 16 year old, which on its own justifies our program. I plan to be back in Ada to help raise awareness about heart disease and visit with the young man and his family."
The Foundation is performing heart screening at its trailer at the Carl Albert Hospital until Friday July 18, and will then move its trailer to the Chickasaw Community Center to continue screening until July 26.
Athletes for Life Foundation has continued to select Signalife's award winning technology to perform its heart monitoring and screening. The Signalife monitor is a 12 lead ambulatory ECG system capable of detecting subtle ECG changes that may be significant for early diagnosis of potential heart problems.
About Athletes for Life Foundation
The Athletes for Life Foundation, www.athletesforlife.com, is a non-profit foundation whose membership includes a multitude of famous role models and athletes who have witnessed friends and colleagues die suddenly from cardiac disease. The Athletes for Life Foundation is committed to promoting early diagnosis and treatment of cardiac disease in order to save lives. The Athletes for Life Foundation is committed to bringing -- and does bring -- new technologies to healthcare. The Athletes for Life Foundation brings heart monitoring to communities, so that health care comes to the masses and not vice versa, in its mission to "save lives, one heart at a time."
About Signalife
Signalife, Inc., www.signalife.com, is a life sciences company focused on the monitoring, detection and prevention of disease through continuous biomedical signal monitoring. Signalife uses its patented signal technology to develop medical devices that provide clear trusted data acquisition to enable accurate timely diagnosis of heart disease. Signalife is publicly traded on the American Stock Exchange under the symbol SGN. The website for the company is http://www.signalife.com.
Caution Regarding Forward-Looking Statement
Statements in this release that are not strictly historical are "forward- looking" statements. Forward-looking statements involve known and unknown risks, which may cause Signalife's actual results in the future to differ materially from expected results. Factors which could cause or contribute to such differences include, but are not limited to, failure to complete the development and introduction of heart monitoring and other biomedical devices incorporating Signalife's technology, failure to obtain federal or state regulatory approvals governing heart monitoring and other biomedical devices incorporating Signalife's technology, inability to obtain physician, patient or insurance acceptance of for heart monitoring and other biomedical incorporating Signalife's technology, and the unavailability of financing to complete management's plans and objectives, including the development of heart monitoring and other biomedical incorporating Signalife's technology. These risks are qualified in their entirety by cautionary language and risk factors set forth and to be further described in Signalife's filings with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Source: Signalife, Inc.
TechKim
16 years ago
Signalife Board Approves Merger
Friday July 11, 9:30 am ET
LOS ANGELES and LONDON, July 11 /PRNewswire-FirstCall/ -- Signalife, Inc. (Amex: SGN - News) announced that it has received board approval to proceed with its previously-announced merger or similar business combination with Heart One Global Research, and that a specially-formed committee has been appointed to proceed with due diligence and other matters incident to completion of the transaction. As presently contemplated, a new parent company will be established by Signalife which will simultaneously acquire the businesses of Heart One and Signalife pursuant to concurrent mergers and exchange of shares. It is anticipated that the respective businesses of Signalife and Heart One will be operated in two separate wholly-owned subsidiaries, with the subsidiary holding Signalife's current business to be managed by Signalife's current management team, and the subsidiary holding Heart One's current business to be managed by Heart One's current management team.
Under the merger agreement, all shareholders of both Signalife and Heart One Global Research must physically deliver their share certificates to an independent third party tabulator. After the merger is effected, Signalife shareholders will own 94% of the surviving company. Signalife will be announcing certain distribution and financing transactions in the upcoming weeks. Signalife shall also endeavor to follow up with short market reports on a periodic basis to track the status of these transactions and the developments that have occurred. The public is also requested to view Signalife's website in the upcoming days to track the development of this business combination.
About Signalife
Signalife, Inc. is a life sciences company focused on the monitoring, detection and prevention of disease through continuous biomedical signal monitoring. Signalife uses its patented signal technology to design and develop medical devices, therapies and/or technologies that simplify and reduce the costs of cardiovascular disease.
Signalife, Inc. is traded on the American Stock Exchange under the symbol SGN. More information is located at www.signalife.com. Clear Data. Trusted Results.
About Heart One Global Research
Heart One Global Research is the holding company for a number of assets, including various heart management and distribution arms worldwide and also including the renowned Health One Global, Ltd. (www.healthoneglobal.com). The latter subsidiary is the London-based international developer and distributor of information technologies that are clinically focused, mature, stable, robust, comprehensive, flexible, portable, and standards-based electronic health record solutions.
These technologies are available in Windows, Internet and USB Drive versions that can share a common record server giving maximum flexibility in implementation.
The technologies are used by about 3,000 healthcare professionals in 8 countries and in 4 languages. They have a 20-year history of continuous R&D evolution and refinement through long experience with several thousand physicians in supporting their daily delivery of healthcare in an unusually wide variety of clinical specialties, environments and organizations in multiple countries.
Caution Regarding Forward-Looking Statements
Statements in this release that are not strictly historical are "forward- looking" statements. Forward-looking statements involve known and unknown risks, which may cause the companies' actual results in the future to differ materially from expected results. Factors which could cause or contribute to such differences include, but are not limited to, failure to complete the development and introduction of heart monitoring and other biomedical devices incorporating the companies' technology procure market acceptance for these products, failure to obtain federal or state or governmental or international regulatory approvals governing heart monitoring and other biomedical devices incorporating the technology, failure to obtain import and export capabilities in the various countries containing buyers and resellers and hospitals and clinics and doctors for the devices, inability to obtain physician, patient or insurance acceptance of or for heart monitoring and other biomedical incorporating of the technologies, and the unavailability of financing to complete management's plans and objectives and the aforementioned merger agreement and its progeny, including the development of heart monitoring and other biomedical and information solutions incorporating the companies' technologies. These risks are qualified in their entirety by cautionary language and risk factors set forth and to be further described in Signalife's filings with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Source: Signalife, Inc.
TechKim
16 years ago
Signalife and Heart One Global Research Agree to Merge
Monday July 7, 9:30 am ET
LOS ANGELES and LONDON, July 7 /PRNewswire-FirstCall/ -- Signalife, Inc. (Amex: SGN - News) and Heart One Global Research, an Irish-based heart information and clinical information management concern -- with technology used across the world through subsidiaries and affiliates in eight different countries -- have announced that they have agreed to merge or consummate a similar business combination making them one company.
Heart One Global Research has a series of assets, including the renowned Health One Global, Ltd., a leading data management and information concern based in London. Since 2003, Health One Global Limited has been the exclusive Special Olympics Healthy Athletes Global Partner for electronic health records, compiling during that time the largest data-base in the world for persons with disabilities. Health One Global's reach has extended to the tracking, recordation and storage of health care information so that it may be communicated or exchanged with other institutions or within large organizations, and which technology is currently implemented in situations such as (a) in and outpatient departments in acute care as well as rehabilitation hospitals, (b) small and large (up to 65 physicians) private practices in family medicine as well as specialized medicine, (c) occupational health, (d) patient-centered multi-disciplinary primary care teams, (e) the internal medical services of a large mining company, (f) an international sports-based organization, as well as such technology being currently in use in the following medical specialties: (a) AIDS clinics, (b) Anesthetics, (c) Cardiology, (d) Dermatology, (e) Emergency care, (f) ENT (Ear, Nose and Throat), (g) General Practice/Family Medicine, (h) General Surgery, (i) Gynecology, (j) Internal Medicine, (k) Neurology, (l) Obstetrics, (m) Occupational health, (n) Orthopedics surgery, (o) Pediatrics, (p) Psychiatry, (q) Rehabilitation, and (r) Sports medicine.
The two companies will be announcing certain distribution and financing transactions in the upcoming couple of days. The transactions are subject to Board approval, and could be subject to shareholder approval if a merger is to be consummated. However, notwithstanding any agreement to the contrary, Heart One Global Research and its affiliates and subsidiaries have agreed to a $10,000,000 break-up fee payable to Signalife, Inc. if the transaction fails to close for any reason other than an act of Signalife.
As Signalife continues to generate data from the usage of its Fidelity 100, the analysis and exchange of this data -- which suggests that screening using the Fidelity 100 yields pathology detection at triple (or more) of the national average rate -- must be properly evaluated, stored and communicated to patient and industry alike. In the words of Lowell Harmison, senior advisor to the Signalife Board, "Is walking around with early asymptomatic heart disease acceptable? We may have now identified a key reason for the astronomical cost reported to be nearly $400 billion nationwide in caring for heart patients." By effectuating the merger, the companies will assure that the core of the electronic medical record -- the condition of the patient's heart -- is properly screened and carefully compared to the other medical and pharmacological conditions across societies.
Under the merger agreement, all shareholders of Heart One Global Research must physically deliver their share certificates to an independent third party tabulator. Concurrently, all shareholders of Signalife must physically deliver their share certificates to the same independent party. Upon receipt of all share certificates, the surviving company -- a subsidiary of Signalife -- shall emanate and such company shall be owned by a minimum of 94% of the current actual common shareholders of Signalife, Inc. The merger agreement has an earn out provision where Heart One Global Research shareholders may receive an additional 9% of common stock under an earn out structure requiring the development of approximately $9.5 million of revenue in the short and short-mid term. Additionally, for all real and actual shareholders of Signalife, their delivery of shares to the tabulation firm will also entitle them to a preferred share with increased voting and equity rights. Details of this shall be disclosed as they become available and as the transaction progresses.
Rowland Perkins, Chief Executive Officer of Signalife, Inc., commented: "This merger is one that involves a company, and a business approach, that the Signalife Board has been looking at for some time. We are lucky to acquire this asset on these terms, and the team at Heart One Global Research will be a welcome addition -- both financially and intellectually -- to the Company. This opportunity allows Signalife to merge its "gold standard" ECG technologies with a cutting edge data storage, recall and management system that will allow doctors, practitioners and patients complete medical history based around their heart history that is the core of everyone's health picture. To do this on a worldwide basis with the assets Heart One brought to the table was something that we simply could not pass up."
Dr Stan Shepherd, Chief Executive Officer of Heart One Global Research, commented: "We know that the electronic medical record is at the heart of delivering both the most clinically-effective care and the most cost-effective care, the two key objectives of every healthcare system in the world. Putting Signalife's double award winning technology literally at the heart of our electronic health record, will give the merged company unique capabilities to transform the treatment and outcomes of one of the major causes of death, morbidity and cost, heart disease, in every single country."
The transactions may be subject to various regulatory approvals, exchange approvals, board approvals, shareholder approvals and other contingencies. However, the break-up fee is now binding and in place, and it further provides Heart One Global Research with separate remedies against third parties uninvolved with this transaction.
The Company shall endeavor to follow up with short market reports at least twice a week to track the status of these transactions and the developments that have occurred. The public is also requested to view Signalife's website in the upcoming days to track the development of this business combination.
About Signalife
Signalife, Inc. is a life sciences company focused on the monitoring, detection and prevention of disease through continuous biomedical signal monitoring. Signalife uses its patented signal technology to design and develop medical devices, therapies and/or technologies that simplify and reduce the costs of cardiovascular disease.
Signalife, Inc. is traded on the American Stock Exchange under the symbol SGN. More information is located at www.signalife.com. Clear Data. Trusted Results.
About Heart One Global Research
Heart One Global Research is the holding company for a number of assets, including various heart management and distribution arms worldwide and also including the renowned Health One Global, Ltd. (www.healthoneglobal.com). The latter subsidiary is the London-based international developer and distributor of information technologies that are clinically focused, mature, stable, robust, comprehensive, flexible, portable, and standards-based electronic health record solutions.
These technologies are available in Windows, Internet and USB Drive versions that can share a common record server giving maximum flexibility in implementation.
The technologies are used by about 3,000 healthcare professionals in 8 countries and in 4 languages. They have a 20-year history of continuous R&D evolution and refinement through long experience with several thousand physicians in supporting their daily delivery of healthcare in an unusually wide variety of clinical specialties, environments and organizations in multiple countries.
Caution Regarding Forward-Looking Statements
Statements in this release that are not strictly historical are "forward- looking" statements. Forward-looking statements involve known and unknown risks, which may cause the companies' actual results in the future to differ materially from expected results. Factors which could cause or contribute to such differences include, but are not limited to, failure to complete the development and introduction of heart monitoring and other biomedical devices incorporating the companies' technology procure market acceptance for these products, failure to obtain federal or state or governmental or international regulatory approvals governing heart monitoring and other biomedical devices incorporating the technology, failure to obtain import and export capabilities in the various countries containing buyers and resellers and hospitals and clinics and doctors for the devices, inability to obtain physician, patient or insurance acceptance of or for heart monitoring and other biomedical incorporating of the technologies, and the unavailability of financing to complete management's plans and objectives and the aforementioned merger agreement and its progeny, including the development of heart monitoring and other biomedical and information solutions incorporating the companies' technologies. These risks are qualified in their entirety by cautionary language and risk factors set forth and to be further described in Signalife's filings with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Source: Signalife, Inc.
TechKim
TheRaveninexile
16 years ago
Signalife Announces AFL Joins NIH Education Program
Font Scale:
Posted 17 June 2008 @ 09:30 am EST
PR RSSPrintE-Mail
LOS ANGELES, June 17 /PRNewswire-FirstCall/ -- Signalife, Inc. (Amex: SGN)and Athletes for Life Foundation announced that the Athletes for LifeFoundation will conduct heart monitoring and screening at the PontotocTechnology Center in Ada, Oklahoma. Willie Gault, Olympic gold medalist,Super Bowl champion, and a founder of the Athletes for Life Foundation, willbe present on June 24-25th to participate in a children's health educationprogram sponsored by the National Library of Medicine (NLM), a division of theNational Institute of Health's (NIH).
The Athletes for Life Foundation has selected Signalife's award winningtechnology to perform heart monitoring and screening as part of the program'sactivities. The Signalife monitor is a 12 lead ambulatory ECG device capableof detecting subtle ECG changes that may be significant for early diagnosis ofpotential heart problems.
The Athletes for Life Foundation's co-founder, Willie Gault, commented: "Icannot begin to put into words how grateful I am to the NIH for inviting me tojoin their efforts in educating children. The foundation is bringingSignalife's heart monitoring and screening to the public, for free, as part ofits continued effort to shift the healthcare balance from costly reactiveheart disease treatments to early heart disease detection. A number of highprofile sports and media personalities have recently passed away from heartdisease. Perhaps use of this technology would have allowed life savingintervention. The foundation believes that providing annual heart screeningfor all people, before symptoms are apparent, can have an enormous impact inour efforts to save lives and lower the cost of healthcare throughout theworld. We are thankful to all those who have supported our efforts to 'savelives, one heart at a time'."
About Athletes for Life Foundation
The Athletes for Life Foundation, www.athletesforlife.com, is a non-profitfoundation whose membership includes a multitude of famous role models andathletes who have witnessed friends and colleagues die suddenly from cardiacdisease. The Athletes for Life Foundation is committed to promoting earlydiagnosis and treatment of cardiac disease in order to save lives. TheAthletes for Life Foundation is committed to bringing -- and does bring -- newtechnologies to healthcare. The Athletes for Life Foundation brings heartmonitoring to communities, so that health care comes to the masses and notvice versa, in its mission to "save lives, one heart at a time."
Contact: Athletes for Life Foundation: Donations or event info: Steve Cantrell (562) 858-6717 AthletesforLife.com About Signalife Signalife, Inc., www.signalife.com, is a life sciences company focused onthe monitoring, detection and prevention of disease through continuousbiomedical signal monitoring. Signalife uses its patented signal technologyto develop medical devices that provide clear trusted data acquisition toenable accurate timely diagnosis of heart disease. Signalife is publiclytraded on the American Stock Exchange under the symbol SGN. The website forthe company is http://www.signalife.com.
Contact: Signalife, Inc.: Investor relations Michael Phillips 970-393-3996 info@signalife.com Caution Regarding Forward-Looking Statement
Statements in this release that are not strictly historical are"forward-looking" statements. Forward-looking statements involve known andunknown risks, which may cause Signalife's actual results in the future todiffer materially from expected results. Factors which could cause orcontribute to such differences include, but are not limited to, failure tocomplete the development and introduction of heart monitoring and otherbiomedical devices incorporating Signalife's technology, failure to obtainfederal or state regulatory approvals governing heart monitoring and otherbiomedical devices incorporating Signalife's technology, inability to obtainphysician, patient or insurance acceptance of for heart monitoring and otherbiomedical incorporating Signalife's technology, and the unavailability offinancing to complete management's plans and objectives, including thedevelopment of heart monitoring and other biomedical incorporating Signalife'stechnology. These risks are qualified in their entirety by cautionarylanguage and risk factors set forth and to be further described in Signalife'sfilings with the Securities and Exchange Commission.
SOURCE Signalife, Inc.
http://www.ibtimes.com/prnews/20080617/ca-signalifeheartscrn.htm
TechKim
16 years ago
Signalife Appoints Lee Ehrlichman as Company Director and Operations Director; Additional Notice Received From Amex Regarding Sharholders' Equity Deficiency
Thursday May 15, 4:10 pm ET
GREENVILLE, S.C., May 15 /PRNewswire-FirstCall/ -- Signalife, Inc. (Amex: SGN - News) has announced that it has appointed Mr. Lee B. Ehrlichman to the company's board of directors on May 10, 2008, and as the company's Director of Operations. Mr. Ehrlichman, who pioneered outpatient realtime cardiac telemetry technology and call center monitoring as CEO and President of Cardiac Telecom Corporation, will oversee all company operations as the company's Operations Director, a consulting position, including monitoring all production activities and ensuring timely deliveries of product, and overseeing regulatory and research & development activities. As Operations Director, Mr. Ehrlichman is expected to operate out of the company's Los Angeles offices and laboratory facilities on a full-time basis. Mr. Ehrlichman, who has extensive experience in product marketing and sales, will also take a lead role in company sales, both in the remote cardiac monitoring market as well as traditional ECG markets. Mr. Ehrlichman commenced consulting for the company on May 5, 2008, and it is anticipated that Mr. Ehrlichman will transition to a senior executive level position after a trial period.
Mr. Ehrlichman has extensive experience not only as a chief executive officer and a sales and marketing executive, but also in the cardiac business in which Signalife competes. From August 1995 until July 2007, Mr. Ehrlichman was Chairman, Chief Executive Officer and President of Cardiac Telecom Corporation, a pioneer of outpatient real-time cardiac telemetry technology and call center monitoring. In that capacity, Mr. Ehrlichman oversaw both the development and commercialization of ECG devices and the heart monitoring business, growing revenues by 500%; developing and executing FDA strategy, including leading clinical trials and obtaining FDA 510(k) clearance in minimal time; leading the rollout of product into the marketplace with successful patient applications to physicians on a nationwide basis (AFib, post-CABG, Drug Titration, Syncope, and Pediatrics); overseeing product manufacturing functions; and negotiating with Medicare and other insurers (at medical director level) to write specific reimbursement policies for Cardiac Telecom's a new technology, which led to reimbursement and cash flow.
Prior to that position, Mr. Ehrlichman was Chairman, Chief Executive Officer and President of Tartan, Inc., a defense industry-oriented embedded systems software tools company, from January 1990 to June 1995. While at Tartan, Mr. Ehrlichman reversed ten years of consecutive losses into profitability in his first year; grew company revenues from $1.5 million to $10 million while self funding diversification into new markets; created a highly effective management team which consistently met or exceeded company goals by recruiting several senior level executives in Sales, Marketing and Engineering (many of these executives are now successful CEOs of technology companies); diversified into embedded Digital Signal Processor markets (military and commercial), which resulted in revenue increases of more than 300% over the first three years; and developed profitable business relationships with top semiconductor manufacturers at senior levels.
Earlier in his career, Mr. Ehrlichman was also Vice President of Sales of Alsys, Inc. for five years, and held various progressive positions in sales, sales management, marketing and marketing management, including Marketing Manager of the Japanese Business Development Group, of Data General Corporation for seven years.
On January 7, 2008, Signalife received a deficiency letter from the American Stock Exchange ("AMEX") pursuant to which it advised that Signalife would need to comply with AMEX's $6 million stockholders' equity threshold required for continued listing under AMEX Rule 1003(a)(iii). This notification was triggered by the decline of Signalife's market capitalization to less than $50 million, which previously exempted Signalife from meeting the minimum stockholders' equity requirement. In response to the letter, Signalife submitted to AMEX for its review and acceptance a plan to bring the company into compliance with the aforesaid stockholders' equity requirement. On March 20, 2008, AMEX notified Signalife that it accepted the company's plan of compliance and granted the company an extension until May 7, 2009 to regain compliance with the aforesaid stockholders' equity requirement. On May 14, 2008, Signalife received a second deficiency letter from the American Stock Exchange ("AMEX") pursuant to which it advised that Signalife would also need to comply with AMEX's $4 million stockholders' equity threshold required for continued listing under AMEX Rule 1003(a)(ii). In that letter, AMEX advised Signalife that should it desire to do so, the company could supplement its pending plan of compliance to address this new deficiency. Signalife believes that its pending plan of compliance will have equal applicability to the new deficiency cited, and has notified AMEX that it will be supplementing its pending plan of compliance to address this new issue. No guarantee can be given that AMEX will accept the plan as supplemented or that Signalife will be able to so increase its stockholders' equity to the $4 million threshold within the period stipulated by AMEX, either of which would lead to a delisting of Signalife's common shares from the AMEX market.
About Signalife
Signalife, Inc. is a life sciences company focused on the monitoring, detection and prevention of disease through continuous biomedical signal monitoring. Signalife uses its patented signal technology to design and develop medical devices, therapies and/or technologies that simplify and reduce the costs of cardiovascular disease.
Signalife, Inc. is traded on the American Stock Exchange under the symbol SGN. More information is located at www.signalife.com. Clear Data. Trusted Results.
Caution Regarding Forward-Looking Statements
Statements in this release that are not strictly historical are "forward-looking" statements. Forward-looking statements involve known and unknown risks, which may cause Signalife's actual results in the future to differ materially from expected results. Factors which could cause or contribute to such differences include, but are not limited to, failure to complete the development and introduction of heart monitoring and other biomedical devices incorporating Signalife's technology procure market acceptance for these products, failure to obtain federal or state or governmental or international regulatory approvals governing heart monitoring and other biomedical devices incorporating Signalife's technology, failure to obtain import and export capabilities in the various countries containing buyers and resellers and hospitals and clinics and doctors for the Signalife devices, inability to obtain physician, patient or insurance acceptance of for heart monitoring and other biomedical incorporating Signalife's technology, and the unavailability of financing to complete management's plans and objectives, including the development of heart monitoring and other biomedical incorporating Signalife's technology. These risks are qualified in their entirety by cautionary language and risk factors set forth and to be further described in Signalife's filings with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Source: Signalife, Inc.
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13 years ago
