TORONTO, July 4, 2014 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) (the
"Company") is pleased to announce that it has completed the
previously-announced acquisition of 51% of issued and outstanding
shares of Meck Medical GmbH ("MECK"). Klingenberg Germany-based MECK 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.
In connection with the acquisition, the Company has agreed to provide
MECK a loan to fund its operations of up to 100,000 Euros per month to
a maximum of 2.4 million Euros in the aggregate. MECK is required to
have a reserve pool of not less than 50,000 Euros at all times. The
loan will bear interest at 5.75% per annum and is repayable based on
future MECK profits with maturity in 5 years from the date of the first
advance. In connection with the acquisition, MECK has agreed to pay a
co-founder a total of 1,000,000 Euros over 8 quarters starting in
August 2014 to acquire certain intellectual property.
In order to finance the cash portion of the purchase price for the MECK
acquisition and related transaction costs, the Company arranged for an
arm's length, unsecured demand loan in the principal amount of 1.2
million Euros, with interest payable at the Bank of England prime rate
plus 3% per annum.
Over the past few months, management of the Company has been in
discussions to secure sufficient financing to support the ongoing cash
requirements of its operations and complete acquisitions, including the
previously-announced QLINE Solutions Inc. transaction which has not yet
closed. Although the Company has been able to secure a portion of the
required funding, management is continuing its efforts to secure
additional funding for the Company's short and long-term obligations.
The financing alternatives include debt and/or equity financings, asset
sales and rights offerings to existing shareholders. While the Company
is striving to achieve its financing plans, there is no assurance that
future funding will be available on favourable terms to the Company, or
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-management 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.
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 the
Company'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.