TORONTO, Nov. 3, 2011 /PRNewswire/ - Biosign Technologies Inc. (TSXV: BIO) a companyfocused on non-invasive monitoring of common health risks associated
with blood pressure, glucose and medication, is providing an update on
recent corporate developments.
The Company announced today that it has shifted its near term corporate
strategy from a focus on R&D associated with the commercialization of
the UFIT TEN-20 non-invasive blood pressure and blood glucose meter
towards cash generation activities from the sale of the UFIT TEN-10
blood pressure monitor.
The UFIT TEN-10 is available for market deployment and the Company has
in stock an inventory of UFIT PADs, pulse acquisition devices used in
both the UFIT TEN-10 and UFIT TEN-20, with a value based on current
list prices in excess of $2,500,000 from which to draw upon for
The worldwide regulatory environment for non-invasive glucose devices
continues to be challenging. The UFIT TEN-20 continues to require
considerable resources for specific development prior to its general
release. The Company will continue its development efforts to get the
UFIT TEN-20 ready for release but anticipates delays that could extend
past the end of this fiscal year.
The Company has also taken steps to reduce operating expenses through
the reduction of certain expenditures and non-core headcount. The
Company will continue to support the UFIT and Healthanywhere product
portfolios and maintain its manufacturing, sales, technical support,
clinical support and marketing capabilities. As part of the announced
changes, Dr. Radu Leca has resigned as President and a Director of the
Company but will be engaged as a scientific consultant that will focus
his efforts towards getting the UFIT TEN-20 ready for launch. The
position of President will not be filled at present. The day-to-day
responsibilities of the President's role shall be assumed by Dr. Scott
Jenkins, CEO of the Company. The Company extends its appreciation to
Dr. Leca for all of his contributions to the Company as President.
The Board of Directors has initiated a process to review strategic
alternatives, which may include, but are not limited to, a spin-off of
certain assets, the sale of part of Biosign's assets and/or a merger or
acquisition in an effort to maximize shareholder value.
"The Board of Directors and management are committed to maximizing value
for shareholders" said Dr. Scott Jenkins, CEO of Biosign. "We are
disappointed with the need to delay the launch of the UFIT TEN-20 but
in light of both economic and general market conditions, we believe it
more appropriate to focus on immediate revenue generating
activities. We also believe that this is the right time for us to
explore our strategic alternatives in an effort to maximize the value
of the investment in our technology platform."
The Company does not intend to disclose developments with respect to the
strategic review process unless and until the Board of Directors has
approved a definitive transaction or strategic option, unless otherwise
required by law.
About Biosign Technologies Inc.
Biosign Technologies Inc. (TSXV: BIO) provides biomedical systems. Key
applications include intelligent systems for noninvasive monitoring of
common health risks associated with blood pressure, life style, and
medication. The core technology combines measurement, analysis, and
rapid knowledge formation to support health monitoring across global
markets. The UFIT® medical device technology powers quality data
collection and analytics for clinical diagnostics, self-care, wellness,
disease state evaluation & management, and remote patient monitoring.
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, Biosign'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
SOURCE Biosign Technologies Inc.