Biosign Technologies Inc BITKF

Ishhhhhhhhh.... bad news !!!

[cboQc]

Thursday November 03 2011 - News Release

Mr. Scott Jenkins reports
BIOSIGN CORPORATE UPDATE
Biosign Technologies Inc. is providing an update on recentcorporate developments.
The company announced today that it has shifted its near-termcorporate strategy from a focus on R&D associated with thecommercialization of the UFIT TEN-20 non-invasive blood pressure and bloodglucose meter towards cash generation activities from the sale of the UFITTEN-10 blood pressure monitor.
The UFIT TEN-10 is available for market deployment and thecompany has in stock an inventory of UFIT PADs, pulse acquisition devices usedin both the UFIT TEN-10 and UFIT TEN-20, with a value based on current listprices in excess of $2,500,000 from which to draw upon for customer orders.
The worldwide regulatory environment for non-invasive glucosedevices continues to be challenging. The UFIT TEN-20 continues to requireconsiderable resources for specific development prior to its general release.The company will continue its development efforts to get the UFIT TEN-20 readyfor release but anticipates delays that could extend past the end of thisfiscal year.
The company has also taken steps to reduce operating expensesthrough the reduction of certain expenditures and non-core headcount. Thecompany will continue to support the UFIT and Healthanywhere product portfoliosand maintain its manufacturing, sales, technical support, clinical support andmarketing capabilities. As part of the announced changes, Dr. Radu Leca hasresigned as President and a Director of the company but will be engaged as ascientific consultant that will focus his efforts towards getting the UFITTEN-20 ready for launch. The position of President will not be filled atpresent. The day-to-day responsibilities of the President's role shall beassumed by Dr. Scott Jenkins, CEO of the company. The company extends itsappreciation to Dr. Leca for all of his contributions to the company asPresident.
The Board of Directors has initiated a process to reviewstrategic alternatives, which may include, but are not limited to, a spin-offof certain assets, the sale of part of Biosign's assets and/or a merger oracquisition in an effort to maximize shareholder value.
"The Board of Directors and management are committed tomaximizing value for shareholders" said Dr. Scott Jenkins, CEO of Biosign."We are disappointed with the need to delay the launch of the UFIT TEN-20but in light of both economic and general market conditions, we believe it moreappropriate to focus on immediate revenue generating activities. We alsobelieve that this is the right time for us to explore our strategicalternatives in an effort to maximize the value of the investment in ourtechnology platform."
The company does not intend to disclose developments withrespect to the strategic review process unless and until the Board of Directorshas approved a definitive transaction or strategic option, unless otherwiserequired by law.
We seek Safe Harbor.
© 2011 Canjex Publishing Ltd.