TORONTO, March 15, 2013 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) ("Biosign" or the "Company") today announced the following:
Changes to the Board of Directors:
Biosign announces the resignation of directors Mr. Jason Meretsky and
Senator Alfonse D'Amato, effective immediately. Mr. Meretsky and
Senator D'Amato are leaving the Board in order to devote time to their
other business interests. The Board and management wish to sincerely
thank both directors for their dedicated service. They have helped lead
Biosign through a challenging period of restructuring and their advice
and counsel have been instrumental in allowing the Company to succeed.
We wish them both great success in all their future endeavors.
Biosign is pleased to announce the appointment of two new directors:
Dr. Sandeep (Sonny) Kohli is an attending Physician in the Intensive Care Department of Oakville
Trafalgar Memorial Hospital and Assistant Clinical Professor (Adjunct)
of Medicine at McMaster University. He is also the Medical Director,
ACLS, at the Michener Institute for Applied Health Sciences and
President of Triomi Medical Innovations Inc. From May 2008 to March
2009 Dr. Kohli was an Astronaut Candidate at the Canadian Space Agency
(CSA), where he was awarded a Scholarship by the CSA as a Critical Care
Medicine fellow to go to Johnson Space Center and partake in aerospace
medical research activities. Dr. Kohli has also been appointed as
Medical Director for Biosign. He is highly knowledgeable regarding
Biosign's Pulsewave™ product, having previously served as a medical
advisor to BioAnalytics Inc., a Biosign distribution partner.
Mr. Dennis Rygwalski is a senior financial services & technology executive recognized for
leading best-of-class enterprise IT and bank operations organizations.
He is currently the founder of D. Rygwalsky & Associates Inc., a Tulsa,
Oklahoma management consulting firm to the financial services and
technology sectors. Until 2012 he served as EVP Technology & Chief
Information Officer for Western Alliance Bancorp, a $7 billion
commercial multi-bank holding company based in Phoenix, Arizona, and
before that he held the positions of Chief Technology Officer for the
Bank of Oklahoma, a $25 billion financial services group (2006-2011),
head of Finance Industry Solutions for Boston-based technology provider
Exigen Group (2001-2005), and Chief Information Officer for Fleet
Boston Financial, a $180 billion diversified banking and financial
services company acquired by Bank of America in 2004 (1988-2001).
With these appointments, the Board now consists of independent directors
Dr. Sonny Kohli and Mr. Dennis Rygwalski, along with Chairman John
Rizvi and Biosign CEO Robert Kaul.
Biosign CEO Robert Kaul commented: "I would like to personally thank Mr.
Meretsky and Senator D'Amato for their work on the Board. They have
both provided our team with outstanding advice and their wisdom has
been much appreciated. We are pleased to welcome two new Board members.
Dr. Sonny Kohli is a very passionate, articulate advocate for Biosign's
products and we look forward to his assistance as we present our
products to the medical community. Dennis Rygwalski brings to the
Company many years of experience as a senior technology leader and his
advice will be particularly welcome as Biosign grows into the U.S.
market starting in 2013. I believe that shareholders will be well
served by the addition of these independent directors."
Update on Previously-Announced Financing
With respect to the previously announced additional subscription of
6,000,000 units of the Company (the "Units") at a purchase price of
$0.05 per Unit, forming part of the previously- announced private
placement (see news release issued on December 21, 2012), a tranche of
700,000 Units was completed on March 14, 2013 for gross proceeds to the
Company of $35,000. The investor has not completed the remaining
subscription for 4,300,000 Units on the scheduled closing date. As a
result of the foregoing, the Company reserves all of its rights and
remedies available under the subscription agreement with the investor.
About Biosign Technologies Inc.
Biosign Technologies Inc. (TSXV: BIO) provides automated, computer
enabled health information products. Key applications include the
noninvasive monitoring of vital signs including blood pressure, pulse
rate and breathing rate, enhanced with web services. The Company's
Pulsewave™ medical device technology powers data collection for
clinical decision support, self-care, wellness and disease management,
while it's Healthanywhere™ software suite offers industry-leading
remote patient monitoring solutions. The Company offers a number of
cardiovascular screening programs for consumers under its Heart
Friendly™ brand, including Heart Friendly™ Dentist. 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, 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 release.
SOURCE: Biosign Technologies Inc.
