X-Prize Contestants Announced; Qline Acquisition Revised

TORONTO, Nov. 8, 2013 /CNW/ – Biosign Technologies Inc. (TSXV: BIO) (“Biosign” or the “Company”) announces the following:

X-Prize Contestants Announced

The XPRIZE Foundation, based in Culver City, California, announced the 34 registered teams competing for the Qualcomm Tricorder XPRIZE, a 3.5-year global competition sponsored by the Qualcomm Foundation that will award $10 million to teams that develop a consumer-friendly, mobile device capable of diagnosing and interpreting a set of 15 conditions and capturing vital health metrics. Competing teams in the Qualcomm Tricorder XPRIZE are expected to develop a device that can accurately diagnose a set of diseases, including diabetes, atrial fibrillation (AFib), stroke, tuberculosis, chronic obstructive pulmonary disease (COPD), pneumonia, and hepatitis A, among others. The device is also expected capture real-time health metrics including blood pressure, respiratory rate and temperature, independently of a health care worker or facility, and in a way that provides a compelling consumer experience.

Biosign has entered the Tricorder XPRIZE Competition under the team name “Cloud DX”. The Company’s entry is based upon its patent-pending Pulsewave® MAX next-generation health monitor technology. Pulsewave® MAX can directly measure four channels of biological data: digital sphygmogram, oxygen saturation, temperature and ECG.  The Company’s patent-pending Cloud Diagnostics™ software then derives six additional parameters:  heart rate, blood pressure, breathing rate, heart rate variability, heart arrhythmia and pulse transit time. By combining these readings with additional data, team Cloud DX will attempt to qualify for the XPRIZE finals in April 2014. Over 300 teams expressed an intention to compete – Team Cloud DX is one of only 3 teams from Canada selected to register as a contestant.

Biosign CEO Robert Kaul stated: “We are pleased to be accepted as one of only 34 contestants around the world to compete in this prestigious innovation competition. We believe our ground-breaking Pulsewave®technology is a sound basis for creating a fully-functioning Tricorder as imagined by the XPRIZE Foundation. Under the leadership of our Medical Director, Dr. Sonny Kohli (himself a former astronaut candidate), we believe we have an excellent chance to make a strong impression while at the same time continue to bring a commercial version of the Pulsewave® MAX closer to market.”

Biosign Increases Stake in QLINE Solutions Inc:

On July 11, 2013Biosign announced that it had executed a term sheet pursuant to which it would acquire 51% of Peterborough, Ontario based QLINE Solutions Inc. (“QLINE”) for a purchase price of $1.53 million, to be paid as to $630,000 in cash and the issuance of 18,000,000 common shares of Biosign at an ascribed value of $0.05 per share. As a result of favourable discussions with the QLINE management team and greater visibility into QLINE’s projected revenue and operations, the Company has entered into an amended term sheet pursuant to which it will increase the percentage of QLINE to be acquired from 51% to 72%. The total purchase will be satisfied with the previously agreed $630,000 in cash and by the issuance of 31,000,000 common shares of Biosign at an ascribed value of $0.05 per share. Biosign retains the option to acquire the final 28% of QLINE for $820,000, less certain consulting fees paid to the principals, to be paid in cash and shares, which will be priced in the context of the market at the time the option is exercised. All other terms relating to this acquisition remain the same as announced in the press release dated July 11th, 2013. The transaction is subject to final approval of the board of directors, receipt of all necessary regulatory approval, and satisfaction of financing conditions.  The common shares to be issued to QLINE in connection with this transaction will be subject to a regulatory hold period of 4 months and 1 day, plus further contractual restrictions shall restrict certain selling activities over a 24 month period. No new “Control Person” (as such term is defined by the TSX Venture Exchange) of the Company is created as a result of this transaction.