TORONTO, March 28 /PRNewswire/ - Biosign Technologies (TSXV: BIO) ("Biosign") and DynamiCARE AG have replaced their exclusive master distribution agreement announced on July 2, 2010 with a similar but non-exclusive distribution agreement. Under the revised agreement, DynamiCARE will have nonexclusive distribution rights to resell Biosign products in Germany, France, Switzerland, and Austria and will not be required to pay the $2.5million milestone payment or achieve the volume commitments that were required in the previous agreement to maintain exclusivity. This modification to the DynamiCARE agreement enables Biosign to move forward with other multinational distribution partners in Europe.
DynamiCARE President Patrick Dressler stated: "We were very impressed with the performance and ease of use of the UFIT® TEN-20 blood pressure & blood glucose meter that was demonstrated to us by Biosign since June 2010 and to the Annual Meeting of the European Medical Device Distributors in December 2010. Upon further negotiations with Biosign, we concluded that our financial resources would be better used marketing this remarkable product rather than expending them on exclusivity payments. We expect UFIT to have a large impact on the European chronic disease management industry in the coming months and we look forward to a fruitful business relationship with Biosign."
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, glucose, 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 release.
SOURCE Biosign Technologies Inc.