TORONTO, Feb. 7, 2011 (Canada NewsWire via COMTEX News Network) --
Biosign Technologies Inc. (TSXV: BIO) announces that the Health Care Division of ALQAEM International FZE has increased their initial order for Biosign's pulse acquisition devices (UFIT® PAD) to 500,000 USD. Biosign plans to start shipping UFIT® to the MENA region this quarter. Under the terms of the Exclusive Master Distributor Agreement between Biosign and ALQAEM, this initial order should generate, once fully deployed, an annual recurring revenue for Biosign in excess of 2 million USD.
Biosign and ALQAEM introduced the UFIT® TEN-20, earlier this year, at Arab Health 2011 in Dubai, UAE. During that conference, Biosign and ALQAEM demonstrated the features and benefits of the UFIT®TEN-20 non-invasive blood pressure and blood glucose monitor to prospective resellers, customers, and government officials. The UFIT® TEN-20 generated the arterial pulse-trace, blood pressure, and blood glucose for visitors at the show through a simple one minute session, demonstrating the ease of use and versatility of the device.
John Rizvi, Managing Director of ALQAEM stated: "At Arab Health 2011, we received a lot of interest from key government leaders and reseller partners in Egypt, the UAE, Saudi Arabia, and several other MENA countries. Biosign's UFIT® is quickly gaining attention with consumers as well as institutional customers in this region."
Peter Tassiopoulos, CEO of Biosign, said: "MENA is a growing market and revenue opportunity for Biosign. We are working closely with ALQAEM to ensure that we not only meet but exceed customer expectations for our product line as we begin to deliver our first shipments to the region."
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.
About ALQAEM ALQAEM International FZE is a diversified trading and distribution company headquartered in Sharjah, United Arab Emirates. A large portion of ALQAEM's business is health-care focused, and the company has supplied a number of high-tech product lines to hospitals in Dubai, Abu Dhabi and the other United Arab Emirates. In addition, Alqaem directs healthcare sales teams in a number of Gulf countries. In July 2010 ALQAEM was appointed the exclusive Master Distributor for Biosign health monitoring products for 10 countries in the M.E.N.A region.
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).
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SOURCE: Biosign Technologies Inc.