Biosign Technologies Inc. announced it has reached an agreement in principle with Global Life Safety Group Inc.to divest certain assets related to the company's Pulsewave(R) medical device product line. Following completion of such transaction, the company intends to focus on delivering healthcare IT solutions through the faster-growing software divisions of the company, including particularly AioMed GmbH in Germany. Immediately prior to entering into the agreement in principle, Mr. Robert Kaul resigned as Chief Executive Officer and a director of Biosign.

Mr. Kaul is the President and CEO of Global. As part of the transaction between Biosign and Global, a company controlled by Mr. Kaul will enter into a consulting agreement with Biosign, pursuant to which Mr. Kaul will work with Biosign management to enable a smooth transition. Biosign's Chairman, Dr. Michael Gross, has been appointed as interim Chief Executive Officer of the company.

With this change, the Board of Directors of Biosign will now consist of Dr. Michael Gross, Mr. Dennis Rygwalski, Mr. Brian Neill and Mr. Ron Kelusky. The Chairman will lead a search for a new Chief Executive Officer for Biosign, and the company expects to replace Mr. Kaul on the Board in the near future.