In this post we examine his role with Biosign Technologies (BIO.V $.04), a highly promotional TSX Venture Company that ended in disaster for shareholders.
2009 – 2011 Biosign Technologies
The travails of Biosign are told well elsewhere. Needless to say it was not a pretty story. The Company issued dozens of press releases which are included at the end of this post announcing a myriad of international deals over a period of nearly two years (coinciding with Tassiopoulos’ employment) that amounted to nothing but massive losses for shareholders that bought into the hype.
Tassiopoulos’ “version” of this history (as described on his LinkedIn page) differs materially from reality in several ways:
- Tassiopoulos was not only the COO of Biosign, he became its CEO in January 2011 a month prior to Biosign’s crash below $1/sh.
- He did not resign after he “developed his own heart condition” as stated in this interview with YourMississaugaBiz.com (a publication that is no longer in business), http://www.sphere3d.com/assets/docs/Cloudsoftwarecompanyingrowth.pdf.
- In fact he was fired, as stated clearly in this April 2011 Biosign press release http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ax2TOFJY8NIc. Quoted in its entirety:
“TORONTO, April 19 /CNW/ – During a scheduled meeting yesterday, the board of directors of Biosign Technologies (TSXV: BIO) has accepted the resignation of Alfonse D’Amato as director of the company, relieved Peter Tassiopoulos of his duties as CEO, and resolved to start searching for a new chief executive.
Radu Leca, Biosign’s President, has been named CEO on an interim basis.”
Biosign, despite trading at a peak near $3/sh in February 2011, now trades for pennies. Is it possible that Tassiopoulos did everything right and was forced out by an incompetent board? Sure, you can believe that if you want. But if Tassiopoulos himself isn’t willing to tell current Sphere 3D shareholders (and journalists) the real story of what happened at Biosign, how likely does that really sound?
Since 1995 Peter Tassiopoulos has been involved with stock promoters, stock promotions, a bankrupt electronics manufacturer, a failed shell company, a bankrupt health care technology company, and a stock promotion and failed technology company. He has misrepresented his past on several occasions and repeatedly made big promises while failing to deliver actual results. Take a read through the Biosign press releases issued while he was with the Company. Now compare their content and tone to those released by Sphere 3D over the last 18 months.
Maybe Sphere 3D is the venture that finally works for Tassiopoulos. We doubt it.
Biosign press releases
Below are links to the majority of Biosign Technology press releases issued during Peter Tassiopoulos’ employment with the company. Occasional comments, excerpts, or summaries are included.
July 21 2009 – Peter Tassiopoulos joins Biosign. http://www.newswire.ca/en/search?N=11+&Ntt=biosign&remOrg=1&Ns=Epoch&Nso=0&Nf=Epoch%7CBTWN%201251604800%201325393999
Sept 24 2009 – Biosign raises $1mm @ 20c.
Sept 25 – Announces introduction of UFIT (R) system. http://www.newswire.ca/en/story/528837/biosign-introduces-ambulatory-blood-pressure-monitor
Sept 29 – Enters the Diagnostics market. Deal with NovaMed Diagnostics. Biosign will provide devices and services for blood pressure and cardiovascular assessment. http://www.newswire.ca/en/story/400687/biosign-enters-the-diagnostics-market
Oct 9 2009 – PP oversubscribed
Nov 23 2009 – Announcing the Biosign Channel Partner Program. Enabling manufacturers to integrate UFIT(R) platform. http://www.newswire.ca/en/story/463159/biosign-launches-channel-partner-program
Dec 2 2009 – Vitallogs to resell Biosign Products. http://www.newswire.ca/en/story/507863/vitalogs-to-resell-biosign-products
Dec 3 2009 – Reseller agreement with P&P Data Systems. EMR company. Allows UFIT to “interface” with their system. Quote from president Moshe Pinhas. http://www.newswire.ca/en/story/405583/biosign-signs-reseller-agreement-with-emr-vendor-p-p-data-systems-inc
Dec 11 2009 – Reseller agreement with HealthSaaS.net. http://www.newswire.ca/en/story/550663/healthsaas-net-signs-reseller-and-integration-agreement-with-biosign
Dec 23 2009 – MOU for exclusive distribution rights to the US market with RM Kaul & Associates and EHR Empowerment Consortium LLC.
” An initial payment to Biosign for entering into the agreement;
– Milestone payments to Biosign for various defined regulatory approvals;
– Minimum sales volume commitments over the term of the Agreement;
– A transition of all existing resellers of Biosign products in the U.S. to Cloud;
– Exclusivity of distribution in the U.S. to Cloud for the Biosign product portfolio for the duration of the Agreement.”
Feb 11 2010 – UFIT(R) Ten-20 certified for ISO
“Researchers have attempted for years to find a solution that can eliminate the need for pricking the skin and drawing blood to measure glucose levels”, said Peter Tassiopoulos, Biosign’s Chief Operating Officer. “UFIT(R) TEN-20 solves this issue and, more importantly, it keeps an audit trail of every measurement taken for future reference.”
March 17 2010 – NexgenRx (TSXV:NXG) allowing UFIT(R) devices into their benefit plans. http://www.newswire.ca/en/story/568419/biosign-receives-reimbursement-approval-from-nexgenrx
April 8 2010 – Revised terms of private placement.
April 16 2010 – Signs Master Distribution Agreement with DLF Solutions for exclusive rights in Canada.
“DLF will agree to pay $500,000 CDN to BioSign through a combination of license fee, and the purchase of UFIT units for use in pre marketing activities and ongoing sales & marketing activities. The $500,000 will be paid upon mutually agreed milestones;
– Minimum sales volume commitments over the term of the Agreement, including a five (5) year growth plan achieving an expected $40M in annual revenue;
– A transition of all existing resellers of Biosign products in Canada to DLF;
– Exclusivity of distribution in Canada to DLF for the Biosign product portfolio for the duration of the Agreement.”
April 22 2010 – closes private placement
April 26 2010 – Barrie Athletic Club to use UFIT(R) Health Monitoring System. http://www.newswire.ca/en/story/721503/barrie-athletic-club-to-use-ufit-r-health-monitoring-system
May 18 2010 – Multi-year technical partnership with AIM Autosport. Actually just a sponsorship agreement: “Under the partnership, AIM will be marketing and creating brand awareness for Biosign in one of the fastest growing sports in America. Biosign branding will be prominent on the AIM No. 61 Ford Riley…”
May 19 2010 – Reseller Agreement with Dental Bioanalytics. http://www.newswire.ca/en/story/614389/biosign-signs-reseller-agreement-with-dental-bioanalytics
June 30 2010 – Buys Cloud Diagnostics LLC (previously announced distributor agreement). http://www.newswire.ca/en/story/627555/biosign-acquires-assets-of-cloud-diagnostics-llc
June 30 2010 – Retains USA marketing and operations team. All the Cloud diagnostics employees http://www.newswire.ca/en/story/610931/biosign-retains-usa-marketing-and-operations-team-establishes-office-in-new-york-ny
July 2 2010 – European Distribution Agreement with DynamiCARE AG. $2.5mm initial fee to Biosign. Commitment to achieve $100mm sales in 2011. http://www.newswire.ca/en/story/609661/biosign-signs-european-distribution-agreement
July 7 2010 – Middle East & North Africa Distribution agreement. “Has paid an initial fee of $100k”. Commitment to achieve $14mm sales in 2011.http://www.newswire.ca/en/story/650067/biosign-signs-distribution-agreement-for-middle-east-north-africa
July 9 2010 – Signing of distribution agreement with DLF (April 16 press release). $100k initial. http://www.newswire.ca/en/story/714575/biosign-signs-distribution-agreement-for-canada
July 13 2010 – Collaboration with McMaster University. Tom Maibaum quoted.
July 13 2010 – Application to list on TSXV
July 22 2010 – Former US Senator Alfonse D’Amato joins board. http://www.newswire.ca/en/story/634131/biosign-appoints-former-us-senator-alfonse-d-amato
July 28 2010 – Partnership with ADL Data Systems. Integrating UFIT-based system. More EMR talk. Quote from Robert Abrams, president. http://www.newswire.ca/en/story/663539/biosign-and-adl-data-systems-partner-to-address-the-136-billion-cost-of-adverse-drug-reactions-in-the-united-states
Aug 5 2010 – Hires Trout Group for IR. http://www.newswire.ca/en/story/695445/biosign-technologies-engages-the-trout-group-for-investor-relations-services
Aug 16 2010 – “Chosen to participate the HealthAchieve Personal ….. in Toronto” http://www.newswire.ca/en/story/700293/biosign-to-provide-ufit-blood-pressure-readings-at-healthachieve
Aug 19 2010 – ALQAEM International initial order of 2000 Biosign Ten-20 devices. Expected to order 14k units by end of 2011. http://www.newswire.ca/en/story/608005/alqaem-international-fze-the-biosign-master-distributor-for-the-m-e-n-a-region-closes-first-major-sale-with-egyptian-reseller-places-first-order
Aug 24 2010 – Comments on trading in its shares.http://www.newswire.ca/en/story/644387/biosign-comments-on-trading-in-its-shares
Aug 27 – Conditional TSXV Approval
Sept 9 2010 – TSXV Approval
Oct 4 2010 – Acquires assets of Healthanywhere Inc. $4.3mm 3.5mm shares. http://www.newswire.ca/en/story/657679/biosign-to-acquire-assets-of-healthanywhere-inc
Oct 21 2010 – Closes acquisition. http://www.newswire.ca/en/story/653773/biosign-closes-acquisition-of-healthanywhere-assets
Nov 6 2010 – Closes non-brokered private placement. $2.3mm at $1.25. http://www.newswire.ca/en/story/574823/biosign-completes-financing
Nov 10 2010 – Deal with Mitel to enable Mitel products. No quote from Mitel exec. http://www.newswire.ca/en/story/638597/biosign-announces-intention-to-deliver-non-invasive-healthcare-monitoring-solution-with-mitel
Dec 10 2010 – Positive outcome from Re-ACT program with We Care and Healthanywhere. http://www.newswire.ca/en/story/597601/biosign-and-we-care-announce-positive-outcome-results-from-re-act-program-utilizing-healthanywhere
Jan 10 2011 – Peter Tassiopoulos appointed CEO. http://www.newswire.ca/en/story/730913/peter-tassiopoulos-appointed-ceo-of-biosign
Jan 21 2011 – Dental HealthGroup deployed the HeartFriendly Dentist program utilizing UFIT TEN-10. http://www.newswire.ca/en/story/800625/bioanalytics-launches-heartfriendlytm-dentist-program-with-the-dental-health-group-of-burlington-using-biosign-ufit-health-monitor
Jan 21 2011 – bioAnalytics announces same thing. Steve Colivas, President, now presdient of Boston Capital. Website now dead.
Jan 24 2011 – Announcing UFITTEN-20 on display at Dubaii trade show. http://www.newswire.ca/en/story/740301/biosign-and-alqaem-introduce-ufit-r-at-the-arab-health-congress-in-dubai
Feb 1 2011 – Scott Worthington (current Sphere 3D CFO) appointed CFO. http://www.newswire.ca/en/story/816973/scott-worthington-appointed-cfo-of-biosign
Feb 4 2011 – Presenting at Burrill Digital Health. http://www.newswire.ca/en/story/758977/biosign-technologies-to-present-at-the-burrill-digital-health-meeting
Stock peaks at $2.70
Feb 7 2011 – ALQAEM increases initial order. Totally inconsistent with prior press release, now talking about recurring revenue. http://www.newswire.ca/en/story/791461/biosign-master-distributor-alqaem-increases-initial-ufit-order-by-150
Feb 10 2011 – bioAnalysticsheartfriendly dentist gathers momentum. Installed 30 UFIT systems in 30 operatories. http://www.newswire.ca/en/story/755257/bioanalyticsheartfriendlytm-dentist-program-gathers-momentum
March 16 2011 – Peconic Bay Medical Center agreement for Healthanywhere Remote Patient Management Program. http://www.newswire.ca/en/story/800553/biosign-and-peconic-bay-medical-center-sign-agreement-to-implement-healthanywhere-remote-patient-management-program
March 23 2011 – Dell and Biosign enter into Global Hosting Agreement. http://www.newswire.ca/en/story/739291/dell-and-biosign-technologies-enter-into-global-hosting-agreement
March 28 2011 – DynamiCARE renegotiated. http://www.newswire.ca/en/story/735975/biosign-technologies-amends-dynamicare-agreement
March 31 2011 – Releases scalable architecture and begins shipping UFIT. Shipped over 2500 UFIT PADs this month. Recognized $87k revenue so no more than $35/device. http://www.newswire.ca/en/story/751255/biosign-technologies-releases-scalable-architecture-and-begins-shipping-ufit
April 19 2011 – Tassiopoulos fired. http://www.newswire.ca/en/story/748003/biosign-director-resigns-ceo-relieved-of-duties
April 21 2011 – Recent market activity statement. http://www.newswire.ca/en/story/769899/biosign-technologies-statement-on-recent-market-activity
Stock April 21 @ 75c
April 25 2011 – New CFO, Worthington resigned. http://www.newswire.ca/en/story/729623/colley-clarke-appointed-cfo-of-biosign-technologies