LifeWatch AG

EQS-Adhoc: LifeWatch AG: Supplemental information on Highmark arbitration case


EQS Group-Ad-hoc: LifeWatch AG / Key word(s): Statement
LifeWatch AG: Supplemental information on  Highmark arbitration case

21.03.2016 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.

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LifeWatch discloses supplemental information on Highmark arbitration case

- Arbitrator found LifeWatch liable for damages in the amount of USD 18.7
million, plus
  interest

- LifeWatch will vigorously pursue all post-arbitration options

- LifeWatch's requested damages in related antitrust case against Highmark and
others
  exceeds damages awarded to Highmark in this arbitration

Zug/Switzerland, March 21, 2017 - LifeWatch AG (SIX Swiss Exchange: LIFE), a
leading developer and provider of medical solutions and remote diagnostic
monitoring services in the digital health market, provides this supplemental
report in regard to the Wednesday, March 16, 2016, decision issued by an
arbitrator from the International Centre for Dispute Resolution against its
subsidiary, LifeWatch Services, Inc. The dispute with Highmark Blue Cross Blue
Shield, a private health insurer, arose over payment for ACT telemetry
monitoring services. The arbitrator found LifeWatch liable for damages for the
years 2009-2010 in the approximate amount of $18,700,000.00 plus six percent per
annum simple pre-judgment interest from January 2013. This amount will be
reduced by approximately $700,000 in offsets which Highmark has taken each time
LifeWatch provided its services to Highmark insureds for the past several years.

LifeWatch believes that, in reaching this decision, the arbitrator ignored key
facts and, that an injustice has occurred given that LifeWatch Services, at all
relevant times, has and continues to provide essential cardiac diagnostic
services to patients throughout the United States. As a result, LifeWatch will
take steps to vigorously pursue all post-arbitration options. These include, but
are not limited to, seeking to vacate the arbitration award and seeking recourse
through a related antitrust matter LifeWatch currently has pending against
Highmark, several other Blue Cross Blue Shield entities and the Blue Cross Blue
Shield National Association to recover damages for their collective refusal to
cover ACT telemetry services. The damages sought in the antitrust case exceed
those damages awarded to Highmark in this arbitration proceeding.

Dr. Stephan Rietiker, CEO of LifeWatch, stated: "The arbitrator's verdict is
surprising, and extremely disappointing. That said, while our lawyers vigorously
pursue all our legal options, the Company itself remains fully focused on its
mission to provide high quality services to all patients, bring to market our
new technologies and strengthening its position as an innovational leader in
digital health. As reported on March 17, 2016, the underlying operational health
of the company is strong."

LifeWatch continues to evaluate other potential ramifications of this adverse
arbitration decision and will, consistent with its obligations under the Listing
Rules of the SIX Swiss Exchange, provide additional information as required.

At this time, consistent with internal policy not to comment on ongoing
litigation, no further details can be provided.

 

For further questions:

LifeWatch AG
c/o Dynamics Group, Philippe Blangey / Doris Rudischhauser
Phone: +41 43 268 32 35 / +41 79 410 81 88
E-mail:investor-relations@lifewatch.com

 

About LifeWatch AG:
LifeWatch AG, headquartered in Zug and listed on SIX Swiss Exchange (LIFE),
Switzerland, is a leading healthcare technology and solution company,
specializing in advanced digital health systems and wireless remote diagnostic
patient monitoring services. LifeWatch's services provide physicians with
critical information to determine appropriate treatment and thereby improve
patient outcomes. LifeWatch AG has operative subsidiaries in the United States,
in Switzerland and in Israel, and is the parent company of LifeWatch Services
Inc., and LifeWatch Technologies, Ltd. LifeWatch Services, Inc. is a leading
U.S.-based provider of cardiac monitoring services and home sleep testing of
Obstructive Sleep Apnea (OSA). LifeWatch Technologies Ltd., based in Israel, is
a leading developer and manufacturer of telemedicine products. For additional
information, please visitwww.lifewatch.com.

Sign upfor customized e-mail alerts and documentation requests at
http://www.irlifewatch.com/alert-service.aspx

This press release includes forward-looking statements. All statements other
than statements of historical facts contained in this press release, including
statements regarding future results of operations and financial position, the
business strategy, and plans and objectives for future operations, are
forward-looking statements. The words "believe," "may," "will," "estimate,"
"continue," "anticipate," "intend," "expect" and similar expressions are
intended to identify forward-looking statements. LifeWatch AG has based these
forward-looking statements largely on current expectations and projections about
future events and financial trends that it believes may affect the financial
condition, results of operations, business strategy, short-term and long-term
business operations and objectives, and financial needs. These forward-looking
statements are subject to a number of risks, uncertainties and assumptions. In
light of these risks, uncertainties and assumptions, the forward-looking events
and circumstances described may not occur and actual results could differ
materially and adversely from those anticipated or implied in the
forward-looking statements. All forward-looking statements are based only on
data available to LifeWatch AG at the time of the issue of this press release.
LifeWatch AG does not undertake any obligation to update any forward-looking
statements contained in this press release as a result of new information,
future events or otherwise.

THIS PRESS RELEASE IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA AND
SHOULD NOT BE DISTRIBUTED TO UNITED STATES PERSONS OR PUBLICATIONS WITH A
GENERAL
CIRCULATION IN THE UNITED STATES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN
OFFER OF SECURITIES OF LIFEWATCH AG OR ANY OF ITS SUBSIDIARIES FOR SALE IN THE
UNITED STATES, OR AN INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES OF
LIFEWATCH AG OR ITS SUBSIDIARIES IN THE UNITED STATES. IN ADDITION, THE
SECURITIES OF LIFEWATCH AG AND ITS SUBSIDIARIES HAVE NOT BEEN REGISTERED UNDER
THE UNITED STATES
SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED
STATES OR TO U.S. PERSONS ABSENT FROM REGISTRATION UNDER OR AN APPLICABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE UNITED STATES SECURITIES
LAWS. ANY PUBLIC OFFERING OF SECURITIES TO BE MADE IN THE UNITED STATES WILL BE
MADE BY MEANS OF A PROSPECTUS THAT MAY BE OBTAINED FROM LIFEWATCH AG OR ITS
SUBSIDIARIES, AS APPLICABLE, AND WILL CONTAIN DETAILED INFORMATION ABOUT THE
ISSUER AND ITS MANAGEMENT AS WELL AS FINANCIAL STATEMENTS OF THE ISSUER.

End of ad hoc announcement

+++++
Additional features:

Document:http://n.eqs.com/c/fncls.ssp?u=QQDJCRJOWK
Document title: LifeWatch discloses supplemental information on  Highmark
arbitration case

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21.03.2016 News transmitted by EQS Schweiz AG. www.eqs.com - news archive:
http://switzerland.eqs.com/de/News

The issuer is responsible for the contents of the release.
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Language: English

Company:  LifeWatch AG

          Baarerstrasse 139

          6300  Zug

          Switzerland

Phone:    +41 41 728 67 78

Internet: www.lifewatch.com

ISIN:     CH0012815459

Valor:    811189

Listed:   Regulated Unofficial Market in Berlin, Stuttgart; Open Market in
Frankfurt ; SIX


End of News EQS Group News Service
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