SOURCE: Sarraf Gentile LLP

September 18, 2008 11:02 ET

Sarraf Gentile LLP Files Securities Class Action Against Signalife, Inc.

NEW YORK, NY--(Marketwire - September 18, 2008) - The law firm of Sarraf Gentile LLP has filed a class action lawsuit on behalf of those who purchased the securities of Signalife, Inc. ("Signalife" or the "Company") (OTCBB: SGNX) between January 29, 2004 and April 11, 2008, inclusive. The action was filed in the U.S. District Court for the District of South Carolina. The complaint names as defendants Signalife and several of its present and former officers.

According to the complaint, Signalife (formerly known as Recom Managed Systems, Inc. and before that, Mt. Olympus Enterprises, Inc.), violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Plaintiff alleges that Signalife issued false statements about the Company's ability to manufacture and market its Fidelity 100 Monitor System, a supposedly wireless heart monitoring device. Despite years of highly positive statements about its heart monitor, Signalife has had virtually no sales and the Company has never had a product that was commercially viable, according to the complaint. As a result, the complaint alleges that Signalife's stock was artificially inflated during the Class Period. Signalife's stock dropped on April 11, 2008 on unprecedented volume of 3,752,100 shares and the Company was recently delisted from the AMEX.

If you bought the securities of Signalife between January 29, 2004 and April 11, 2008, you may, no later than October 28, 2008 move the Court to appoint you as lead plaintiff, a representative party that acts on behalf of other class members. The Court must determine whether the class member's claim is typical of other class members' claims, and whether the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by your decision whether or not to serve as a lead plaintiff. You may retain Sarraf Gentile LLP or other counsel of your choice, to serve as your counsel in this action.

If you would like to participate in this action or would like additional information about the lawsuit, please contact Joseph Gentile at Sarraf Gentile LLP, 11 Hanover Square, New York, York, 10005 (telephone: 212-868-3610; e-mail: joseph@sarrafgentile.com).

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