SOURCE: Cardiac Network, Inc.

Cardiac Network, Inc.

November 09, 2009 09:15 ET

Cardiac Network Appoints New Chairman and Fills Three New Board Seats to Support Planned Growth

SAN FRANCISCO, CA--(Marketwire - November 9, 2009) - Cardiac Network, Inc. (PINKSHEETS: CNWI) announced today the appointment of John C. Jay, Ash Varma and Ken Millard to its Board of Directors. Ash Varma was elected as the Chairman while Michael Swartzburg will remain as the President enabling Michael to focus more on the execution and operations.

Cardiac Network's Business Incubation Agreement made with Global Private Funding Inc. allows Global to appoint members onto Cardiac Network's Board. The first tasks of the enhanced Board of Directors will be to establish improved corporate oversight and elevate the Company's corporate profile in search of new business development opportunities.

John C. Jay is the Executive Managing Director of Global Private Funding, Inc., a California corporation. John is a California-licensed attorney, and received his law degree from Pepperdine University in Malibu and his Bachelor's degree in Business Administration from the University of Southern California in Los Angeles.

Ash Varma is Managing Director, Venture Management at Global Private Funding, Inc. Ash specializes in Business Financing and Restructuring and is also an Attorney at Law. He is a graduate of Oxford University as well as The Columbia University School of Law and The NYU Graduate School of Law. Ash was a tax attorney at Paul, Weiss, Rifkind and was President of Capitol Outdoor, successor company to the original Ted Turner Media Company.

Ken Millard is the President of Cipher Systems, Inc., an Oregon custom electronics and integration design/build firm. Ken was the founder of Aries Engineering, a Portland-based company credited with inventing the fault detection instrument that is now synonymously known by its brand name Crybaby™ within the radiant heat industry. Ken is a Registered Professional Engineer and designer who received his B.S. in Mechanical Engineering from Portland State University. Ken's extensive experience in implantable medical devices such as pacemakers at Micro Systems Engineering (a division of pacemaker giant Biotronik) and microHelix Labs, as well as his innovative product design skills adds to the forward planning and momentum of Cardiac Network, Inc.

"The expansion of Cardiac Network's Board of Directors demonstrates the Company's commitment to representing and protecting the shareholders' best interests while ensuring a successful future for Cardiac Network. Global determined John, Ash and Ken were the best candidates because of their proven leadership skills, and broad management experience in established companies," said Michael Swartzburg, President, Cardiac Network, Inc.

About Cardiac Network, Inc.

Cardiac Network, Inc. is a medical technology company providing cardiac monitoring and diagnostic services to general practitioners and specialist physicians, for the investigation of patients with abnormal cardiac rhythm and function. The service uses unique transtelephonic (by telephone) cardiac recorders that monitor and provide diagnostic information to physicians and their patients. Cardiac Network also offers its services and advanced mobile technology to individuals which help them quickly determine if they are having a potential cardiac problem so that they can obtain immediately needed medical treatment. Learn more about Cardiac Network Inc. by visiting, and the HeartOne Club at

Forward-Looking Statements

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently unreliable and actual results may differ materially. Examples of forward-looking statements in this news release include statements regarding Cardiac Network's anticipated economically competitive products and services. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as fluctuations in demand for Cardiac Network's products, Cardiac Network's ability to maintain strategic business relationships, the impact of competitive products and pricing, growth in targeted markets and the adequacy of Cardiac Network's liquidity and financial strength to support its growth. Cardiac Network undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Contact:
    Cardiac Network, Inc.
    Judy Crowhurst
    Investor Relations
    (310) 288-3529 Ext: 709
    Email Contact