CardioComm Solutions, Inc.
TSX VENTURE : EKG
May 28, 2010 18:33 ET
CardioComm Solutions, Inc. Announces Grant of Stock Options
VICTORIA, BRITISH COLUMBIA--(Marketwire - May 28, 2010) - CardioComm Solutions, Inc. (TSX VENTURE:EKG) ("CardioComm" or the "Company") today announced that it has granted an aggregate of 1,250,000 incentive stock options pursuant to its Omnibus Share Compensation Plan as follows: 500,000 options were granted to William Smith, a director of the Company; 500,000 options were granted to Etienne Grima, the Company's CEO; and 250,000 options were granted to Wendy Hsieh, the Company's CFO. The options are exercisable at $0.10 per share for five years from the date of grant, will vest equally over a period of 18 months and are subject to a four month hold period. The grant of options will be subject to the provisions of the Company's Omnibus Share Compensation Plan, the policies of the TSX Venture Exchange and applicable securities laws.
In addition, the Company announced that it has settled an aggregate of $108,333.33 of outstanding debt of the Company in exchange for the issuance of common shares. The debt represents accrued management fees for the first four months of 2010. Allocations of shares are as follows: Dr. Anatoly Langer, the Company's Chairman, will receive 1,000,000 shares representing $50,000 of debt; Etienne Grima, the Company's CEO, will receive 666,666 shares representing $33,333.33 of debt; and Healthcare Works Inc. which provided Chief Medical Officer services to the Company and is under the control or direction of Dr. Anatoly Langer, will receive 500,000 shares representing $25,000 of debt. The shares for debt transactions are being undertaken pursuant to management agreements previously approved by the TSX Venture Exchange in 2008. The management agreements have now been terminated by the mutual agreement of the parties.
Finally, the Company announced that the previously announced settlement of $25,000 of outstanding debt owed to Mr. Grima has now been completed. The Company issued 416,666 shares to Mr. Grima in full and final settlement of the debt. The shares are subject to a four month hold period which will expire on September 28, 2010.
About CardioComm Solutions, Inc.
CardioComm's patented and proprietary technology is used in products for the recording, viewing, analyzing and storing of electrocardiograms (EKGs), for diagnosis and management of cardiac patients. The Company's products are sold worldwide through a combination of its external distribution network and its North American based sales team. CardioComm has achieved its technical goals of improved access and communication through the development of a real-time EKG viewer. CardioComm is the first company to provide a real-time means of viewing EKGs over a network (LAN, WAN or Internet). This tool enables EKGs to be viewed and controlled live, by physicians, over a global virtual healthcare network. This technology is marketed as Global EKG Management System (GEMS™) and GlobalCardio™. CardioComm's software products have been cleared for sale in the United States by the U.S. Food and Drug Administration. The Company has earned the latest ISO 13485 certification.
On behalf of the Board of Directors of CardioComm Solutions, Inc.
Anatoly Langer, Chairman of the Board
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.