CardioComm Solutions, Inc.
TSX VENTURE : EKG

CardioComm Solutions, Inc.

February 19, 2010 09:15 ET

CardioComm Solutions, Inc. Provides Update on Legal Action

VICTORIA, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2010) - CardioComm Solutions, Inc. (TSX VENTURE:EKG) (the "Company") today provided an update regarding the legal action that was commenced by Anglo German Progressive I Limited ("AGP"), represented by Mr. Dirk Hagge, in July 2009 against the Company, Dr. Anatoly Langer (the Company's Chairman and interim CEO) and Etienne Grima (the Company's Secretary and Chief Financial Officer) in the Supreme Court of British Columbia. AGP is a shareholder of the Company. The Company notes that during the period of January 2008 to February 2009 Mr. Hagge served as a voting member of the Company's Board of Directors and as a member of the audit and finance committee.

The Company continues to defend itself against AGP's claims vigorously. As significant discrepancies exist in the facts surrounding the action alleged by AGP, the request for a petition review was rejected by the court and the action is been converted to a full legal action. The Company welcomes the opportunity to provide oral evidence to the court. The Company has also commenced a counterclaim against AGP for breach of contract for AGP's failure to fulfill its funding obligations under an October 2007 subscription agreement to advance funds to the Company. In this counterclaim, the Company seeks an order of specific performance against AGP requiring it to complete the full amount of its outstanding subscription ($350,000) or, in the alternative, damages for breach of contract. 

"Since this action has commenced it has been our firm belief that it is without merit, and we will continue to defend AGP's claims vigorously," said Dr. Anatoly Langer. "We also intend to pursue our counterclaim against AGP, and we expect to be fully vindicated when all is said and done."

Dr. Langer and Mr. Grima are defending the claims against them with similar vigor and expect to be successful in doing so.

The Company also announced the resignation of Mr. Michael Paquin from the board of directors, effective immediately. "We thank Mr. Paquin for his past year of service to the Company during this important transitional year and are thankful for his contribution as a director," said Dr. Langer. "We look forward to working with him on new endeavors in the future."

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.

Dr. Anatoly Langer, Chairman

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

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