SOURCE: Cardiac Network, Inc.

Cardiac Network, Inc.

October 23, 2009 13:54 ET

Global Private Funding to Incubate Cardiac Network Inc.

SAN FRANCISCO, CA--(Marketwire - October 23, 2009) - Cardiac Network, Inc. (PINKSHEETS: CNWI), a leader in advanced mobile medical monitoring, announced today that it has entered into a Business Incubation Services agreement with Global Private Funding, Inc. (Global), a private equity-based lender. Cardiac Network, following an exhaustive evaluation, has selected Global and its proven incubation program as the methodology and management oversight to support the expected growth of the company as well as the product-line.

As part of the agreement, Global will re-structure the operations, the management and the to-market strategies to aggressively address the needs of the marketplace and move Cardiac Network forward to exceed its goals in sales, product-line technology, return-on-investment (ROI) and profitability. To support these goals, Global will deliver an exceptional Management team, covering all aspects of Cardiac business development.

"Cardiac Network is well positioned to become a leader in tele-medicine," said Michael Swartzburg, President and CEO. "With the help of Global Private Funding, we can achieve faster time to market for new products and services and support our national growth initiatives."

The terms of the agreement engage Global to provide management oversight, investments, product development, as well as other strategic transactions Cardiac may consider in the future. Ash Varma, Managing Director, Venture Management said, "We at Global view this as an exciting opportunity to participate in and bring a much needed awareness to one of the fastest growing and most important sectors in the healthcare industry today -- the monitoring of Cardiovascular Disease."

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, www.cardiacnetwork.net and the HeartOne Club at www.heartoneclub.com.

About Global Private Funding, Inc.

Global Private Funding, Inc. is a private, equity-based lender that offers a full range of business services. Traditionally, Global has served as a back-office support mechanism from start-ups through mergers and acquisitions. With an additional emphasis on business incubation, Global not only funds a wide variety of projects, but also provides guidance and delivers results through every step of the project lifecycle -- from design and strategic planning, right through to implementation -- and even provides follow-up support. Global promises high-quality results through best practices in project management, using ManageRight™, which is Global's set of processes for developing successful solutions that include the client in project decisions throughout every stage of the development lifecycle. Learn more about Global Private Funding, Inc by visiting www.globalprivatefunding.com.

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:
    Judy Crowhurst
    Director
    Investor Relations
    Global Private Funding, Inc.
    310-288-3529 ext 709