SOURCE: Cardiac Network, Inc.
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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.