CardioComm Solutions, Inc.
TSX VENTURE : EKG

CardioComm Solutions, Inc.

January 31, 2008 09:00 ET

CardioComm Solutions, Inc. Announces Amendment of Terms of Financing

VICTORIA, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2008) - CardioComm Solutions, Inc. (TSX VENTURE:EKG) ("CardioComm" or the "Company") today announced that the terms of the Company's previously announced financing have been amended. Under the revised terms of the financing, the Company will raise an aggregate of $1,400,000 by issuing convertible notes in four tranches: (1) a note for $350,000 on October 4, 2007, which note will automatically convert into 2,000,000 units (each unit comprised of one common share and one warrant) at a price of $0.175 per unit on February 5, 2008; (2) a note for $350,000 on December 31, 2007, which note will automatically convert into 1,750,000 units at a price of $0.20 per unit on May 1, 2008; (3) a note for $350,000 on March 14, 2008, which note will automatically convert on July 15, 2008 into units at a price per unit equal to the "Discounted Market Price" of the common shares of the Company on March 14, 2008; and (4) a note for $350,000 on June 16, 2008, which note will automatically convert on October 17, 2008 into units at a price per unit equal to the "Discounted Market Price" of the common shares of the Company on June 16, 2008. For the first two tranches, the exercise price of the Warrants will be $0.25 per share in the first year and $0.35 per share in the second year, while for the third and fourth tranches, the exercise price of the Warrants will be the market price of the shares on the date of each tranche.

The Company has already received the proceeds for and has issued the notes under the first and second tranches, which notes are subject to a four month hold period.

In addition, under the financing, the Company will issue as a finder's fee a number of units equal to 8% of the number of units issued under the financing, payable upon the closing of each tranche of the financing.

The amended terms of the financing are subject to the approval of the TSX Venture Exchange. The proceeds from the financing will be used for general working capital of the Company.

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.

Stephen R. Martin, President & CEO

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

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