CardioComm Solutions, Inc.

CardioComm Solutions, Inc.

December 29, 2010 09:00 ET

CardioComm Solutions, Inc. Announces Closing of Private Placement Equity Financing

VICTORIA, BRITISH COLUMBIA--(Marketwire - Dec. 29, 2010) - CardioComm Solutions, Inc. (TSX VENTURE:EKG) ("CardioComm" or the "Company") today announced that it has closed its previously announced non-brokered private placement equity financing. Under the financing, the Company issued 6,000,000 units at a price of $0.05 per unit for gross proceeds of $300,000. Each unit was comprised of one common share of the Company and one common share purchase warrant exercisable for two years for an additional share at a price of $0.10. The subscriber under the financing was MD Primer Inc., which is controlled by Dr. Anatoly Langer, the Company's Chairman and a control person of the Company. For further information regarding the financing, please see the Company's press release that was issued on December 22, 2010. The gross proceeds from the financing will be used for general working capital of the Company. The shares and warrants issued by the Company are subject to a four month hold period, which will expire on April 30, 2011. 

Upon completion of the private placement, MD Primer Inc. holds 27,196,666 shares of the Company, representing approximately 40.0% of the Company's outstanding shares, and 16,000,000 share purchase warrants of the Company. Dr. Langer holds or has control or direction over 42,099,581 shares, representing approximately 61.7% of the Company's shares, and 16,000,000 warrants.

About CardioComm Solutions, Inc.

CardioComm Solutions, Inc. ("CardioComm") has been a consistent provider of ECG management software solutions in the English speaking world for the past 21 years. Its products are marketed as Global ECG Management System (GEMS™) and GlobalCardio™. CardioComm is ISO 13485 certified and its products have been cleared for sale in the United States, Canada and the European Union. CardioComm's competitive advantage is built upon 2 ECG patents, a unique FDA approved ECG analysis algorithm, a world class ECG (signal) viewer and a back-end ECG data management control system. CardioComm's technology enables the recording, transfer, viewing, analyzing, reporting and storing of electrocardiograms (EKGs) over a global virtual healthcare network by physicians for the diagnosis and management of cardiac patients. CardioComm provides an ECG management solution which complements the majority of the world's cardiac event monitors, including those intended for the home and tele-health market. CardioComm products are sold worldwide to hospitals, call centers and physicians offices through a combination of its external distribution network and its North American based sales team.

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.

Contact Information

  • CardioComm Solutions, Inc. - Investor Information
    Etienne Grima
    Chief Executive Officer
    1.800.725.6585, ext. 229