TORONTO, ONTARIO--(Marketwire - Feb. 3, 2012) - CardioComm Solutions, Inc. (TSX VENTURE:EKG) ("CardioComm" or the "Company") today announced that it will be conducting a non-brokered private placement equity financing under which it intends to issue up to 4,000,000 units at a price of $0.50 per unit for gross proceeds of $2,000,000. Each unit will be 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 $0.75. The securities to be issued under the financing will be subject to a four month hold period.
The terms of the financing were subject to the approval of the TSX Venture Exchange.
"A significant amount of resources were invested in developing the Hand Held HeartCheck™ Pen and HeartCheck™ ECG device, as well as their web-based data interface for remote ECG transmission and interpretation, during 2011 and in obtaining the FDA clearance. This round of financing will enable us to match the market's interest to schedule a commercial launch for the HeartCheck™ brand of hand-held heart rhythm and ECG monitors," says Etienne Grima, CardioComm's CEO. "Market response has been impressive and CardioComm Solutions's teams in Toronto (ON) and Victoria (BC) are on track to complete several of our 2012 objectives which include: submission of the new and re-developed GEMS 4.0 to the FDA, which will ensure expansion into the WIN 7 and Server 2008 hospital, medical centre and call service environments; the launch of the over the counter (OTC) and prescription (Rx) version of the HeartCheck™ devices and services anticipated for this year; integration of additional ECG and other biometric monitoring devices into GEMS™ and our C4 offerings; and completion of infrastructure development for a globalized HeartCheck™/C4 service offering. The financing will also permit adding resources to our QA and customer support teams, our IT infra and global supra structure and, of course, beefing up marketing and sales resources. Much has been accomplished in a relatively short period of time and keeping the momentum up is a priority," added Grima.
About CardioComm Solutions, Inc.
CardioComm Solution's patented and proprietary technology is used in products for recording, viewing, analyzing and storing electrocardiograms (ECGs) for diagnosis and management of cardiac patients. Products are sold worldwide through a combination of an external distribution network and a North American-based sales team. The company has earned the ISO 13485 certification, is HPB approved, HIPAA compliant, and has received FDA market clearance for its software devices. CardioComm Solutions, Inc. is headquartered in Toronto, Canada, with offices in Victoria, B.C.
This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information.
These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Except as required by law, the Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.