CardioComm Solutions, Inc.

CardioComm Solutions, Inc.

December 12, 2008 18:29 ET

CardioComm Solutions, Inc. Announces Warrant Re-Pricing

VICTORIA, BRITISH COLUMBIA--(Marketwire - Dec. 12, 2008) - CardioComm Solutions, Inc. (TSX VENTURE:EKG) ("CardioComm" or the "Company") today announced that it would be making application to the TSX Venture Exchange to reduce the exercise price of a total of 17,814,604 outstanding warrants from their current exercise prices (which range from $0.20 to $0.45) to $0.10. The purpose of the warrant re-pricing is to provide the Company with a further means of raising additional capital through the potential exercise of these warrants. There are an additional 11,000,000 warrants of the Company outstanding which will not be re-priced as their exercise price is already $0.10.

There are a total of five warrant holders with warrants to be re-priced, each of which has consented to the proposed re-pricing. These holders include MD Primer, Inc. (a control person of the Company that Dr. Anatoly Langer, the Company's Chairman and acting CEO, is the majority shareholder of), which holds 7,666,666 of the warrants to be re-priced, and Anglo German Progressive Fund I (an insider of the Company which is under the control and direction of Dirk Hagge, a director of the Company), which holds 6,155,498 of the warrants to be re-priced. Pursuant to the rules of the TSX Venture Exchange, because the proposed reduced price of the warrants will be less than the market price of the Company's shares on the dates the warrants were issued, all of the warrants to be re-priced will also be amended to provide that the exercise period of the warrants will be shortened to 30 days if, for ten consecutive trading days, the closing price of the Company's shares is $0.125 or higher. The proposed warrant re-pricing is subject to the approval of the TSX Venture Exchange.

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.

Dr. Anatoly Langer, Chairman

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.
    Dr. Anatoly Langer
    1-800-725-6585, ext. 264