CardioComm Solutions, Inc.

CardioComm Solutions, Inc.

February 29, 2008 16:15 ET

CardioComm Solutions, Inc. Purchases 12 Lead Software

VICTORIA, BRITISH COLUMBIA--(Marketwire - Feb. 29, 2008) - CardioComm Solutions, Inc. (TSX VENTURE:EKG) ("CardioComm" or the "Company") is pleased to announce that it has now completed the purchase of the GlobalCardio 12 Lead Software system as provided for in its three software development agreements with MD Primer, Inc. Following this acquisition, CardioComm will no longer be required to pay royalties on the use of GlobalCardio as provided in the development agreements. As part of the acquisition, CardioComm has granted MD Primer a royalty-free, non-exclusive license to use the software for its internal, non-commercial purposes.

To acquire the software, CardioComm issued 3,000,000 common shares and 2,000,000 common share purchase warrants to MD Primer. MD Primer received 750,000 shares on closing, and the remaining 2,250,000 common shares will be released to MD Primer in equal 750,000 share tranches on May 28, 2008, August 28, 2008 and November 28, 2008. Of the warrants issued, 1,000,000 will be exercisable for a common share of CardioComm for $0.65 until November 15, 2008, while the remaining 1,000,000 warrants will be exercisable for a common share of CardioComm for $0.40 until July 27, 2008 and for $0.45 until July 27, 2009. The shares and warrants are subject to a four month hold period expiring June 29, 2008.

Also, CardioComm has negotiated outstanding debt of the Company in the aggregate amount of $400,000 to be settled in exchange for the issuance of an aggregate of 1,333,333 common shares of the Company (at a deemed issue price of $0.30 per share) to four creditors of the Company. The shares for debt transaction 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.

Brad Harlow, 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
    Stephen Martin
    Investor Information