SOURCE: Event Cardio Group, Inc.

Event Cardio Group, Inc.

March 09, 2015 16:00 ET

Event Cardio Group Closes First Tranche of $2,000,000 BreastCare DTS™ Distribution Agreement for Southern Asia

The Agreement With an Australian Based Medical Device Distributor Aims to Target Countries Where Breast Cancer Is the Highest Incident Cancer Among Women

NEW YORK, NY--(Marketwired - Mar 9, 2015) - Event Cardio Group, Inc. (OTCQB: ECGI), a medical device company that specializes in the detection and preventive treatment of high-risk diseases, is pleased to announce it has completed the initial $500,000 stage of a $2,000,000 licensing agreement with MedPac Asia Pacific PTY Ltd, of Australia. MedPac invested $500,000 in Event Cardio Group for which it received a Convertible Promissory Note and was granted the exclusive distribution rights for both BreastCare DTS™ and NowCardio™ products in their exclusive territoriy -- Australia, New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Vietnam, Laos, Cambodia, Myanmar and Bangladesh. With the Philippines having the highest breast cancer mortality rate among the countries listed, the immediate focus will be to use pre-existing distribution channels to make the BreastCare DTS™ device available for consumers.

John Bentivoglio, President and Chief Executive Officer of Event Cardio Group, stated: "With this investment secured, we have the funds necessary to complete our fully automated manufacturing line for BreastCare DTS which will enable our product to be available for distribution by this Fall. With the growth potential of both markets increasing at significant levels, MedPac felt that the investment into each of these untapped markets in the developed Asian territories was both a great financial opportunity and an opportunity to save thousands of lives by impacting the future of both of these significant areas."

With the fully automated line having a capacity of 1.8 million units per shift per year, we have commenced negotiations to build our second manufacturing line within MedPac's territories.

The initial term of the agreement with MedPac is for five (5) years with a renewal right of an additional five (5) years on agreed upon sales levels.

BREAST CANCER DETECTION MARKET: The global Point of Care market in 2011 was approximately $18.7 billion, up from $10.3 billion in 2005. In the U.S. alone, the combined breast cancer detection/diagnostic market was valued at more than $2.2 billion in 2008, and is expected to continue in a stable growth pattern over the next several years, Analysts have suggested a conservative growth rate of approximately 5.4% per year.

CARDIAC MONITORING MARKET: The combined U.S. cardiac equipment and services market in 2012 was estimated at $3.86 billion and is expected to grow to $4.19 billion in 2016. Globally, the cardiac monitoring market is anticipated at three to five times the US market. We believe that the market for ambulatory cardiac holter monitoring and event recording services will grow over the foreseeable future as a result of an aging and growing population, the increase in a prevalence of health conditions such as obesity that increase the likelihood of heart related diseases and the increasing awareness of cardiac diseases.

Note: The BreastCare DTS™ device is not intended to replace mammography, ultrasound and other detection methods, but to be used as an adjunct to these screening methods. The combination of more than one screening method (as is true with most medical testing) provides the best opportunity to catch breast cancer early. The advantage of BreastCare DTS™ being low-cost, portable and highly effective without exposure to radiation makes it a very attractive and accessible adjunct for screening for breast cancer for use with and in between mammograms in the US and other developed countries.

About Event Cardio Group, Inc.

Event Cardio Group, Inc. is a developer of medical diagnostic detection equipment that focuses on the detection, and preventive treatment, of high-risk diseases. The Company's core products are their Now Cardio™, an advanced cardiac monitor which offers dual-functionality including both holter monitoring and event recording simultaneously, and FDA approved BreastCare DTS™ breast cancer detection device. For more information on the company please visit www.eventcardiogroup.com.

Statements in this release may be regarded, in certain instances, as "forward-looking statements" pursuant to certain sections of the Securities Act 1933 and the Securities Exchange Act 1934, respectively. "Forward-looking statements" are based on expectations, estimates and projections at the time the statements are made, and involve risks and uncertainties, which could cause actual results or events to differ materially from those currently anticipated, including, but not limited to delays, difficulties, changed strategies, or unanticipated factors or circumstances affecting Event Cardio Group Inc, and its business. There can be no assurance that such forward-looking statements will ever prove to be accurate and readers should not place undue reliance on any such forward-looking statements contained herein. Event Cardio Group Inc, will not republish revised forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.

Contact Information

  • Contact:
    John Bentivoglio
    President & CEO
    212-321-0091
    289-407-4377
    Email Contact