SOURCE: Event Cardio Group

Event Cardio Group

February 23, 2016 16:00 ET

Event Cardio Group Enters $1.5 Million CAD Subscription Agreement

NEW YORK, NY--(Marketwired - February 23, 2016) -  Event Cardio Group, Inc. (OTCQB: ECGI), a medical device company, that has developed NowCardio™, an (Advanced Ambulatory Arrhythmia Monitoring System), is pleased to announce it has entered into a Subscription Agreement for $1,500,000CAD.

Event Cardio Group Inc. has entered into Subscription Agreements with ten individuals who have agreed to pay an aggregate of $1,500,000CAD (US$1,082,251) for an aggregate of 16,901,400 shares of the Company's common stock and 10,000,000 warrants to purchase shares of the Company's common stock. The Warrants are exercisable until February 28, 2019, at an exercise price of US$0.15 per share. The investors have remitted an aggregate of $335,000CAD (US$241,702) to the Company and will pay the balance monthly through August 1st. The form of Subscription Agreements and Warrants have been filed with the SEC and Event Cardio Group Inc is looking forward to working with this professional group of investors.

"The Company anticipates that the majority of the proceeds received from the investors will be used to commercialize the NowCardio™ system, including the development of distribution/delivery infrastructure, production of inventory, and costs associated with regulatory approvals."

John Bentivoglio, Chief Executive Officer and President of Event Cardio Group, stated, "The completion of this Subscription agreement is major milestone for NowCardio™ and we are moving forward with our commercialization plans of bring this innovative product to market in 2016. We believe that NowCardio™ is positioned to be a game changer within the Cardiac Diagnostic Marketplace."

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 product is NowCardio™, an advanced cardiac monitor which offers the combined functionality of holter monitoring, event recording, and mobile cardiac telemetry simultaneously within in a single devices. For more information on the company please visit www.eventcardiogroup.com.

Contact Information

  • Contact:

    John Bentivoglio
    President & CEO
    Event Cardio Group Inc.
    212-321-0091