NEW YORK, NY--(Marketwired - July 19, 2016) - Event Cardio Group, Inc. (OTCQB: ECGI), whose core product is the NowCardio™ Advanced Ambulatory Arrhythmia Monitoring System, has sold 2,000,000 shares of its common stock and 1,000,000 warrants pursuant to subscription agreements ("Agreements") with two Australian investors. The $300,000 (.15 cents a share) was invested by Rod Sutherland, who invested $150,000 directly into ECGI through his pension plan, Polyco Pty Ltd ATF Sutherland Super Fund. The balance was invested by Mr. Sutherland in Mepac Asia Pacific Pty Ltd., the Australian distributor of NowCardio™, which invested the funds in ECGI.
The Agreements provide for the sale of an aggregate of 2,000,000 shares of Event Cardio Group's common stock, together with warrants (the "Warrants") to purchase an additional 1,000,000 shares of common stock, for a total purchase price of $US 300,000. The Warrants may be exercised for a period commencing on the date of issuance and ending on December 31, 2019, at an initial exercise price of $US 0.25 per share.
John Bentivoglio, CEO and President of Event Cardio Group, stated, "We are thankful for the continued support of Medpac and welcome Rod Sutherland as a new shareholder. This investment comes at a critical juncture as the company achieves several milestones, including our recent acquisition of National Cardiac Monitoring Center and Health Canada's clearance of our NowCardio™ heart monitoring system."
About Event Cardio Group, Inc.
Event Cardio Group, Inc. is a developer of medical diagnostic equipment that focuses on the detection, and preventive treatment, of high-risk diseases. The Company's core product is NowCardio™, an Advanced Ambulatory Arrhythmia Monitoring System, which offers the combined functionality of holter monitoring, event recording, and mobile cardiac telemetry simultaneously within in a single 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.