SOURCE: Event Cardio Group Inc

Event Cardio Group Inc

September 08, 2015 16:00 ET

Event Cardio Group Satisfies Short Term Financing Needs

Event Cardio Group Raises an Additional $185,000

NEW YORK, NY--(Marketwired - Sep 8, 2015) -  Event Cardio Group, Inc. (www.eventcardiogroup.com) (OTCQB: ECGI), a medical device company specializing in the detection and preventive treatment of high-risk diseases, is pleased to announce that it has received $185,000 in equity investments. Coupled with $110,000 which the Company received approximately three weeks ago, the Company now has sufficient financing to satisfy its requirement for immediate cash and complete the development of its NowCardio device.

With its short term needs addressed, the Company will now seek to achieve its long term goal of obtaining sufficient funding to complete the fully automated manufacturing line for Breast Care DTS and completing approvals for NowCardio from both Health Canada and the FDA.

President and CEO John Bentivoglio stated, "With the completion of this short term funding, we can now focus on our long term goals and negotiate with those groups that have expressed interest to best satisfy our long term funding requirement. Completion of a major funding will ensure the imminent production of BreastCare DTS™ at Ceres Technologies. We are looking forward to completion of the fully automated manufacturing line early in 2016. The fully automated manufacturing line will be capable of producing a high volume of BreastCare DTS™ devices for worldwide distribution. NowCardio™ certification is advancing as planned, and we anticipate releasing this innovative product to the market in late 2015."

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.

About Event Cardio Group, Inc.
Event Cardio Group, Inc. is a developer of medical diagnostic detection equipment focused on the detection, and preventive treatment, of high-risk diseases. The Company's core products are its NowCardio™, 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 which could result in delays in the completion of its products or in satisfying its need for capital. 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
    Email Contact