TORONTO, ONTARIO - CardioComm Solutions, Inc. (TSX VENTURE:EKG) ("CardioComm Solutions" or the "Company") today announced that it has re-priced its previously announced equity financing. The Company will now be conducting a private placement equity financing under which it intends to issue 15,000,000 units at a price of $0.0675 per unit for gross proceeds of $1,012,500. Each unit will be comprised of one common share of the Company and one common share purchase warrant exercisable for two years for an additional share at a price of $0.10. The securities to be issued under the financing will be subject to a four month hold period. The terms of the financing are subject to the approval of the TSX Venture Exchange.
The Company previously announced the private placement on December 11, 2013 at a price of $0.12 per unit. "When we announced our private placement in December we did so at a discount to the market. In response to current market prices, we have re-priced to maintain the market price discount," said Etienne Grima, CEO of CardioComm Solutions.
The funds to be raised from the private placement will be used for completion and Beta releases of the Company's Global ECG Management Solution (GEMSTM), GEMSTM MCT and ECG triaging software, all with target releases in Q1 2014. The software markets targeted will include independent diagnostic testing facilities (IDTFs) and arrhythmia service providers. Funding will also be used for the introduction of Bluetooth-enabled ECG devices into the CardioComm Solutions' patent pending SMART Monitoring ECG service under the HeartCheckTM brand, some of which already have FDA clearances for sale in the USA.
More information regarding the HeartCheckTM products and SMART monitoring solutions is available at the Company's web site www.theheartcheck.com.
About CardioComm Solutions
CardioComm Solutions' patented and proprietary technology is used in products for recording, viewing, analyzing and storing electrocardiograms (ECGs) for diagnosis and management of cardiac patients. Products are sold worldwide through a combination of an external distribution network and a North American-based sales team. The Company has earned the ISO 13485 certification, is HPB approved, HIPAA compliant, and has received FDA market clearance for its software devices. CardioComm Solutions is headquartered in Toronto, Ontario, Canada, with offices in Victoria, B.C.
FOR FURTHER INFORMATION PLEASE CONTACT:
Etienne Grima, Chief Executive Officer
This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of CardioComm Solutions and certain of the plans and objectives of CardioComm Solutions with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
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