TORONTO, ONTARIO - January 18, 2013. CardioComm Solutions, Inc. ("CardioComm Solutions" or the "Company") (TSX VENTURE:EKG), a global medical provider of ECG acquisition and management software solutions, today announced that it has entered into a loan agreement and general security agreement with MD Primer Inc. ("MDP") under which MDP has agreed to extend to CardioComm Solutions a $1,000,000 line of credit , which the Company may use on an as-needed basis. The line of credit is secured against CardioComm Solutions' assets. Any amounts drawn by CardioComm Solutions on the line of credit will bear simple interest at prime plus 2.5% per year, where interest is payable monthly. Any principal owing on the line of credit will be repayable on or before December 31, 2015. MDP is under the direction of Dr. Anatoly Langer, CardioComm Solutions' Chairman. As MDP is a related party of CardioComm Solutions, Dr. Langer abstained from voting on the transaction when the transaction received board approval. The loan agreement and general security agreement are subject to approval by the TSX Venture Exchange.
"The 2012 year saw heavy R&D investments made into our SMART Monitoring, GEMS 4.0 and our ECG viewer GUAVA II technologies, securing several important clearances and bringing the HeartCheck PEN to market. Our efforts in the 2013 fiscal year will focus on integration of wearable ECG devices into the SMART Monitoring solution and closing distribution and sales contracts for the HeartCheck PEN," said Etienne Grima, CEO of CardioComm Solutions. "The terms of this $1M LOC are extremely favourable and, if needed, will greatly assist CardioComm Solutions to manage costs and provide some flexibility on the time to close agreements that are under review."
The Company also announced that an aggregate of 350,000 incentive stock options have been granted for services rendered in Q4 2012 in accordance with agreements with the Company: 250,000 options were granted to the CEO, Etienne Grima, and 100,000 options were granted to Simi Grosman, a member of the board of directors. The options are exercisable at $0.27 per share for five years from the date of grant, vest equally over 18 months at the end of each three month period from the date of grant and are subject to a four month hold period. The grant of options is subject to the provisions of the Company's Omnibus Share Compensation Plan, the policies of the TSX Venture Exchange and applicable securities laws.
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 and HeartCheckTM devices. CardioComm Solutions, Inc. is headquartered in Toronto, 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Leave a comment...