TORONTO, ONTARIO - CardioComm Solutions, Inc. (TSX VENTURE:EKG) ("CardioComm Solutions" or the "Company"), a global medical provider of electrocardiogram ("ECG") acquisition and management software solutions, today announced a distribution agreement with TAW Global. TAW Global designs and markets specialty products aimed at meeting the unique needs and demands of consumers around the world, and will be selling the HeartCheck PEN into the U.S. Market commencing immediately.
The contract with TAW Global designates them as an authorized re-seller of the HeartCheck PEN brand through on-line and multimedia commercial portals such as Amazon, the Home Shopping Network and QVC. The agreement, executed in January 2013 and with sales commencing this month, requires TAW Global to order ten thousand (10,000) units per year for sales through its website (www.heartcheckpen.com) and catalogue-based channels, as well as through their global network of agents. The contract will result in approximately $1.2 million in gross sales of the HeartCheck PEN for CardioComm Solutions.
"The U.S.A. represents a significant territory for sales of the HeartCheck PEN and we have had several distribution agreements under evaluation since Q4 2012. Our objective is to secure access to three important market segments: consumers living with chronic conditions; those already active in the preservation of their health status through the added use of arrhythmia monitoring; and, those at risk for developing arrhythmia-based cardiac disease. The latter category includes people with hypertension and diabetes, the aging, those with familial histories and people taking high risk medications or participating in high risk activities that could cause sudden cardiac death," said Etienne Grima, Chief Executive Officer for CardioComm Solutions.
Consumers purchasing the HeartCheck PEN ECG will have access to CardioComm Solutions' SMART Monitoring ECG service, a first free ECG interpretation by the CardioComm Solutions ECG service and the free GEMS Home software. The Company is projecting additional and recurring revenues to be realized from the SMART Monitoring ECG service.
"With additional distribution agreements in multiple global markets currently under negotiation, we look forward to seeing significant revenues coming from sales of our HeartCheck PEN and HeartCheck ECG Monitor devices in 2013," said Mr. Simi Grosman, member of the Company's Board of Directors.
About CardioComm Solutions
CardioComm Solution's 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, 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.
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U.S.-based distributor places initial volume order for Internet-based sales commencing March 2013.
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