New Shares and Options for-service agreements a show of commitment to CardioComm Solutions' success.
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 that it has entered into three services agreements under which the Company will pay cash and issue shares to the providers as compensation for the services provided.
The first agreement is a strategic engagement involving development of a North American online marketing and social media strategy for the Company, where an aggregate of $25,000 CDN and an aggregate of up $25,000 CDN worth of common shares of the Company will be provided, each issued in four equal allotments as service stages are completed. The number of shares to be issued will be based on the closing price of the Company's shares on the dates on which the service milestones in the agreement are met. Further details respecting this agreement will be provided by the Company in a subsequent press release.
Under the second agreement, the Company has engaged an independent equity firm to draft and disseminate an executive overview of the Company to support a 2013 investor relations initiative. In exchange for the services, the Company shall provide an aggregate of $12,000 USD and an aggregate of 450,000 common shares as follows: 100,000 shares upon approval of the agreement by the TSX Venture Exchange (as compensation for completion of interviews and other preparatory work for drafting the document); 250,000 shares upon delivery of a draft document; and 25,000 shares upon the release of each quarterly update. The Company will provide details on this strategic relationship in a subsequent press release.
"We have been active on several fronts since November 2012 in developing investment relations, social media, marketing strategies and strategic partnerships for both our HeartCheck over the counter solutions as well as our GlobalCardio ECG Management Solutions (GEMSTM)," said Etienne Grima, Chief Executive Officer for CardioComm Solutions. "The industry experts we have engaged have seen the value of associating with us and have further elected to take common shares in the Company as a sign of commitment and confidence in our business strategies. Details on these opportunities will be disclosed when critical milestones are completed and the associated information becomes material to the market."
The Company has also executed a service agreement with Simi Grosman, a director of the Company, for payment of cash and shares. The share component represents $4,500 CND in common shares per quarter. Under the agreement, Mr. Grosman is providing market development services and support to the Company. The number of shares to be issued will be based on the closing price of the Company's shares, plus a 5% premium, on the final trading date for the respective quarter.
Finally, the Company also announced that it has closed the shares for debt transaction under which it has settled $15,000 of outstanding debt in exchange for the issuance of 30,000 common shares of the Company at a deemed price of $0.50 per share. The debt represented accrued consulting fees for services provided to the Company ending December 2012. The shares for debt transaction was approved by the TSX Venture Exchange in January 2013.
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.
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.
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