TORONTO, ONTARIO - CardioComm Solutions, Inc. (TSX VENTURE:EKG) ("CardioComm Solutions" or the "Company") today announced that it will be conducting a non-brokered private placement equity financing under which it intends to issue between 4,166,667 to 8,333,334 units at a price of $0.12 per unit for gross proceeds of $500,000 to $1,000,000. Each unit will be comprised of one (1) common share of the Company and one (1) common share purchase warrant exercisable for two (2) years for an additional share at a price of $0.18. The securities to be issued under the financing will be subject to a four (4) month hold period. The terms of the financing are subject to the approval of the TSX Venture Exchange.
The Company's last equity financing rounds were completed in Q2 2012, in which $1.62 million was raised and used to: complete the commercial development of the Company's SMART Monitoring ECG service and internet-based data interface for remote ECG transmission and interpretation; secure Canadian and European device clearances; and introduce the Company's HeartCheckTM brand globally.
"Our last rounds of financing were used as intended - to rapid cycle the commercialization of the HeartCheckTM PEN and associated consumer-based software technologies. This next financing will be used for completion and Beta releases of our re-engineered Global ECG Management Solution (GEMSTM) software, completion of GEMSTM MCT and ECG triaging, all with target releases in early 2014. The software markets targeted will include independent diagnostic testing facilities (IDTFS) and arrhythmia service providers, companies anticipating entry into the mobile cardiac telemetry market in the United States and wireless arrhythmia monitoring organizations in the United States, Canada and globally. These stakeholders will be introduced to Beta versions in anticipation of sales in Q1 2014. To ensure the scheduled introduction of these products, we will be utilizing this private placement as bridge financing," stated Etienne Grima, Chief Executive Officer of the Company. "Funding will also be used for the introduction of new Bluetooth enabled devices into the patent pending SMART Monitoring ECG service under the HeartCheckTM brand, some of which already have FDA clearances for sale in the USA. We also expect to complete work on GUAVA II which is under active FDA review."
"CardioComm Solutions has been laying the tracks for steady integration of its technologies for use by physicians, pharmacies, allied health professionals and in clinical research studies for arrhythmia screening and detection of atrial fibrillation. This financing round will ensure our un-interrupted progress in advance of software and hardware sales," said Mr. Simi Grosman, member of the board of directors for the Company.
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.
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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