TORONTO, ONTARIO, February 20, 2014 - CardioComm Solutions, Inc. (TSX VENTURE:EKG) ("CardioComm Solutions" or the "Company") today announced that an aggregate of 567,460 incentive stock options have been granted to two directors of the Company and to a contractor of the Company. The 417,460 options issued to the directors are exercisable at $0.18 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 150,000 options issued to the contractor are exercisable at $0.15 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.
The Company also announced an amendment to its software license agreement with MD Primer Inc., which was previously announced by the Company on January 22, 2014. Under the amendment, if the Company elects to repurchase the software license from MD Primer, the repurchase price will now be payable, at MD Primer's option, in cash or by the issuance of units of the Company (each, a "Unit"), at a price per Unit equal to the average closing price of the Company's shares on the 20 trading days preceding the date the option is exercised by the Company. Each Unit will be comprised of one Company common share and one common share purchase warrant, with each warrant exercisable for an additional share for two years from the date of issuance at an exercise price equal to the price per Unit.
The Company also announced that it has issued an aggregate of 35,610 common shares of the Company to Simi Grosman, a director of the Company. The shares were issued at a deemed price of $0.126 per share, for a total value of $4,500, for services rendered to the Company in the months of October, November and December 2013 pursuant to a services agreement previously disclosed by the Company on March 8, 2013. The shares were issued at a 5% premium to the closing price of the Company's shares at the end of each month in which services were provided. The shares issued are subject to a four month hold period which will expire on June 21, 2014.
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
1-877-977-9425 x 227
Forward-looking statements
This release may contain certain forward-looking statements and forward looking information 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. Such statements and information reflect management's current beliefs and are based on information currently available to management. By their nature, forward-looking statements and forward-looking information 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 and forward-looking information.
In evaluating these statements, readers should: specifically consider risks discussed under the heading "Risk Factors" in the Company's Annual Information Form, available at www.sedar.com; not to place undue reliance on forward-looking statements and forward-looking information; be aware the Company does not assume any obligation to update the forward-looking statements and forward-looking information contained in this Annual Information Form other than as required by applicable laws, including without limitation Section 5.8(2) of National Instrument 51-102 (Continuous Disclosure Obligations).
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.