Joint Venture will provide CardioComm Solutions with an equity position in Vigilance and recurrent licensing revenues
TORONTO, ON / ACCESSWIRE / June 16, 2014 / CardioComm Solutions, Inc. (TSX VENTURE:EKG) ("CardioComm Solutions" or the "Company") a global medical provider of electrocardiogram ("ECG") acquisition and management software solutions has executed a binding Letter of Intent with Vigilance, Inc. to develop and co-market ECG contract service solution platforms that leverage CardioComm Solutions' highly accredited Global ECG Management Solutions (GEMS(TM)) and their three lead and 12 lead Global Cardiology (GlobalCardio(TM)) software technologies.
The joint venture will focus on deploying advanced technology solutions and contract service offerings into three primary markets: 1) Diagnostic Remote Patient Arrhythmia Monitoring, 2) Remote Patient Cardiac Implantable Electronic Device Follow-up (CIED) and 3) 12-Lead ECG Cardiac Safety Testing and Analysis. CardioComm Solutions will provide all ECG based software technologies, service and support, and new device integration for the implementation of standard and new ECG service delivery options. In return, CardioComm Solutions will hold an eight percent minority share position in Vigilance, Inc., with another eight percent provided upon completion of HARMONYcied and be provided a three percent share of Gross Margin from ongoing operations. Associated with the service offerings will be opportunities for the licensing of GEMS(TM) WIN and GlobalCardio(TM) to clinics and hospitals that will use the CardioComm Solutions products to collect and transfer ECG readings to Vigilance as part of the standard platform from routine services as well as with groups that will contract for off/after-hour service coverage.
"This partnership with the Vigilance team will give CardioComm Solutions access to recurrent service-based revenue from the growing patient ECG monitoring markets within the USA," commented Etienne Grima, Chief Executive Officer of CardioComm Solutions. "Our GEMS(TM) WIN and web-enabled GlobalCardio(TM) technology platforms will provide exceptional latitude for custom and proprietary development of solutions for Vigilance that will address unmet needs in operationalizing reimbursable centralized patient monitoring and clinical follow-up services."
"Our objective at Vigilance is to develop and combine the best in-class technology and service solutions to meet today's needs for providing reliable and cost-effective diagnostic patient monitoring. CardioComm Solutions' remote patient ECG monitoring technology platforms allow us to cross multiple monitoring verticals and offer a perfect fit for our technology development initiatives, data acquisition goals and growth objectives," said Dr. Hemali Shah, Chief Executive Officer of Vigilance, Inc. and Chicago based, Soul Care Services, a Home Health Care services organization.
Vice President of Marketing for Vigilance, Robert Cantwell, commented, "The GEMS(TM) and GlobalCardio(TM) technology suites offer a proven and innovative platform for our continued development of service offerings for ambulatory patient monitoring, cardiac research and our introduction of the proprietary HARMONYcied, web-based, patient management system for CIED patients across all implantable device vendors. There exists a critical need for more effective device patient management and follow-up and our collaboration with CardioComm Solutions will produce beneficial and short-cycle solutions for patients and providers alike."
"With our proven and unique suite of ECG technology offerings, this joint venture will enable the deployment of a single-source technology and service through a combination of technology, IT management, patient monitoring service operations and cardiology industry sales and marketing expertise. We anticipate this strategy will see adoption of the Vigilance remote patient monitoring services as a preferred provider at all levels of cardiology-based health care providers in the USA. The strategic alliance will offer a comprehensive solution as an alternative to the present and fragmented, multi-provider, ambulatory and device patient monitoring market which represents a significant market opportunity and outstanding revenue generating potential," said Daniel Pawlik, Vice President of Sales and Marketing for ECG Technologies (USA), of CardioComm Solutions.
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
About Vigilance, Inc.
Vigilance Inc. is an emerging Ambulatory Health Information Monitoring and Data Services Company. We offer a comprehensive platform of innovative patient technologies and services that help physicians and researchers detect and analyze patient biometric information for diagnostic and research based health care development. Vigilance enables physicians and researchers to establish effective connections with patients through monitoring technologies to provide health care and health outcomes related information to care providers and researchers. Vigilance provides 24/7/365 Contract Patient Monitoring services with offices located in Des Plaines, Illinois.
Dr. Hemali Shah, MD., MBA, Chief Executive Officer
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.
SOURCE: CardioComm Solutions, Inc.