TORONTO, ONTARIO / ACCESSWIRE / July 31, 2014 / CardioComm Solutions, Inc. (TSX VENTURE: EKG) ("CardioComm Solutions" or the "Company") announced today it had closed the second tranche of its previously announced private placement equity financing. Under the closing of the second tranche, the Company issued 600,000 units at a price of $0.05 per unit, for gross proceeds of $30,000. Each unit was comprised of one common share of the Company and one common share purchase warrant exercisable for two years for an additional share at a price of $0.07. For further information regarding the financing, please see the Company's press release that was issued on July 11, 2014. The gross proceeds from the financing will be used towards the development of next generation wireless ECG device products and expanded promotion of the GEMSTM WIN launch. The shares and warrants issued by the Company are subject to a four month hold period which will expire on December 1, 2014.
The Company also announced that it has issued an aggregate of 57,252 common shares of the Company to Simi Grosman, a director of the Company. The shares were issued at a deemed price of $0.078 per share, for a total value of $4,500, as partial payment for services rendered to the Company in the months of April, May and June 2014 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 December 1, 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
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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