Cardiocomm Solutions (
TSX: V.EKG,
Forum) gained a reprieve when the company announced today that it had negotiated an extension to the date of payment of a line credit it secured from MD Primer Inc.
According to the
news release, the company now has until March 31, 2016 to repay. The terms of the original $1.0 million line or credit loan agreement announced January 18, 2013, will remain intact during the extension period except the amount available to Cardiocomm will be $900,000.
The company will use this period to work to retire the LOC through acquisition of funding through alternative funding sources and from sales-based revenue.
In other news, the company announced that Robert Caines, Managing Partner at Paley Advisors, had been appointed to Cardiocomm’s board of directors. Mr. Caines, an veteran mergers and acquisitions executive, has 30 years of experience in business start-up, and growth and management.
Mr. Caines addition will assist with Cardiocomm’s 2016 plan to increase HeartCheck™ ECG PEN sales and to introduce new Bluetooth medical and consumer ECG devices globally.
Cardiocomm Solutions was in the news recently when
the North York, Ontario-based company announced at the end of November that its HeartCheck™ and SMART monitoring ECG technologies were used in Colorado State University’s coordinated canine atrial fibrillation clinical trial.
Shares were down 12.50% to $0.035 per share.
Currently there are 114.7m outstanding shares with a market cap of $4.0 million.
FULL DISCLOSURE: Cardiocomm Solutions is a Stockhouse Publishing client.