CardioComm Solutions (
TSX: V.EKG,
Forum) positioned itself to secure a market footprint in India’s massive consumer market when the company announced today that it had entered into a sales, marketing and ECG services agreement with Versante Software Technologies, a subsidiary of US-based Versante Technologies.
According to the
news release, the two-year renewable contract calls for Versante to develop sales and marketing channels for the handheld HeartCheck™ ECG devices and provide India-based ECG reading services to the consumer market as well as to long-term care facilities, small and medium sized clinics and hospitals in India.
Versante has also licensed the company’s GEMS™ Home and GUAVA I ECG viewing software and incorporated these technologies into their own ECG reading services. CardioComm has confirmed that Versante has completed their market evaluation and is commercially ready to receive and initial order of HeartCheck™ ECG PEN devices.
As a result of the deal, CardioComm will enjoy 30% of recurring ECG reading services revenue as well as the sales of the HeartCheck™ devices. Versante expects to purchase 1,500 to 2,400 HeartCheck™ devices annually. GEMS™ Home India is also expected to see an average of 25 to 50 cardiac patients a day.
CardioComm Solutions was in the news recently when
the North York, Ontario-based company announced that Canadian retail pharmacies had renewed listings for the company’s HeartCheck™ ECG PEN for sale in Canada.
Shares climbed 11.11% on the news to $0.05 per share.
Currently there are 114.7m outstanding shares with a market cap of $5.7 million.
FULL DISCLOSURE: CardioComm Solutions is a Stockhouse Publishing client.