Toronto, Ontario--(Newsfile Corp. - December 1, 2014) -
CardioComm Solutions, Inc. (TSXV: EKG) ("CardioComm Solutions" or the "Company") today announced it has completed the final milestone of a software and source code licensing agreement
("SLA") for use of the Company's Global ECG Management Solution ("GEMS™") and GUAVA ECG viewer by MD Primer, Inc. ("MDP"), which was previously described by the Company in its press releases on January
22, February 20,and May 9, 2014.
The final milestone was achieved through the completion and release of the Company's GEMS™ 4.0 software. MDP is a clinical research and education organization enabling improvement in patient care through innovation and is under the
control and direction of Dr. Anatoly Langer, CardioComm Solutions' Chairman. MDP is a related party of the Company.
Pursuant to the SLA, completion of GEMS™ 4.0 has triggered a third and final $100,000 payment milestone by MD Primer. The GEMS 4.0 software released is designed for the ECG management of recordings collected and transmitted through the use
of analogue devices which has market applicability in Canada and the USA. The Company has indicated that it will review further enhancements of GEMS 4.0 in 2015. Under the SLA, MDP is licensed to use the GEMS™ WIN, GEMS™ 4.0
and GUAVA software and the source code in support of MDP's current research-based business activities. MDP may not use the licensed materials to compete with CardioComm Solutions' business and CardioComm Solutions will not enter into
another concurrent source-code based licensing agreement for the products named under the SLA.
The third and final installment milestone payment is now confirmation that the Company's GEMS™ 4.0 software has been released commercially well in advance of the stated November 7, 2015 deadline. Completion and commercial release of the
Company's GEM™ WIN and GEMS ™ 4.0 software products removes any SLA penalty clauses which would have permitted MDP to acquire and use the unfinished GEMS™ software works without restriction and also ensures the Company
retains the option to repurchase the SLA from MDP at any time for its original $500,000 value plus 10% interest compounded annually in cash or in units of CardioComm Solutions.
To learn more about the CardioComm Solutions products please see the Company's website
www.cardiocommsolutions.com.
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
investorrelations@cardiocommsolutions.com
www.cardiocommsolutions.com
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 2013 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.
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