TORONTO, ON / ACCESSWIRE / December 16, 2015 / CardioComm Solutions, Inc. (TSXV: EKG) ("CardioComm Solutions" or the "Company"), a global medical provider of consumer heart monitoring and medical electrocardiogram ("ECG") software solutions, today announced that it has entered into an amendment to its loan agreement with MD Primer Inc. ("MDP"). Under the amendment, MDP has agreed to extend the date of repayment of a line of credit ("LOC") provided to the Company until March 31, 2016. The terms of the original $1M line or credit loan agreement which was announced January 18, 2013, will remain unchanged during the extension period except that the amount of the LOC available to CardioComm shall be $900,000. Under the original agreement the line of credit would have been payable on or before December 31, 2015.
The Company will use the extension period to work to retire the LOC through acquisition of funding through alternative funding sources and from sales-based revenue. MDP is under the direction of Dr. Anatoly Langer, CardioComm Solutions' Chairman. As MDP is a related party to CardioComm, Dr. Langer abstained from voting on the amendment when it received board approval. The amendment is subject to approval by the TSX Venture Exchange.
The Company is also pleased to announce that Robert Caines, Managing Partner at Paley Advisors, has joined the Company's Board of Directors. Robert is an experienced mergers and acquisitions executive with over thirty years of business startup, growth and management experience. He founded Paley Advisors in 2014. From 2002 to 2014, Robert served as one of three Managing Partners at Paley Dixon, Inc., the New York City-based buy-side intermediary and advisory firm, founded in 1979. There, he and his partners grew Paley Dixon into one of the top five buy-side intermediaries and advisory firms of its size in the US and Canada. Previous to Paley Dixon, Robert held senior-level sales and sales management positions at Hummingbird, BrightStar, NetEra and ADP.
The Company welcomes Mr. Caines to its Board of Directors as it develops plans for 2016 that include increasing HeartCheck™ ECG PEN sales and introducing new Bluetooth medical and consumer ECG devices globally.
Finally, the Company also announced that it has granted an aggregate of 350,000 incentive stock options to members of its board of directors. Each option is exercisable at $0.065 per share for five years from the date of grant. Of the options granted, 250,000 vest immediately while 100,000 vest in equal amounts at the end of each quarter in 2016. The grant of options is subject to the provisions of the Company's Stock Option Plan, the policies of the TSX Venture Exchange and applicable securities laws.
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.
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 not place undue reliance on forward-looking statements and forward-looking information. The Company does not assume any obligation to update the forward-looking statements and forward-looking information contained in this release 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.