Toronto, Ontario--(Newsfile Corp. - March 31, 2016) - 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 current loan agreement with MD Primer Inc. ("MDP") which extends the repayment date of the line of credit ("LOC") provided to the Company until December 31, 2016.
The Company plans to retire or replace the current LOC and generate further funding through capital raised from expanded revenue sources and institutional investment opportunities. The Company further confirms the LOC, which has been in place since January 1, 2013, has not been drawn upon since April 2015. With HeartCheck™ ECG PEN devices confirmed to be carried for a second year on the shelves of Canadian retail pharmacies and with Windows-based GEMS™ arrhythmia software sales growing, the Company will specifically look to 2016 as the year for confirming expanded sales and marketing traction in the USA, internationally and for the introduction of new Smartphone connected and wearable devices under the HeartCheck™ ECG brand. Already in 2016 the Company has announced:
- a co-marketing agreement with China-based Bejing Choice Electronics, a subsidiary of Tianjin Chase Sun Pharmaceutical Co., Ltd,
- a US-based initiave to sell into pharmacies, physician offices and long-term care facilities, and
- a multi-year, India-based ECG services licensing and HeartCheck™ device sales agreement.
MDP is the only secured creditor of the Company and is under the control of Dr. Anatoly Langer who is CardioComm Solutions' Chairman of the Board of Directors and the largest shareholder of the Company with ownership of 47 million common shares. The Company confirms Dr. Langer abstained from voting on the amendment when it received Board approval. The amendment remains subject to approval by the TSX Venture Exchange.
To learn more about the CardioComm Solutions' GEMS™ and HeartCheck™ ECG products please see the Company's websites at www.cardiocommsolutions.com and www.theheartcheck.com or contact the Company at sales@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.
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.
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