SAN FRANCISCO, May 5, 2011 /PRNewswire/ -- Cardiac Network, Inc. (Other OTC:CNWI.PK) (the "Company") today announced that the Company will effect a 1-for-750 reverse stock split (the "Reverse Stock Split"). The Reverse Stock Split will take effect on the opening of business and trading on May 6, 2011 (the "Effective Date"). On the Effective Date, the Company's trading symbol will be changed from "CNWI" to "CNWID" for approximately 20 business days, after which it will revert to CNWI. Upon the effectiveness of the Reverse Stock Split and as of the Effective Date, there will be approximately 109,345 shares of our common stock issued and outstanding.
About Cardiac Network:
Cardiac Network, Inc. is a medical technology company that has participated in cardiac monitoring research projects with hospitals and has provided cardiac monitoring and diagnostic services to general practitioners and specialist physicians, for the investigation of patients with abnormal cardiac rhythm and function. Past services provided by the company have utilized unique transtelephonic (by telephone) cardiac recorders that monitor and provide diagnostic information to physicians and their patients. Cardiac Network has spent significant funds in an effort to develop new technologies that could be used easily by individuals outside of their physician's office to help them quickly determine if they are having potential cardiac problems and so that they can obtain needed medical treatment. Learn more about Cardiac Network, Inc. by visiting http://www.cardiacnetwork.net.
This press release contains "forward-looking statements." Forward-looking statements are statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. These forward-looking statements are only predictions. No assurances can be given that such predictions will prove correct. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, our limited financial resources, and the uncertainties of competitive pressures we face. These or other risks could cause actual results to differ materially from the future results indicated or implied in such forward-looking statements. We undertake no obligation to update or revise such statements. For additional information on these risks and uncertainties, please refer to our filings on Pink Sheets.
Cardiac Network, Inc.
SOURCE Cardiac Network, Inc.