SAN FRANCISCO, CA--(Marketwire - February 09, 2010) -
Cardiac Network, Inc. (PINKSHEETS:
CNWI)
confirmed today that it has begun executing the terms under a binding
Letter of Intent, or LOI, signed with Pacific Innovations, LLC, a private
technology development company. The LOI is for a worldwide license
agreement granting Cardiac Network an exclusive right to license all
intellectual property relating to a new technologically advanced cardiac
monitoring system.
Under the terms of the agreement, Cardiac Network just paid a deposit
towards an upfront license fee, and Pacific Innovations will be entitled to
ongoing IP license fees, success based milestones and royalties on product
sales. The devices will be proprietary, patented by Pacific Innovations,
and available to Cardiac Network exclusively.
As previously announced, the new cardiac monitoring device prototype,
expected to be demonstrated during the second quarter of 2010, will include
a user-friendly patient online interface to allow access through wireless
and WiFi networks to a secure central monitoring database for purposes of
uploading and storing electrocardiogram, or ECG, data measuring electrical
activity of the heart.
In addition, Cardiac Network will help fund ongoing research work within
its current network of hospitals aimed at further validation of the health
benefits of using its cardiac monitoring system for early detection and
monitoring of at-risk heart patients.
The license agreement and royalties payable to Pacific Innovations under
the agreement cover devices sold to hospitals, physicians and patients
worldwide, and Cardiac Network will work with national healthcare providers
to seek reimbursement coverage for their members under their medical plans.
About Cardiac Network, Inc.
Cardiac Network, Inc. is a medical technology company providing cardiac
monitoring and diagnostic services to general practitioners and specialist
physicians, for the investigation of patients with abnormal cardiac rhythm
and function. The current service uses unique transtelephonic (by
telephone) cardiac recorders that monitor and provide diagnostic
information to physicians and their patients. Cardiac Network also offers
its services to individuals which help them quickly determine if they are
having potential cardiac problem so they can obtain immediately needed
medical treatment. Learn more about Cardiac Network, Inc. by visiting,
www.cardiacnetwork.net.
Forward-Looking Statements
Except for historical information contained herein, the statements in this
release are forward-looking and made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are inherently unreliable and actual results may differ
materially. Examples of forward-looking statements in this news release
include statements regarding Cardiac Network's anticipated economically
competitive products and services. Factors which could cause actual results
to differ materially from these forward-looking statements include such
factors as fluctuations in demand for Cardiac Network's products, Cardiac
Network's ability to maintain strategic business relationships, the impact
of competitive products and pricing, growth in targeted markets and the
adequacy of Cardiac Network's liquidity and financial strength to support
its growth. Cardiac Network undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
