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Cardiac Network Inc. (CNWI)'s Incubation Period Completed and Agreements Between Global Private Funding and Cardiac Network Terminated



12/18/2009 10:09:55 AM

SAN FRANCISCO, CA--(Marketwire - December 17, 2009) -

Cardiac Network, Inc. (PINKSHEETS: CNWI) announced today that it has completed the incubation period covered under the Business Incubation Services agreement entered into with Global Private Funding, Inc. (Global), and that effective December 12, 2009, all of the agreements between Cardiac Network and Global have been terminated.

Under the terms of the agreement Global was engaged to provide management oversight, investments and product development. With the termination of the Global agreements, the temporary Cardiac Network Board Members appointed to assist with the incubation program, John C. Jay, Ash Varma and Ken Millard, agreed to resign and will be replaced as needed.

Cardiac Network will be engaging new marketing and strategic business partners as it emerges from the incubation program and enters into a new phase of business development to address a growing market demand for cardiac monitoring products and services.

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 service uses a variety of monitors, including unique transtelephonic (by telephone) cardiac recorders that monitor and provide diagnostic information to physicians and their patients.

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.


Contact:
Cardiac Network, Inc.
Michael Swartzburg
Email Contact: Email Contact
415-362-2020
www.cardiacnetwork.net


Read at BioSpace.com


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