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.
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.