VICTORIA, BRITISH COLUMBIA--(Marketwire - August 03, 2010) - CardioComm Solutions, Inc. (TSX VENTURE: EKG) (“CardioComm” or the “Company”) today announced that it has entered into a loan agreement and general security agreement with MD Primer Inc. (“MDP”) under which MDP has agreed to extend to CardioComm a $200,000 line of credit secured against CardioComm’s assets, which CardioComm may use on an as-needed basis as it continues to implement its 2010/2011 business strategies. Any amounts drawn by CardioComm on the line of credit will bear simple interest at 6% per year and will be repayable on or before July 28, 2012. MDP is under the direction of Dr. Anatoly Langer, CardioComm’s Chairman. As MDP is a related party of CardioComm, Dr. Langer abstained from voting on the transaction when the transaction received board approval.
CardioComm also announced an amendment to its GEMS 4.0 software development agreement with MDP, dated November 1, 2009 and announced in a November 16, 2009 press release, involving the development and release of a new, multi -language compatible software platform of the GlobalCardio™, GEMS™ GEMS™ Air/HL7/Auto Attendant modules and other pipeline software systems. CardioComm was resticted to a five year time frame to purchase exclusive software rights. The amendment removes CardioComm’s purchase restriction clause, while continuing CardioComm’s perpetual, non-exclusive license to the software.
“With this amendment, we remain on track for our most significant software release which will keep us in step with emerging wireless technologies, and expansion into international markets. In addition, CardioComm is able to review its co-license agreement with MDP at its discretion,” reports Etienne Grima, CardioComm’s CEO.
The Company also announced that it granted an aggregate of 750,000 incentive stock options pursuant to its Omnibus Share Compensation Plan as follows: 500,000 options were granted to Etienne Grima, the Company’s CEO; and 250,000 options were granted to Wendy Hsieh, the Company’s CFO. The options are exercisable at $0.10 per share for five years from the date of grant, will vest equally over a period of 18 months and are subject to a four month hold period. The grant of options will be subject to the provisions of the Company’s Omnibus Share Compensation Plan, the policies of the TSX Venture Exchange and applicable securities laws.
About CardioComm Solutions, Inc.
CardioComm’s patented and proprietary technology is used in products for the recording, viewing, analyzing and storing of electrocardiograms (EKGs), for diagnosis and management of cardiac patients. The Company’s products are sold worldwide through a combination of its external distribution network and its North American based sales team. CardioComm has achieved its technical goals of improved access and communication through the development of a real-time EKG viewer. CardioComm is the first company to provide a real-time means of viewing EKGs over a network (LAN, WAN or Internet). This tool enables EKGs to be viewed and controlled live, by physicians, over a global virtual healthcare network. This technology is marketed as Global EKG Management System (GEMS™) and GlobalCardio™. CardioComm’s software products have been cleared for sale in the United States by the U.S. Food and Drug Administration. The Company has earned the latest ISO 13485 certification.
On behalf of the Board of Directors of CardioComm Solutions, Inc.
Anatoly Langer, Chairman of the Board
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
CardioComm Solutions, Inc. - Investor Information
Etienne Grima
Chief Executive Officer
1.800.725.6585, ext. 229
www.cardiocommsolutions.com
