VICTORIA, BRITISH COLUMBIA--(Marketwire - 07/07/11) - CardioComm Solutions, Inc. (TSX-V:EKG - News) (“CardioComm” or the “Company”) today announced that it has closed its previously announced debt settlement under which it issued 1,000,000 common shares to Anglo German Progressive I Limited (“AGPF”). The shares issued are subject to a four month hold period expiring October 28, 2011.
The Company also announced that it has settled an aggregate of $59,198.00 of outstanding debt of the Company in exchange for the issuance of common shares. The debt represents fees owed by the Company to its legal counsel in the Company’s legal proceedings with AGPF. The Company has agreed to issue an aggregate of 1,183,960 common shares of the Company (at a deemed price of $0.05 per share) in full and final payment to its legal counsel. The issuance of the common shares is subject to the approval of the TSX Venture Exchange.
Etienne Grima, the Company’s CEO, said, “This completes the legal matter and we look forward to resumption of normal business activities. We appreciate the support of our legal counsel through the willing acceptance of shares in the Company.”
About CardioComm Solutions, Inc.
CardioComm’s patented and proprietary technology is used in the wireless and telephone based transmission, receipt and viewing, analyzing and storing of single and multichannel electrocardiograms (EKGs), for arrhythmia diagnosis and management of cardiac patients. The Company’s products are sold worldwide through 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 are compatible with the majority of event loop recorders and ultraportable 12 lead devices. Its software solutions 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.
Etienne Grima, CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:CardioComm Solutions, Inc.Etienne Grima1.800.725.6585, ext. 227www.cardiocommsolutions.com
