VICTORIA, BRITISH COLUMBIA--(Marketwire - November 16, 2009) - CardioComm Solutions, Inc. (TSX VENTURE: EKG) (the “Company”) today announced that it has signed a software development agreement with MD Primer Inc. (“MD Primer”) under which MD Primer has retained the Company to develop a new software platform of the GlobalCardio™, GEMS™ and GEMS™ add-on modules and other pipeline software systems. As consideration for developing the software, the Company will receive aggregate payments of $500,000, payable in accordance with the milestone payment schedule set forth in the development agreement. MD Primer will also grant the Company a non-exclusive license to the software developed under the agreement, provided that the Company pays MD Primer a 5% royalty of the gross revenues derived by the Company from the Software. The Company, at its sole option, will have the right to purchase the software from MD Primer within five years at a price equal to $500,000 plus 5% interest, compounded annually. The software development agreement is subject to the approval of the TSX Venture Exchange.
“The new platform for our family of global ECG management software products (GEMS and GC3/12) will enhance the Company’s market opportunities through the introduction of multi language GUIs, enhanced and flexible reporting options, and back office support to meet individual business requirements and the emerging needs of EMR and telemedicine/wireless initiatives in the USA,” reports Etienne Grima, CFO for the Company. “The new GEMS and GlobalCardio product platforms continue to be available for PC, LAN and ASP installations.”
The Company also announced that Mr. William E. Smith has been added to the Company’s board of directors. Mr. Smith began his career as a systems engineer at IBM Canada and recently completed three years with Microsoft in Europe where he was first responsible for the KPMG partnership and was finally Finance Industry Marketing Manager for Microsoft EMEA (Europe, Middle East and Africa). He left Microsoft in May 2001 to take the position of COO with ICT, a start-up company dealing in banking opportunities in financial services. In July 2001 ICT was acquired by Temenos, where Mr. Smith was responsible for the marketing of the IRIS system globally. He is now CEO of Myzan Research Corporation, a company focused on marketing technology software solutions.
Dr. Anatoly Langer, the Company’s Chairman, said, “We are delighted to have Mr. Smith join the board. I anticipate that his knowledge and experience will be significant and valuable contributions to the board as the Company executes its business plan for 2010.”
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.
Dr. Anatoly Langer, Chairman
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
CardioComm Solutions, Inc.
Dr. Anatoly Langer
1-800-725-6585, ext. 264
www.cardiocommsolutions.com
