India-based partnership will yield recurring revenue through GEMS™ Home licensing, HeartCheck™ ECG PEN sales and ECG reading and Telemedicine services
TORONTO, ONTARIO – CardioComm Solutions, Inc. (TSX VENTURE:EKG) (“CardioComm Solutions” or the “Company”), a global medical provider of consumer heart monitoring and medical electrocardiogram (“ECG”) software solutions, today announced it has entered into a sales, marketing and ECG services agreement with Versante Software Technologies Pvt. Ltd (“Versante”), a subsidiary of US-based Versante Technologies LLC.
Under the two-year renewable agreement Versante will develop sales and marketing channels for the handheld HeartCheck™ ECG devices and provide India-based ECG reading service to the consumer market as well as to long-term care facilities, small and medium sized clinics and hospitals in India. Versante has licensed the Company’s GEMS™ Home and GUAVA I ECG viewing software and incorporated these technologies into their own ECG reading services by utilizing a Versante-India version of GEMS™ Home (“GEMS™ Home India”) that will support customers who do not have access to ECG technicians or cardiologists. The Company confirms Versante has completed their market evaluation and are commercially ready following receipt of an initial order of HeartCheck™ ECG PEN devices.
CardioComm Solutions will benefit from device sales as well as from receiving 30% of recurring ECG reading services revenue. Versante is projecting the purchase of 1,500 to 2,400 HeartCheck™ devices annually; however, the real revenue potential is expected to be derived from the ECG reading fees from each device. GEMS™ Home India installations will see an average of 25 to 50 cardiac patients per day. Each installation of GEMS™ Home India will undergo an annual and automated validation procedure through CardioComm Solutions’ TELUS-based SMART Monitoring system, a procedure that will occur as long as the agreement with Versante is in place.
The HeartCheck™, GEMS™ and GUAVA I ECG viewing technologies were selected by Versante based on CardioComm Solutions’ multi-year and multi-jurisdiction history of providing ECG monitoring solutions to laboratories, hospitals and physicians. In addition, the HeartCheck™ devices and GEMS™ software provide a solution to address an unmet need for a reliable, scalable and cost-effective solution for ECG monitoring in India.
As part of corporate goals and strategies of the parties, the agreement starts a partnership that will help both companies in achieving their individual and collective goals of global diversification of health care services to provide greater value to their shareholders.
To learn more about CardioComm Solutions’ products please contact the Company at [email protected].