TORONTO, ONTARIO – CardioComm Solutions, Inc. (TSX VENTURE: EKG) (“CardioComm” or the “Company”), a leading global medical provider of consumer heart monitoring and electrocardiogram (“ECG”) acquisition and management software solutions, announces that it has completed an issuance of shares for debt (see the Company’s press release dated December 23, 2022 for the Company’s initial announcement respecting the proposed shares for debt issuance) and confirms completing changes to its Board of Directors.
Under debt settlement agreements, the Company has issued an aggregate of 249,500 common shares of the Company (“Shares”) at a price of $0.05 per Share to settle debt in the aggregate amount of $12,475 incurred for services provided to the Company. The Shares are subject to a four month hold period that will expire May 28, 2023, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.
Directors of the Company participated in the debt settlement transaction as part of their 2022 remuneration as board members, which is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the transaction does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.
The Company also confirms that Mr. Daniel Grima joined the board of the Company on December 20, 2022, when he was elected as a director of the Company by the Company’s shareholders at the Company’s AGM. Mr. D. Grima was a founding partner of Cornerstone Research Group, a global leader in Health Economics and Market Access research and communications that specialized in establishing product value for the medical device and pharmaceutical industries. Cornerstone was acquired by EVERSANA Life Science Services LLC following which Mr. D. Grima served for three years as Senior Vice President and General Manager. EVERSANA™ is a leading independent provider of global commercialization services to the life sciences industry and serves more than 670 organizations, including innovative start-ups and established pharmaceutical companies.
Each of Mr. Simi Grosman and Mr. Steven Benyo did not stand for re-election as directors at the 2022 AGM, as they will be focusing on other interests. Mr. Benyo will continue to act as an advisor to the Company. The Company’s board and management thank Mr. Grosman and Mr. Benyo for their contributions to the Company and wish them well in the future.
To learn more about CardioComm’s products and for further updates regarding HeartCheck™ ECG device integrations, please visit the Company’s websites at
www.cardiocommsolutions.com and www.theheartcheck.com.
