Funding will be used as bridge financing to complete Q1 2014 objectives.
TORONTO, ONTARIO – CardioComm Solutions, Inc. (TSX VENTURE:EKG) (“CardioComm Solutions” or the “Company”) today announced that it will be conducting a non-brokered private placement equity financing under which it intends to issue between 4,166,667 to 8,333,334 units at a price of $0.12 per unit for gross proceeds of $500,000 to $1,000,000. Each unit will be comprised of one (1) common share of the Company and one (1) common share purchase warrant exercisable for two (2) years for an additional share at a price of $0.18. The securities to be issued under the financing will be subject to a four (4) month hold period. The terms of the financing are subject to the approval of the TSX Venture Exchange.
The Company’s last equity financing rounds were completed in Q2 2012, in which $1.62 million was raised and used to: complete the commercial development of the Company’s SMART Monitoring ECG service and internet-based data interface for remote ECG transmission and interpretation; secure Canadian and European device clearances; and introduce the Company’s HeartCheckTM brand globally.
“Our last rounds of financing were used as intended – to rapid cycle the commercialization of the HeartCheckTM PEN and associated consumer-based software technologies. This next financing will be used for completion and Beta releases of our re-engineered Global ECG Management Solution (GEMSTM) software, completion of GEMSTM MCT and ECG triaging, all with target releases in early 2014. The software markets targeted will include independent diagnostic testing facilities (IDTFS) and arrhythmia service providers, companies anticipating entry into the mobile cardiac telemetry market in the United States and wireless arrhythmia monitoring organizations in the United States, Canada and globally. These stakeholders will be introduced to Beta versions in anticipation of sales in Q1 2014. To ensure the scheduled introduction of these products, we will be utilizing this private placement as bridge financing,” stated Etienne Grima, Chief Executive Officer of the Company. “Funding will also be used for the introduction of new Bluetooth enabled devices into the patent pending SMART Monitoring ECG service under the HeartCheckTM brand, some of which already have FDA clearances for sale in the USA. We also expect to complete work on GUAVA II which is under active FDA review.”
“CardioComm Solutions has been laying the tracks for steady integration of its technologies for use by physicians, pharmacies, allied health professionals and in clinical research studies for arrhythmia screening and detection of atrial fibrillation. This financing round will ensure our un-interrupted progress in advance of software and hardware sales,” said Mr. Simi Grosman, member of the board of directors for the Company.
More information regarding the HeartCheckTM products and SMART Monitoring solutions is available at the Company’s web site www.theheartcheck.com.
