Announcements signal plans for 2016
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 that it has entered into an amendment to its loan agreement with MD Primer Inc. (“MDP”). Under the amendment, MDP has agreed to extend the date of repayment of a line of credit (“LOC”) provided to the Company until March 31, 2016. The terms of the original $1M line or credit loan agreement which was announced January 18, 2013, will remain unchanged during the extension period except that the amount of the LOC available to CardioComm shall be $900,000. Under the original agreement the line of credit would have been payable on or before December 31, 2015.
The Company will use the extension period to work to retire the LOC through acquisition of funding through alternative funding sources and from sales-based revenue. MDP is under the direction of Dr. Anatoly Langer, CardioComm Solutions’ Chairman. As MDP is a related party to CardioComm, Dr. Langer abstained from voting on the amendment when it received board approval. The amendment is subject to approval by the TSX Venture Exchange.
The Company is also pleased to announce that Robert Caines, Managing Partner at Paley Advisors, has joined the Company’s Board of Directors. Robert is an experienced mergers and acquisitions executive with over thirty years of business startup, growth and management experience. He founded Paley Advisors in 2014. From 2002 to 2014, Robert served as one of three Managing Partners at Paley Dixon, Inc., the New York City-based buy-side intermediary and advisory firm, founded in 1979. There, he and his partners grew Paley Dixon into one of the top five buy-side intermediaries and advisory firms of its size in the US and Canada. Previous to Paley Dixon, Robert held senior-level sales and sales management positions at Hummingbird, BrightStar, NetEra and ADP.
The Company welcomes Mr. Caines to its Board of Directors as it devlopes plans for 2016 that include increasing HeartCheck™ ECG PEN sales and introducing new Bluetooth medical and consumer ECG devices globally.
Finally, the Company also announced that it has granted an aggregate of 350,000 incentive stock options to members of its board of directors. Each option is exercisable at $0.065 per share for five years from the date of grant. Of the options granted, 250,000 vest immediately while 100,000 vest in equal amounts at the end of each quarter in 2016. The grant of options is subject to the provisions of the Company’s Stock Option Plan, the policies of the TSX Venture Exchange and applicable securities laws.
