Company plans to start 2017 with next-generation consumer products and a new fiscal outlook
TORONTO, ONTARIO – Medical electrocardiogram (“EKG”) software and device manufacturer CardioComm Solutions, Inc. (TSX VENTURE:EKG) (“CardioComm” or the “Company”), today confirmed the appointment of Mr. Robert Caines as the Chairman of its Board of Directors, replacing Dr. Anatoly Langer, who steps down from the position held since March 5, 2008.
Mr. Caines joined CardioComm’s Board of Directors on December 16, 2015. He is the Founder and Managing Partner of Paley Advisors, LLC, the New York City-based advisory and consulting firm, founded in 2014. Mr. Caines is an experienced mergers and acquisitions executive, with over thirty years of business start-up, growth and management experience.
From 2002 to 2014, Mr. Caines 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.
CardioComm thanks Dr. Langer for his years of service, during which time he invested strategically into the Company, provided support as the CEO between June 1, 2008 to May 1, 2010. In addition, Dr. Langer served as the Company’s Chairman of the Board of Directors for over eight years. Dr. Langer is currently the largest shareholder of the Company, control or ownership of 40,644,076 common shares, representing approximately 35% of CardioComm’s issued and outstanding common shares.
Dr. Langer serves as CEO of MD Primer Inc. (“MDP”), with which the Company has a $900,000 line of credit that is secured against the Company’s assets and matures on December 31, 2016. MDP is the only secured creditor of the Company. Previously, the Company announced intends to retire the current MDP line of credit and generate further funding through capital raised from expanded domestic and international revenue sources and institutional investment opportunities. The Company has not drawn upon the line of credit, which has been in place since January 1, 2013, since April of 2015.
CardioComm would also like to thank Mr. Yuri Levin for his support on the Company’s Board of Directors and as a member of the Audit and Finance Committee. Mr. Levin joined the Board of Directors on December 9, 2008. Replacing Mr. Levin will be Dr. David Armstrong, who has been on the Company’s Advisory Committee since July 5, 2016. The Company will benefit from Dr. Armstrong’s years of executive leadership in both the public and private health environments, where he has participated in communication strategies, marketing, fundraising, strategic partnering and the development of intellectual property. Dr. Armstrong has also served at executive and board levels for various organizations, along with driving clinical affairs portfolios.
The Company finally confirms that it has contractually engaged several firms to support the new Board of Directors in coordinating analyst support, investor relations, and marketing, sales and financing efforts effective Q4 2016. CardioComm Solutions will be providing further updates in the coming weeks.
CardioComm Solutions has earned the ISO 13485 certification, is HPB approved, HIPAA compliant and holds clearances for the sale of its HeartCheck™ technologies from the European Union (CE Mark), Australia (TGA), the USA (FDA), China (CFDA) and Canada (Health Canada). To learn more about the CardioComm Solutions’ products, please see the Company’s websites www.theheartcheck.com and www.cardiocommsolutions.com.
