Completion of final milestone triggers a third payment and removal of non-completion penalties
Toronto, Canada – CardioComm Solutions, Inc. ( TSX-V:EKG) (“CardioComm Solutions” or the “Company”)today announced it has completed the final milestone of a software and source code licensing agreement (“SLA”) for use of the Company’s Global ECG Management Solution (“GEMS™”) and GUAVA ECG viewer by MD Primer, Inc. (“MDP”), which was previously described by the Company in its press releases on January 22, February 20,and May 9, 2014.
The final milestone was achieved through the completion and release of the Company’s GEMS™ 4.0 software. MDP is a clinical research and education organization enabling improvement in patient care through innovation and is under the control and direction of Dr. Anatoly Langer, CardioComm Solutions’ Chairman. MDP is a related party of the Company.
Pursuant to the SLA, completion of GEMS™ 4.0 has triggered a third and final $100,000 payment milestone by MD Primer. The GEMS 4.0 software released is designed for the ECG management of recordings collected and transmitted through the use of analogue devices which has market applicability in Canada and the USA. The Company has indicated that it will review further enhancements of GEMS 4.0 in 2015. Under the SLA, MDP is licensed to use the GEMS™ WIN, GEMS™ 4.0 and GUAVA software and the source code in support of MDP’s current research-based business activities. MDP may not use the licensed materials to compete with CardioComm Solutions’ business and CardioComm Solutions will not enter into another concurrent source-code based licensing agreement for the products named under the SLA.
The third and final installment milestone payment is now confirmation that the Company’s GEMS™ 4.0 software has been released commercially well in advance of the stated November 7, 2015 deadline. Completion and commercial release of the Company’s GEM™ WIN and GEMS ™ 4.0 software products removes any SLA penalty clauses which would have permitted MDP to acquire and use the unfinished GEMS™ software works without restriction and also ensures the Company retains the option to repurchase the SLA from MDP at any time for its original $500,000 value plus 10% interest compounded annually in cash or in units of CardioComm Solutions.
To learn more about the CardioComm Solutions products please see the Company’s website www.cardiocommsolutions.com.