FOR: CARDIOCOMM SOLUTIONS, INC.
TSX VENTURE SYMBOL: EKG
October 11, 2013
Toronto, Canada – CardioComm Solutions, Inc. ("CardioComm Solutions" or the "Company") (TSX VENTURE:EKG), a global medical provider of ECG acquisition and management software solutions, today announced that it intends to issue an aggregate of 33,626 common shares of the Company to Simi Grosman, a director of the Company. The shares will be issued at a deemed price of $0.134 per share, for a total value of $4,500, for services rendered to the Company in the months of July, August and September 2013 pursuant to a services agreement previously disclosed by the Company on March 8, 2013. The shares will be issued at a 5% premium to the closing price of the Company's shares at the end of each month in which services were provided. The issuance of shares is subject to approval by the TSX Venture Exchange.
The Company has also announced the issuance of an aggregate of 250,000 options to the Company's CEO, Etienne Grima, in accordance with his employment agreement with the Company. The options are exercisable at $0.21 per share for five years from the date of grant, vest equally over 18 months at the end of each three month period from the date of grant and are subject to a four month hold period. The grant of options is subject to the provisions of the Company's Omnibus Share Compensation Plan, the policies of the TSX Venture Exchange and applicable securities laws.
"We continue to execute on our plan to introduce our HeartCheck™ based technologies into the North American and international markets. The efforts of Mr. Grima and Mr. Grosman are reflected in our recent news releases regarding introduction of the HeartCheck™ PEN into the media, placement in pharmacies and use of the devices in highly credible and peer-reviewed research studies," said Dr. Anatoly Langer, Chairman of the Board of Directors for the Company.
About CardioComm Solutions
CardioComm Solutions’ patented and proprietary technology is used in products for recording, viewing, analyzing and storing electrocardiograms (ECGs) for diagnosis and management of cardiac patients. Products are sold worldwide through a combination of an external distribution network and a North American-based sales team. The Company has earned the ISO 13485 certification, is HPB approved, HIPAA compliant, and has received FDA market clearance for its software devices. CardioComm Solutions is headquartered in Toronto, Canada, with offices in Victoria, B.C.
FOR FURTHER INFORMATION PLEASE CONTACT:
Etienne Grima, Chief Executive Officer
This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of CardioComm Solutions and certain of the plans and objectives of CardioComm Solutions with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.