FOR: CARDIOCOMM SOLUTIONS, INC.
TSX VENTURE SYMBOL: EKG
Raytel Cardiac Services will be the first to launch into the American MCT monitoring market using the CardioComm Solutions Wireless Arrhythmia Services Software
Toronto, Canada. – CardioComm Solutions Inc. ( TSX-V:EKG) (“CardioComm Solutions” or the “Company”) confirms the release of a custom GEMSTM Mobile Cardiac Telemetry software (“GEMS M-Air”) solution with web-based device interfacing for use by Raytel Cardiac Services Inc. (“Raytel”). The software license agreement (“SLA”) was originally announced in February 2012 by the Company, when Raytel was operated as a subsidiary of Royal Philips Electronics (“Philips”). The completion of GEMS M-Air is the latest addition to CardioComm Solutions’ remote diagnostic arrhythmia and remote patient monitoring solutions portfolio offerings.
The SLA called for the development of a highly customized wireless ECG monitoring solution utilizing the TZ Medical (“TZM”) manufactured Aera CT TM device (“Aera CT”) and Raytel’s existing CardioCare® Diagnostic Arrhythmia Service (“CardioCare”). The solution was scheduled for release in two phases with the first being a custom GEMSTM Air release which was announced by Philips at the 2013 Heart Rhythm Society meeting. In June 2013, Lincare Inc. (Clearwater Florida) acquired sole rights over Raytel and on November 9, 2013, CardioComm Solutions released the full feature M-Air solution to Raytel for implementation.
Global interest for GSM enabled remote cardiac monitoring solutions continues to increase and the United States is leading the demand with estimated market revenues to reach $867M by 2016 (IHS InMedica, 2013). “This M-Air project was an aggressive undertaking aimed at enabling Raytel to offer mobile cardiac telemetry (“MCT”) monitoring with the benefit of utilizing the independently, FDA cleared GEMSTM ECG viewing and reporting software technology. M-Air will now provide Raytel complete MCT monitoring control and real-time access to patient’s ECGs using the Aera CT device within their CardioCare service,” stated Carlos Somoza.
CardioComm Solutions is now planning release of new GEMS and MCT based software solutions. “Beta testing of GEMSTM 4 is underway and we expect to have a commercial MCT module ready for testing before the end of the year. Despite the FDA funding cuts and delays in review of our GUAVA II 510K application, we are on track to enter 2014 to take a very competitive position within the well reimbursed American MCT monitoring market. Further, CardioComm Solutions will now have expanded recognition as a mobile cardiac telemetry solutions provider to the growing ECG monitoring markets in Canada, South America and overseas, global markets estimated to be worth $18.4 billion,” said Etienne Grima, Chief Executive Officer of 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.
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