FOR: CARDIOCOMM SOLUTIONS, INC.
TSX VENTURE SYMBOL: EKG
March 17, 2016
India-based partnership will yield recurring revenue through GEMS™ Home licensing, HeartCheck™ ECG PEN sales and ECG reading and Telemedicine services
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 it has entered into a sales, marketing and ECG services agreement with Versante Software Technologies Pvt. Ltd (“Versante”), a subsidiary of US-based Versante Technologies LLC.
Under the two-year renewable agreement Versante will develop sales and marketing channels for the handheld HeartCheck™ ECG devices and provide India-based ECG reading service to the consumer market as well as to long-term care facilities, small and medium sized clinics and hospitals in India. Versante has licensed the Company’s GEMS™ Home and GUAVA I ECG viewing software and incorporated these technologies into their own ECG reading services by utilizing a Versante-India version of GEMS™ Home (“GEMS™ Home India”) that will support customers who do not have access to ECG technicians or cardiologists. The Company confirms Versante has completed their market evaluation and are commercially ready following receipt of an initial order of HeartCheck™ ECG PEN devices.
CardioComm Solutions will benefit from device sales as well as from receiving 30% of recurring ECG reading services revenue. Versante is projecting the purchase of 1,500 to 2,400 HeartCheck™ devices annually; however, the real revenue potential is expected to be derived from the ECG reading fees from each device. GEMS™ Home India installations will see an average of 25 to 50 cardiac patients per day. Each installation of GEMS™ Home India will undergo an annual and automated validation procedure through CardioComm Solutions’ TELUS-based SMART Monitoring system, a procedure that will occur as long as the agreement with Versante is in place.
The HeartCheck™, GEMS™ and GUAVA I ECG viewing technologies were selected by Versante based on CardioComm Solutions’ multi-year and multi-jurisdiction history of providing ECG monitoring solutions to laboratories, hospitals and physicians. In addition, the HeartCheck™ devices and GEMS™ software provide a solution to address an unmet need for a reliable, scalable and cost-effective solution for ECG monitoring in India.
As part of corporate goals and strategies of the parties, the agreement starts a partnership that will help both companies in achieving their individual and collective goals of global diversification of health care services to provide greater value to their shareholders.
To learn more about CardioComm Solutions’ products please contact the Company at firstname.lastname@example.org.
Versante specializes and will offer cloud based solutions in early detection of chronic diseases such as Diabetes, Sleep Apnea, Blood Pressure, COPD and Heart Disease. Versante's Gemini FrameworkTM for connected health services and Internet of things (IoT) connects medical devices over the cloud for Big Data analytics and provides a holistic approach for chronic disease management.
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, Ontario, Canada.
INFORMATION PLEASE CONTACT:
Etienne Grima, Chief Executive Officer
This release may contain certain forward-looking statements and forward looking information 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. Such statements and information reflect management's current beliefs and are based on information currently available to management. By their nature, forward-looking statements and forward-looking information 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 and forward-looking information.
In evaluating these statements, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not assume any obligation to update the forward-looking statements and forward-looking information contained in this release other than as required by applicable laws, including without limitation Section 5.8(2) of National Instrument 51-102 (Continuous Disclosure Obligations).
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.