TORONTO, ONTARIO – CardioComm Solutions, Inc. (TSX VENTURE:EKG) (“CardioComm Solutions” or the “Company”)today announced that an aggregate of 567,460 incentive stock options have been granted to two directors of the Company and to a contractor of the Company. The 417,460 options issued to the directors are exercisable at $0.18 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 150,000 options issued to the contractor are exercisable at $0.15 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.
The Company also announced an amendment to its software license agreement with MD Primer Inc., which was previously announced by the Company on January 22, 2014. Under the amendment, if the Company elects to repurchase the software license from MD Primer, the repurchase price will now be payable, at MD Primer’s option, in cash or by the issuance of units of the Company (each, a “Unit”), at a price per Unit equal to the average closing price of the Company’s shares on the 20 trading days preceding the date the option is exercised by the Company. Each Unit will be comprised of one Company common share and one common share purchase warrant, with each warrant exercisable for an additional share for two years from the date of issuance at an exercise price equal to the price per Unit.
The Company also announced that it has issued an aggregate of 35,610 common shares of the Company to Simi Grosman, a director of the Company. The shares were issued at a deemed price of $0.126 per share, for a total value of $4,500, for services rendered to the Company in the months of October, November and December 2013 pursuant to a services agreement previously disclosed by the Company on March 8, 2013. The shares were 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 shares issued are subject to a four month hold period which will expire on June 21, 2014.
