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FOR: CARDIOCOMM SOLUTIONS, INC.
TSX VENTURE SYMBOL: EKG
Company Plans to
Complete $1 Million in Financing in Q1 2014
TORONTO, ONTARIO - CardioComm
Solutions, Inc. (TSX VENTURE:EKG)
("CardioComm Solutions" or the "Company")
announced today it had closed the first tranche
of its previously announced private placement
equity financing. Under the financing, the
Company issued $1,622,222 units at a price of
$0.0675 per unit, for gross proceeds of
$109,500. Each unit was comprised of one common
share of the Company and one common share
purchase warrant exercisable for two years for
an additional share at a price of $0.10. For
further information regarding the financing,
please see the Company's press release that was
issued on January 9, 2014. The gross proceeds
from the financing will be used for general
working capital of the Company. The shares and
warrants issued by the Company are subject to a
four month hold period which expires on May 21,
2014. The Company also confirmed that it will
continue its current private placement equity
financing offer.
In a CEO update released January 16, 2014, the
Company stated that the potential exists that
the share price offering of a 25 percent
discount to a nine cent market price may need to
be re-priced with no advanced notice. CardioComm
Solutions has a track record of publishing press
releases on a regular basis and at times on a
weekly basis. Following a Company press release,
should the open market price of the Company's
stock reach or exceed 9.5 cents, the Company
would need to re-price the private placement
offering accordingly.
"We are optimistic on the performance of
CardioComm Solutions and our go to market plans
for the consumer HeartCheck™ and professional
healthcare based GEMS™ technologies, products
and ECG services in 2014. As we cannot determine
what the market may do with respect to stock
price during the period of time of our private
placement equity financing offer, we have
elected to close this first tranche of financing
to secure the share price for those accredited
investors who have committed early to the
private placement opportunity for shares
provided at a discount to the market," said
Etienne Grima, CEO of CardioComm Solutions. "We
wish to advise our shareholders that any share
price offering may not be possible to maintain
for an extended period of time should we release
news on the Company's business activities."
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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
1-877-977-9425
investorrelations@cardiocommsolutions.com
www.cardiocommsolutions.com
Forward-looking
statements
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.
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