FOR: CARDIOCOMM SOLUTIONS, INC.
TSX VENTURE SYMBOL: EKG
October 22, 2018
TORONTO, ONTARIO - CardioComm Solutions, Inc. ("CardioComm" or the "Company") (TSX VENTURE:EKG) a leading global provider of consumer heart monitoring and electrocardiogram ("ECG") acquisition and management software solutions confirmed today progress on a royalty licencing agreement with Redwood City, California-based Biotricty Inc. ("Biotricity"). The royalty payment phase became active following confirmation that all necessary clearance and software development pre-conditions have been achieved.
Based on the extensive knowledge and experience CardioComm has in the ECG services market, Biotricity contracted with the Company in order to provide support for development of Biotricity's ECG viewer software, so that they were appropriately tooled to target the USA-based mobile cardiac telemetry services market. Leveraging the Company's GlobalCardio™ and GUAVA ECG viewer software technologies, the browser-based, custom software solution developed was a unique product designed to specifically meet the requirements of the Bioflux device.
Royalty fees are due from the use of the ECG software Cardiocomm developed, or any derivative products, on a per patient monitored basis. At the start of the work, CardioComm received an advance on the per-patient royalty fees equating to the first 12,500 monitored patients. Reaching that level of patient penetration is anticipated to take up to 24 months from December 15, 2017 (Bioflux's FDA clearance date). At the end of the two year period CardioComm expects to see appreciable royalty payments of $150,000 annually at a minimum.
The Company is seeking additional partnerships with new device manufacturers that will allow them access to the Company's trusted ECG software. Such partnerships will provide these new entrants with shorter development timeframes and quicker product acceptance by consumers, physicians and patient monitoring/telemedicine organizations. To learn more about CardioComm's products and for further updates regarding HeartCheck™ ECG device integrations please visit the Company’s websites at www.cardiocommsolutions.com and www.theheartcheck.com.
CardioComm Solutions' patented and proprietary technology is used in products for recording, viewing, analyzing and storing electrocardiograms 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. CardioComm Solutions has earned the ISO 13485 certification, is HIPAA compliant and holds clearances from the European Union (CE Mark), the USA (FDA) and Canada (Health Canada). CardioComm Solutions, Inc. is headquartered in Toronto, 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.