FOR: CARDIOCOMM SOLUTIONS, INC.
TSX VENTURE SYMBOL: EKG
December 22, 2020
TORONTO, ONTARIO - CardioComm Solutions, Inc. (TSX VENTURE: EKG) ("CardioComm" or the "Company"), a leading global medical provider of consumer heart monitoring and electrocardiogram ("ECG") acquisition and management software solutions, confirms that it has secured renewals on $500,000 in loans which had a maturity date of December 31, 2020.
The maturing loans to the Company were described in the Company’s press release dated December 21, 2016, and were extended in December 2018 and March 2019, as described in the Company’s press releases dated December 27, 2018, and April 12, 2019, respectively. The lenders have agreed to extend the loans until December 31, 2022 with a reduction in interest rates from 10% to 8%.
The Company has the right to repay any loan amounts outstanding at any time, in whole or in installments, without penalty. In addition, each lender may elect to convert its loan into common shares of the Company at a price per share equal to the “discounted market price” under the policies of the TSX Venture Exchange. Any conversion of debt into shares will be subject to applicable securities laws and approval of the TSX Venture Exchange.
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 13485:2016 MDSAP certification, is HIPAA compliant and holds clearances from the European Union (CE Mark), the USA (FDA) and Canada (Health 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.