Joint Venture will provide CardioComm Solutions with an equity position in Vigilance and recurrent licensing revenues
TORONTO, ONTARIO – CardioComm Solutions, Inc. (TSX VENTURE:EKG) (“CardioComm Solutions” or the “Company”) a global medical provider of electrocardiogram (“ECG”) acquisition and management software solutions has executed a binding Letter of Intent with Vigilance, Inc. to develop and co-market ECG contract service solution platforms that leverage CardioComm Solutions’ highly accredited Global ECG Management Solutions (GEMS™) and their three lead and 12 lead Global Cardiology (GlobalCardio™) software technologies.
The joint venture will focus on deploying advanced technology solutions and contract service offerings into three primary markets: 1) Diagnostic Remote Patient Arrhythmia Monitoring, 2) Remote Patient Cardiac Implantable Electronic Device Follow-up (CIED) and 3) 12-Lead ECG Cardiac Safety Testing and Analysis. CardioComm Solutions will provide all ECG based software technologies, service and support, and new device integration for the implementation of standard and new ECG service delivery options. In return, CardioComm Solutions will hold an eight percent minority share position in Vigilance, Inc., with another eight percent provided upon completion of HARMONYcied and be provided a three percent share of Gross Margin from ongoing operations. Associated with the service offerings will be opportunities for the licensing of GEMS™ WIN and GlobalCardio™ to clinics and hospitals that will use the CardioComm Solutions products to collect and transfer ECG readings to Vigilance as part of the standard platform from routine services as well as with groups that will contract for off/after-hour service coverage.
“This partnership with the Vigilance team will give CardioComm Solutions access to recurrent service-based revenue from the growing patient ECG monitoring markets within the USA,” commented Etienne Grima, Chief Executive Officer of CardioComm Solutions. “Our GEMS™ WIN and web-enabled GlobalCardio™ technology platforms will provide exceptional latitude for custom and proprietary development of solutions for Vigilance that will address unmet needs in operationalizing reimbursable centralized patient monitoring and clinical follow-up services.”
“Our objective at Vigilance is to develop and combine the best in-class technology and service solutions to meet today’s needs for providing reliable and cost-effective diagnostic patient monitoring. CardioComm Solutions’ remote patient ECG monitoring technology platforms allow us to cross multiple monitoring verticals and offer a perfect fit for our technology development initiatives, data acquisition goals and growth objectives,” said Dr. Hemali Shah, Chief Executive Officer of Vigilance, Inc. and Chicago based, Soul Care Services, a Home Health Care services organization.
Vice President of Marketing for Vigilance, Robert Cantwell, commented, “The GEMS™ and GlobalCardio™ technology suites offer a proven and innovative platform for our continued development of service offerings for ambulatory patient monitoring, cardiac research and our introduction of the proprietary HARMONYcied, web-based, patient management system for CIED patients across all implantable device vendors. There exists a critical need for more effective device patient management and follow-up and our collaboration with CardioComm Solutions will produce beneficial and short-cycle solutions for patients and providers alike.”
“With our proven and unique suite of ECG technology offerings, this joint venture will enable the deployment of a single-source technology and service through a combination of technology, IT management, patient monitoring service operations and cardiology industry sales and marketing expertise. We anticipate this strategy will see adoption of the Vigilance remote patient monitoring services as a preferred provider at all levels of cardiology-based health care providers in the USA. The strategic alliance will offer a comprehensive solution as an alternative to the present and fragmented, multi-provider, ambulatory and device patient monitoring market which represents a significant market opportunity and outstanding revenue generating potential,” said Daniel Pawlik, Vice President of Sales and Marketing for ECG Technologies (USA), of CardioComm Solutions.
