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, announced that at the request of two of four lenders, CardioComm will be issuing common shares of the Company (each, a “Share”) to settle $250,000 worth of debt. Pursuant to debt settlement agreements with the two converting lenders, the Company will issue an aggregate of 5,000,000 Shares at a deemed price of $0.05 per Share to settle an aggregate of $250,000 of a total of $500,000 in debt owed by the Company to its secured lenders. The issuance of the Shares is subject to approval from the TSX Venture Exchange, and the Shares will be subject to a four month hold period in accordance with applicable securities laws.
The Company will have two years during which it may retire or refinance the remaining secured debt. Remaining lenders may convert their loaned amounts to shares at their discretion. The debt to equity conversion followed four press releases issued by the Company with three related to the use of CardioComm’s HeartCheck™ CardiBeat wireless ECG devices and the Company’s pay for use SMART Monitoring ECG reading service by:
- Telemedicine platform provider, and solutions reseller Alliance Tele-Med, for remote patient and COVID monitoring platforms integrated with the LiveCare Link+ platform on December 16, 2020;
- Quebec community pharmacists to perform ECG screening for the prevention of drug induced QT/QTc interval prolongation induced sudden cardiac death on December 17, 2020; and,
- Ontario physicians to remotely monitor their patients in response to COVID-19 changes in clinical practice on December 20, 2020.
The fourth press release was issued on December 23rd when the Company confirmed that a HeartCheck™ branded, wireless, wearable 12 lead ECG and Holter patch solution for remote and in home ECG monitoring was planned for 2021. The HeartCheck™ 12 lead patch device would be paired with the Company’s already FDA and Health Canada cleared remote 12 lead GEMS ECG management technologies.
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.
