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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.
