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FOR: CARDIOCOMM SOLUTIONS, INC.
TSX VENTURE SYMBOL: EKG
Company Remains on Track
to Complete $1 Million in Financing in Q1 2014
TORONTO, ONTARIO - CardioComm
Solutions, Inc. (TSX VENTURE:EKG)
("CardioComm Solutions" or the
"Company")announced today it has closed the
second tranche of its previously announced
private placement equity financing. Under the
financing, the Company issued 2,648,000 units at
a price of $0.0675 per unit, for gross proceeds
of $178,740. Each unit was comprised of one
common share of the Company and one common share
purchase warrant exercisable for two years for
an additional share at a price of $0.10. For
further information regarding the financing,
please see the Company's press release that was
issued on January 9, 2014. The gross proceeds
from the financing will be used for general
working capital of the Company. The shares and
warrants issued by the Company are subject to a
four month hold period which expires on May 31,
2014. The Company also confirmed that it will
continue its current private placement equity
financing offer.
In addition, CardioComm Solutions announced that
it intends to issue 35,610 shares to Mr. Simi
Grosman, a member of the Company's board of
directors, for services rendered to the Company
in the months of October to December of 2013
pursuant to a services agreement dated January
11, 2013. Shares are issued at a 5% premium to
the closing price of the Company's shares at the
end of each month and present a scheduled
payment that will occur once per fiscal quarter.
The shares will be issued at a deemed price of
$0.126 per share, for a total value of $4,500.
The issuances of the shares are subject to the
approval of the TSX Venture Exchange.
The Company continues to inform interested
investors that a potential exists where the
January 9, 2014 price reservation of a share
price offering with a 25 percent discount to a
nine cent market price may need to be re-priced
with no advanced notice. Should the Company
issue a press release that causes a material
change in share market price, the Company would
need to re-price the private placement offering
accordingly.
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CardioComm Solutions' patented and proprietary
technology is used in products for recording,
viewing, analyzing and storing
electrocardiograms (ECGs) 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. The Company has
earned the ISO 13485 certification, is HPB
approved, HIPAA compliant, and has received FDA
market clearance for its software devices.
CardioComm Solutions is headquartered in
Toronto, Canada, with offices in Victoria,
B.C.
FOR FURTHER
INFORMATION PLEASE CONTACT:
Etienne Grima, Chief Executive Officer
1-877-977-9425
investorrelations@cardiocommsolutions.com
www.cardiocommsolutions.com
Forward-looking
statements
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:
specifically consider risks discussed under the
heading "Risk Factors" in the Company's Annual
Information Form, available at www.sedar.com;
not to place undue reliance on forward-looking
statements and forward-looking information; be
aware. the Company does not assume any
obligation to update the forward-looking
statements and forward-looking information
contained in this Annual Information Form 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.
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