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FOR: CARDIOCOMM SOLUTIONS, INC.
TSX VENTURE SYMBOL: EKG
TORONTO, ONTARIO - CardioComm Solutions, Inc. (TSX VENTURE:EKG) (“CardioComm Solutions” or the “Company”), announced today it had closed the second tranche of its previously announced private placement equity financing. Under the closing of the second tranche, the Company issued 600,000 units at a price of $0.05 per unit, for gross proceeds of $30,000. 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 $0.07. For further information regarding the financing, please see the Company's press release that was issued on July 11, 2014. The gross proceeds from the financing will be used towards the development of next generation wireless ECG device products and expanded promotion of the GEMS™ WIN launch. The shares and warrants issued by the Company are subject to a four month hold period which will expire on December 1, 2014.
The Company also announced that it has issued an aggregate of 57,252 common shares of the Company to Simi Grosman, a director of the Company. The shares were issued at a deemed price of $0.078 per share, for a total value of $4,500, as partial payment for services rendered to the Company in the months of April, May and June 2014 pursuant to a services agreement previously disclosed by the Company on March 8, 2013. The shares were issued at a 5% premium to the closing price of the Company's shares at the end of each month in which services were provided. The shares issued are subject to a four month hold period which will expire on December 1, 2014.
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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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