CardioComm Solutions, Inc. Announces Closing of Third Tranche of Financing
Victoria, B.C., May 21, 2008 – CardioComm Solutions, Inc. (TSX-V: EKG) (“CardioComm” or the “Company”) today announced that it had closed the third tranche of its previously announced financing. In the third tranche, the Company issued a convertible note to one subscriber for $350,000. The note will automatically convert on September 17, 2008 into 2,405,498 units (a conversion price of $0.1455 per unit), each unit comprised of one common share of the company and one common share purchase warrant exercisable for an additional common share at a price of $0.25 per share. The Company also issued 192,440 units as a finder's fee in connection with the closing of the third tranche. The note, shares and warrants issued by the Company are subject to a four month hold period, which will expire on September 17, 2008 . The proceeds from the third tranche of the financing will be used for general working capital of the Company.
The Company also announced that it had closed its previously announced shares for debt transaction, under which it issued 1,000,000 shares in settlement of $300,000 of debt.
About CardioComm Solutions, Inc.
CardioComm's patented and proprietary technology is used in products for the recording, viewing, analyzing and storing of electrocardiograms (EKGs), for diagnosis and management of cardiac patients. The Company's products are sold worldwide through a combination of its external distribution network and its North American based sales team. CardioComm has achieved its technical goals of improved access and communication through the development of a real-time EKG viewer. CardioComm is the first company to provide a real-time means of viewing EKGs over a network ( LAN , WAN or Internet). This tool enables EKGs to be viewed and controlled live, by physicians, over a global virtual healthcare network. This technology is marketed as Global EKG Management System ( GEMS ™) and GlobalCardio™. CardioComm's software products have been cleared for sale in the United States by the U.S. Food and Drug Administration. The Company has earned the latest ISO 13485 certification.
On behalf of the Board of Directors of CardioComm Solutions, Inc.
“ Anatoly Langer ”
Anatoly Langer, Chairman of the Board
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