Business
CardioComm Solutions Announces 2016 Financing Update
TORONTO, ON / ACCESSWIRE / March 31, 2016 / CardioComm Solutions, Inc. (TSXV: EKG) ("CardioC...
About this update from Cardiocomm Solutions, Inc.
[{"type":"text","content":"CardioComm Solutions Announces 2016 Financing UpdateTORONTO, ON / ACCESSWIRE / March 31, 2016 / CardioComm Solutions, Inc. (TSXV: EKG) (\"CardioComm Solutions\" or the \"Company\"), a global medical provider of consumer heart monitoring and medical electrocardiogram (\"ECG\") software solutions, today announced that it has entered into an amendment to its current loan agreement with MD Primer Inc. (\"MDP\") which extends the repayment date of the line of credit (\"LOC\") provided to the Company until December 31, 2016.\nThe Company plans to retire or replace the current LOC and generate further funding through capital raised from expanded revenue sources and institutional investment opportunities. The Company further confirms the LOC, which has been in place since January 1, 2013, has not been drawn upon since April 2015. With HeartCheck™ ECG PEN devices confirmed to be carried for a second year on the shelves of Canadian retail pharmacies and with Windows-based GEMS™ arrhythmia software sales growing, the Company will specifically look to 2016 as the year for confirming expanded sales and marketing traction in the USA, internationally and for the introduction of new Smartphone connected and wearable devices under the HeartCheck™ ECG brand. Already in 2016 the Company has announced:\n- a co-marketing agreement with China-based Bejing Choice Electronics, a subsidiary of Tianjin Chase Sun Pharmaceutical Co., Ltd,\n- a US-based initiave to sell into pharmacies, physician offices and long-term care facilities, and\n- a multi-year, India-based ECG services licensing and HeartCheck™ device sales agreement.\nMDP is the only secured creditor of the Company and is under the control of Dr. Anatoly Langer who is CardioComm Solutions' Chairman of the Board of Directors and the largest shareholder of the Company with ownership of 47 million common shares. The Company confirms Dr. Langer abstained from voting on the amendment when it received Board approval. The amendment remains subject to approval by the TSX Venture Exchange.\nTo learn more about the CardioComm Solutions' GEMS™ and HeartCheck™ ECG products please see the Company's websites at www.cardiocommsolutions.com and www.theheartcheck.com or contact the Company at [email protected].\nAbout CardioComm Solutions\nCardioComm Solution...