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CardioComm Solutions Announces International GEMS(TM) Home and SMART Monitoring Service Licensing Agreement with Beijing Choice Electronic Technology of China
TORONTO, ON / ACCESSWIRE / January 6, 2016 / CardioComm Solutions, Inc. (TSXV: EKG) ("Cardio...
About this update from Cardiocomm Solutions, Inc.
[{"type":"text","content":"CardioComm Solutions Announces International GEMS(TM) Home and SMART Monitoring Service Licensing Agreement with Beijing Choice Electronic Technology of ChinaTORONTO, ON / ACCESSWIRE / January 6, 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 a licensing agreement with China based Beijing Choice Electronic Co., Ltd (\"BCET\"). BCET is the original equipment manufacturer (\"OEM\") for the HeartCheck(TM) ECG devices and maintains a sales force for the promotion of their own branded ECG devices that are sold internationally. \nUnder the agreement, CardioComm Solutions will recognize BCET as an authorized representative of CardioComm Solutions for the promotion and licensing of GEMS(TM) Home based software to BCET customers who have purchased, or will purchase, certain BCET handheld devices. The MD100B and MD100E models are the first BCET devices to work with the GEMS(TM) Home software with options to add additional devices over the term of the agreement. BCET is restricted from selling devices that compete with the Company's HeartCheck(TM) ECG PEN. The agreement applies worldwide, except for China, which is expected to be managed at a future date under a separate agreement. The agreement will automatically renew annually following an initial three year term and will be subject to minimum BCET sales performance requirements.\nBCET will now commence the co-marketing and use of GEMS(TM) Home, promoting it as an added value to enhance use of their devices. BCET has established sales channels through a distributor and 200 person sales force that covers almost 90 countries, expanding access to the CardioComm Solutions SMART Monitoring ECG service globally.\nCardioComm Solutions is expected to benefit from expanded revenue opportunities realized from: \n1)A per BCET device royalty payment for access to GEMS(TM) Home based on 5% of the net sale value of the first 5,000 devices sold, 3% on the next 15,000 devices sold and 2% on sales above 20,000 devices sold.\n2)A $10 USD GEMS(TM) Home activation fee charged to any BCET device owners who purchased a device prior 2015.\n3)A GEMS(TM) Home Rx annual licensing fee of $500 USD per download.\n4)SMART M...