Business
Event Cardio Group Acquires National Cardiac Monitoring Center
Event Cardio Group Acquires National Cardiac Monitoring Center.
About this update from Ecgi Holdings Inc.
[{"type":"text","content":"\nEvent Cardio Group Acquires National Cardiac Monitoring Center\n\nEvent Cardio Group Acquires National Cardiac Monitoring Center\n\n\nTo Provide Cardiac Diagnostic Services and Support Planned U.S. Commercial Launch of NowCardio(TM) Heart Monitoring Device\n\n NEW YORK, NY--(Marketwired - July 13, 2016) - Event Cardio Group, Inc. (OTCQB: ECGI) closed its acquisition of National Cardiac Monitoring Center (\"NCMC\") in Glenelg, Maryland in a Stock Purchase Agreement worth approximately $5 million in a combination of cash and ECGI common stock. NCMC has been providing cardiac diagnostic services since 1986. It provides a range of cardiac monitoring modalities including Mobile Cardiac Telemetry (MCT), wireless and trans-telephonic cardiac event monitoring (CEM), 24/48-hour digital Holter monitoring with data transmission to NCMC, 24-hour ABP monitoring, full time and off-hours monitoring, and triage. The facility can receive any number of patient calls simultaneously, with patients receiving immediate, one-on-one service every time they call. NCMC's facilities will be used to continuously receive and interpret the data collected by NowCardio monitors once they are in commercial use in the United States.NCMC, a FDA-registered independent diagnostic testing facility, with 2016 projected sales of $2,500,000 and approximately 900 customers, provides electrocardiography support services designed specifically for physicians, hospitals, scanning services and home health care agencies, including a 24-hour/day ECG monitoring center. John Bentivoglio, CEO and President of Event Cardio Group, stated, \"The acquisition of NCMC comes at a pivotal time in our company's development as we recently received clearance from Health Canada to sell our NowCardio™ heart monitoring system, our noninvasive continuous heart monitoring device, as a Class 2 Medical Device in Canada. We also anticipate submitting our 510(k) application with the United States Food and Drug Administration (FDA) in late July. We welcome NCMC to Event Cardio Group and look forward to servicing NCMC's existing customer base and integrating our operations in a seamless transition.\"Effective immediately, Richard Owsik, formerly president and CEO of NCMC, will become a consultant to Event Cardio Group and Joseph Hashim, formerly Vice President of NCMC, will become VP Sales and...