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Event Cardio Group Completes Sale of 2,500,000 Shares of Common Stock and Takes Back Right to Market Its NowCardio(TM) Monitoring Device in Canada
Event Cardio Group Completes Sale of 2,500,000 Shares of Common Stock and Takes Back Right to Market Its NowCardio(TM) Monitoring Device in Canada.
About this update from Ecgi Holdings Inc.
[{"type":"text","content":"\nEvent Cardio Group Completes Sale of 2,500,000 Shares of Common Stock and Takes Back Right to Market Its NowCardio(TM) Monitoring Device in Canada\n\nEvent Cardio Group Completes Sale of 2,500,000 Shares of Common Stock and Takes Back Right to Market Its NowCardio(TM) Monitoring Device in Canada\n\n NEW YORK, NY--(Marketwired - June 21, 2016) - Event Cardio Group, Inc. (OTCQB: ECGI), developer of medical diagnostic equipment for the detection and preventive treatment of high-risk diseases, announced that it sold to an accredited investor 2,500,000 shares of its common stock and warrants to purchase an additional 833,333 shares of the Company's common stock exercisable at US$0.25 per share for an aggregate purchase price of $375,000 or US$0.15 cents per share. The Company also sold to two other accredited investors an aggregate of 10,000,000 shares of the company's common stock and warrants to purchase an aggregate of 5,000,000 shares of common stock exercisable at US$0.25 per share for a total purchase price of $1,000,000. The Company also completed a share purchase and option agreement with Nick Bozza and his Family Trust (collectively, \"Mr. Bozza\"). As part of the agreement, Event Cardio Group acquired rights previously granted to Mr. Bozza to distribute Event Cardio's wireless cardiac monitoring device throughout Canada and exclusively in the Province of Ontario. Combined with the transfer back to the Company by John Bentivoglio, the Company's President, of his portion of the rights to distribute the cardiac monitoring device in Canada outside of Ontario, which were jointly held with Mr. Bozza, the Company now rights holds all of the rights to distribute its products in Canada. This will enable the Company to coordinate its marketing efforts in Canada and the United States. John Bentivoglio, President and Chief Executive Officer of Event Cardio Group, said, \"We are glad to have reached an agreement with Nick Bozza, co-founder of our company. As we move along our path toward commercializing NowCardio, our disruptive cardiac device, we look forward to using the shares we acquired from the Trust to attract new shareholders, growth capital and expertise.\"Pursuant to the Agreement, Mr. Bozza agreed to relinquish rights under a license granted by the company in 2014 to market and distribute the company's wireless cardiac moni...