VICTORIA, BRITISH COLUMBIA--(Marketwire - Feb. 18, 2011) - CardioComm Solutions, Inc. (TSX VENTURE:EKG) ("CardioComm" or the "Company") today announced that it has settled an aggregate of $70,000.00 of outstanding debt of the Company in exchange for the issuance of common shares. The debt represents fees owed by the Company to service providers. Under debt settlement agreements between the Company and the Creditors, the Company has agreed to issue an aggregate of 1,400,000 common shares of the Company to the Creditors (at a deemed price of $0.05 per share) in full and final settlement of the debt. The debt settlement and the issuance of the common shares are subject to the approval of the TSX Venture Exchange.
Etienne Grima, the Company's CEO, said, "We are pleased that our service providers have chosen to provide their long-term support to CardioComm Solutions, Inc."
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.
Dr. Anatoly Langer, Chairman
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.