VICTORIA, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2010) - CardioComm Solutions, Inc. (TSX VENTURE:EKG) ("CardioComm" or the "Company") today announced that it will be conducting a non-brokered private placement equity financing under which it will issue 6,000,000 units at a price of $0.05 per unit for gross proceeds of $300,000. Each unit will be comprised of one common share of the Company and one common share purchase warrant exercisable for two years for an additional share at a price of $0.10. The securities to be issued under the financing will be subject to a four month hold period.
The subscriber under the financing will be MD Primer Inc. Dr. Anatoly Langer, the Company's Chairman, is the majority shareholder of MD Primer. Upon completion of the private placement, MD Primer will hold 27,196,666 shares of the Company, representing approximately 39.8% of the Company's outstanding shares, and 16,000,000 share purchase warrants of the Company. Dr. Langer will hold or have control or direction over 35,170,671 shares, representing approximately 51.6% of the Company's shares, and 16,000,000 warrants.
The terms of the financing are subject to the approval of the TSX Venture Exchange. The proceeds from the financing will be used for general working capital of the Company.
About CardioComm Solutions, Inc.
CardioComm Solutions, Inc. ("CardioComm") has been a consistent provider of ECG management software solutions in the English speaking world for the past 21 years. Its products are marketed as Global ECG Management System (GEMS™) and GlobalCardio™. CardioComm is ISO 13485 certified and its products have been cleared for sale in the United States, Canada and the European Union. CardioComm's competitive advantage is built upon 2 ECG patents, a unique FDA approved ECG analysis algorithm, a world class ECG (signal) viewer and a back-end ECG data management control system. CardioComm's technology enables the recording, transfer, viewing, analyzing, reporting and storing of electrocardiograms (EKGs) over a global virtual healthcare network by physicians for the diagnosis and management of cardiac patients. CardioComm provides an ECG management solution which complements the majority of the world's cardiac event monitors, including those intended for the home and tele-health market. CardioComm products are sold worldwide to hospitals, call centers and physicians offices through a combination of its external distribution network and its North American based sales team.
On behalf of the Board of Directors of CardioComm Solutions, Inc.
Anatoly Langer, Chairman of the Board
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release