TORONTO, ONTARIO--(Marketwire - June 30, 2012) - CardioComm Solutions, Inc. (TSX VENTURE:EKG) ("CardioComm Solutions" or the "Company") announces it has closed its previously announced non-brokered private placement equity financing. Under the financing, the Company issued 200,000 units at a price of $0.60 per unit, for gross proceeds of $120,000. Each unit was 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 $0.85. For further information regarding the financing, please see the Company's press release that was issued on March 20, 2012. The gross proceeds from the financing will be used for general working capital of the Company. The shares and warrants issued by the Company are subject to a four month hold period, which expires on October 30, 2012.
"We continue to be optimistic on the performance of CardioComm Solutions especially in our go to market plans for the HeartCheck™ devices and Smart Monitoring Services. Although these equity financings tend to move slower than we would prefer, this smaller private placement, together with the exercising of 'in-the-money' warrants and options, will assist the Company with meeting anticipated production and market costs as HeartCheck™ PEN production readies," said Etienne Grima, CEO of CardioComm Solutions.
About CardioComm Solutions
CardioComm Solutions' patented and proprietary technology is used in products for recording, viewing, analyzing and storing electrocardiograms (ECGs) for diagnosis and management of cardiac patients. Products are sold worldwide through a combination of an external distribution network and a North American-based sales team. The company has earned the ISO 13485 certification, is HPB approved, HIPAA compliant, and has received FDA market clearance for its software and HeartCheck™ devices. CardioComm Solutions, Inc. is headquartered in Toronto, Canada, with offices in Victoria, B.C.
This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of CardioComm Solutions and certain of the plans and objectives of CardioComm Solutions with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
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