TORONTO, ONTARIO--(Marketwire - Aug. 20, 2012) - CardioComm Solutions, Inc. (TSX VENTURE:EKG) ("CardioComm Solutions" or the "Company") today announced the execution of an ECG arrhythmia services contract with AIM Health Group ("AIM") to service their network of Canadian based Clinics.
"AIM and CardioComm Solutions have been in discussions with respect to implementing an ECG services solution within their clinics since mid 2011 and with the completion of all Beta testing we are ready to implement services into their network of clinics starting immediately," said Etienne Grima, CardioComm Solutions' CEO. "The cycle time for completion of this business is typical of this market segment and reflects the requirement for careful evaluation for such patient based services and we are pleased to have met AIM's stringent requirements."
The ECG services solution will provide AIM resting 12-lead ECG readings, 5-lead Holter monitor reading as well as event loop recorder (ELR) based arrhythmia monitoring services. The deal involves the sales of 12 lead, ELR and Holter ECG devices into the AIM clinics in addition to providing access to the CardioComm Solutions' GlobalCardio™ 12 lead (GC12) and ELR (GC3) remote software. Revenue will be derived from device sales, and a combination of annual licensing fees paid by AIM, pay as you go ECG upload fees (software as a service) and OHIP billings. CardioComm Solutions will also provide remote support, ECG reading and interpretation services through their established C4 ECG call centre. Use of the HeartCheck™ ECG monitor and HeartCheck™ PEN to extend the reach of arrhythmia monitoring following visits to the clinics will also be evaluated.
The intent of the parties is to develop a complete ECG Service within the AIM Health Group clinics across Canada. CardioComm Solutions will provide the hardware as well as software solutions for implementation within our network while AIM will provide access to patient volumes. Implementation during Q3 of this year will involve an initial 10 clinics within Ontario which are associated with over 100 family practice physicians and specialists.
"The GC12 and GC3 solutions are designed for call centre, clinic and hospital use. What is of significance is that this group of ECG solutions can be implemented in any country on any scale. The infrastructure and software are proven, the set up costs to customers is minimal, the work flow reliable and rapid, and business risk minimized by clients paying as they themselves make money. With our increased marketing efforts for the HeartCheck devices, we are now garnering international interest in our traditional medical software solutions and are undertaking plans to expand these more traditional medical services beyond North America," says Etienne Grima.
About CardioComm Solutions
CardioComm Solution's 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 devices. CardioComm Solutions, Inc. is headquartered in Toronto, Canada, with offices in Victoria, B.C.
AIM Health Group is a fully integrated health care company that provides comprehensive health care services and solutions for patients, health care providers, corporate clients concerned about occupational health, hospitals and other institutional providers of health care and pharmaceutical companies. AIM Health Group provides services to individuals that are ill, injured, or disabled, and to individuals requiring life style interventions to improve their quality of life (wellness). This philosophy translates into a continuum of health delivery where the individual's health care is integrated with the various service providers through a complex public-private delivery model. This continuum of care model is the core concept of AIM Health Group's integrated service and delivered within the community based AIM Health and Wellness Centres (www.aimhealthgroup.com/contact-us/health-and-wellness-centres.htm).
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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