Science & Technology
Science and Technology
Science and Technology
Tue, October 2, 2012
Mon, October 1, 2012 CardioComm Solutions Receives $600,000 in Cash Through an Exercise of Warrants
October 01, 2012 19:43 ET
CardioComm Solutions Receives $600,000 in Cash Through an Exercise of Warrants
TORONTO, ONTARIO--(Marketwire - Oct. 1, 2012) - CardioComm Solutions, Inc. (TSX VENTURE:EKG) ("CardioComm Solutions" or the "Company"), a global medical provider of electrocardiogram ("ECG") acquisition and management software solutions, announced today that MD Primer Inc. ("MD Primer"), CardioComm Solutions' largest shareholder, has exercised a total of 6,000,0000 common share purchase warrants at an exercise price of $0.10 per share for gross proceeds to CardioComm Solutions of $600,000. MD Primer is under the control and direction of Dr. Anatoly Langer, CardioComm Solutions' Chairman, and acquired the warrants in December 2010 under an equity financing conducted by CardioComm Solutions.
The proceeds from the warrant exercise will be used by the Company for general working capital.
"Our prior equity financings have provided the capacity for generating additional cash through the exercise of associated warrants that our shareholders hold. With more in-the-money warrants and options ready to expire, we anticipate receipt of additional funds over the coming months," 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 devices. CardioComm Solutions is headquartered in Toronto, Ontario, Canada, with offices in Victoria, British Columbia, Canada.
Forward-looking statements
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
