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CardioComm Solutions, Inc. Close Private Placement Equity Financing and Addition to Board of Directors

Tue, 02/01/2011 - 3:45pm
The Associated Press

http://www.CardioComm.com () —

CardioComm Solutions, Inc. (TSX VENTURE: EKG) ("CardioComm" or the "Company") today announced that it has closed its previously announced non-brokered private placement equity financing. Under the financing, the Company issued 3,000,000 units at a price of $0.05 per unit for gross proceeds of $150,000. 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 $0.10. The shares and warrants issued by the Company are subject to a four month hold period, which will expire on June 2, 2011. The proceeds from the financing will be used for general working capital of the Company.

The Company also announced that Mr. Simi Grosman has been appointed to the board of directors of the Company, effective immediately. Mr. Grosman currently provides consultative and interim management services to emerging and expanding mobile and financial ventures, focusing on diagnostic services, transition management, business development, sales and marketing and company growth/turnaround.

Dr. Anatoly Langer, the Chairman of the board of the Company, said, "Simi is a terrific addition to the board, and I anticipate that his expertise and experience will provide significant contributions to the Company's strategy and execution in 2011."

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.

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