Debt to equity conversion follows new releases
TORONTO, ON / ACCESSWIRE / December 29, 2020 / CardioComm Solutions, Inc. (TSXV:EKG) ("CardioComm" or the "Company"), a global medical provider of consumer heart monitoring and medical electrocardiogram ("ECG") software solutions, announced that at the request of two of four lenders, CardioComm will be issuing common shares of the Company (each, a "Share") to settle $250,000 worth of debt. Pursuant to debt settlement agreements with the two converting lenders, the Company will issue an aggregate of 5,000,000 Shares at a deemed price of $0.05 per Share to settle an aggregate of $250,000 of a total of $500,000 in debt owed by the Company to its secured lenders. The issuance of the Shares is subject to approval from the TSX Venture Exchange, and the Shares will be subject to a four month hold period in accordance with applicable securities laws.
The Company will have two years during which it may retire or refinance the remaining secured debt. Remaining lenders may convert their loaned amounts to shares at their discretion. The debt to equity conversion followed four press releases issued by the Company with three related to the use of CardioComm's HeartCheck™ CardiBeat wireless ECG devices and the Company's pay for use SMART Monitoring ECG reading service by:
- Telemedicine platform provider, and solutions reseller Alliance Tele-Med, for remote patient and COVID monitoring platforms integrated with the LiveCare Link+ platform on December 16, 2020;
- Quebec community pharmacists to perform ECG screening for the prevention of drug induced QT/QTc interval prolongation induced sudden cardiac death on December 17, 2020; and,
- Ontario physicians to remotely monitor their patients in response to COVID-19 changes in clinical practice on December 20, 2020.
The fourth press release was issued on December 23rd when the Company confirmed that a HeartCheck™ branded, wireless, wearable 12 lead ECG and Holter patch solution for remote and in home ECG monitoring was planned for 2021. The HeartCheck™ 12 lead patch device would be paired with the Company's already FDA and Health Canada cleared remote 12 lead GEMS ECG management technologies.
To learn more about CardioComm's products and for further updates regarding HeartCheck™ ECG device integrations please visit the Company's websites at www.cardiocommsolutions.com and www.theheartcheck.com.
About CardioComm Solutions
CardioComm Solutions' patented and proprietary technology is used in products for recording, viewing, analyzing and storing electrocardiograms 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. CardioComm Solutions has earned the ISO 13485 certification, is HIPAA compliant and holds clearances from the European Union (CE Mark), the USA (FDA) and Canada (Health Canada).
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This release may contain certain forward-looking statements and forward-looking information 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. Such statements and information reflect management's current beliefs and are based on information currently available to management. By their nature, forward-looking statements and forward-looking information 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 and forward-looking information.
In evaluating these statements, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not assume any obligation to update the forward-looking statements and forward-looking information contained in this release other than as required by applicable laws, including without limitation, Section 5.8(2) of National Instrument 51-102 (Continuous Disclosure Obligations).
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.
SOURCE: CardioComm Solutions, Inc.
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