As you're aware we have released our Q1 2013 financial statements. A review of these statements will show we continue to manage our costs without incurring anything more than operational debt while continuing to build infrastructure in our Toronto office. Our intention is for the Victoria, BC office to continue focusing on new product development related to our medical installations and clients. The Toronto office will be grown to meet North America and global sales and marketing requirements for the HeartCheck™ PEN, SMART Monitoring technologies, as well as legal and financial matters related to the Company.
At the end of the first-quarter we announced two online distributors in the United States who had taken possession of inventory. Other distributors have been signed and these will be announced once they have an impact on sales. CardioComm Solutions' focus in Q1 was to capitalize on the December 2012 CE Mark approval. Regarding overseas distribution, we are currently providing units for country reviews and regulatory approvals on a regular basis. We anticipate Q2 to reflect revenue from online as well as distributor based sales.
In association with increasing sales and marketing efforts for the HeartCheck™ brand and SMART Monitoring, we've been strengthening our service platform. A new version of GEMS Home will be released in the near future that will permit consumers to include underlying medical conditions by providing a number of symptoms that may have been experienced while acquiring their heart rhythm reading (or ECG) using a drop-down list. As well, consumers may provide approval to be contacted by our medical call-center if there is a finding that is of concern. Finally, we have implemented a 30 minute ECG report response time.
We have received feedback from our customers and evaluators of our products and overall we have found that the HeartCheck™ PEN is making a material and positive difference in the lives of people. I am pleased to be able to include one testimonial from a customer who has used the PEN to assist in confirming underlying arrhythmias that have been difficult to document using conventional medical monitoring practices. Additional testimonials will be available on our website (www.theHeartCheck.com) as they become available.
"At age 43 I was diagnosed with Paroxysmal Atrial Fibrillation. Shortly after the first few episodes I began to develop multiple arrhythmias and was put through the prescription experiment (as I am sure many can relate too). It became obvious that a 30 second ECG in my Doctors' office once every three months was not going to capture what I was describing to him, so with this frustration in mind I set out to find ECG technology that I could access anytime, anywhere when I need it. Online research brought me to the HeartCheck™ website and I soon found what I was needing. The HeartCheck™ PEN! My wife made one call to the posted CardioComm Solutions' number and received excellent service and support. I paid with credit card and my PEN was delivered to my rural address within 24 hours. Simply awesome. I found the PEN to be very simple to use and after a quick reading and unlock I requested a pre-paid "bundle" of doctor evaluated readings so that I could match the convenience of the PEN with the peace of mind and safety of nearly instant readings, evaluations and reports when I need it. I have used the PEN on several occasions and it has captured several arrhythmias that up until now the inconvenient doctor visit had missed. My cardiologist is very impressed with this device and we intend to use the valuable evaluations to aid in future diagnosis and treatments. As a result of the polite and professional staff and the unmatched convenience and knowledge provided by this technology, I now feel a little more in control of my situation and this offers much needed peace of mind." Q. Boser, HeartCheck™ PEN owner, Stony Plain, Alberta, Canada.
What is important to share with our shareholders is that we are not experiencing any problems with the HeartCheck™ PEN and SMART Monitoring solution; rather, we continue to develop what I believe to be a reliable and stable platform to enable continued growth for ECG monitoring in the consumer market. Sales are increasing at a progressive level and, while not as quickly as we all would like, we are seeing more ECG interpretation service payments coming to our system as consumers have utilized their first free ECG reading to unlock the PEN. We expect progressive and modest growth until distributors are brought on board.
Our goals in 2013 include new market access with retail stores and pharmacies, support of clinical research projects, the introduction of new devices to monitor ECGs as well as confirming strategic relationships with services providers and device manufacturers.
Very kind regards,
Etienne Grima, CEO
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.