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Private Placement of Units Announced |
VICTORIA, B.C., September 30, 2003 - CardioComm Solutions Inc. (TSX-V:CCG) (the "Company", "CardioComm"), is pleased to announce the following :
Private placement of units Subject to regulatory approval, the Company intends to carry out a private placement of 3,603,570 units at a price of $0.14 per unit for gross proceeds of C$504,500. Each unit will consist of one common share of the Company and one half-share purchase warrant. Two half-share purchase warrants will entitle the holder to purchase one further common share of CardioComm at a price per share of $0.15 during the first year and $0.17 during the second year. The proceeds will be used for sales and marketing efforts and general working capital. Ex Fund Technologies Corp., ("Ex Fund") a subsidiary of Discovery Capital Corporation and a current shareholder of the Company, will subscribe for 2,532,142 of the units being issued using funds received by Ex Fund from the sale of common shares of the Company currently owned by it. After the acquisition of the 2,532,142 units under the private placement described above, Discovery Capital Corporation will beneficially own, 11,503,024 common shares of CardioComm representing approximately 33% of CardioComm's then issued and outstanding common shares.
About CardioComm Solutions Inc: CardioComm's patented and proprietary technology is used in products for the recording, viewing, analyzing and storing of electrocardiograms (ECGs), for diagnosis and management of cardiac patients. CardioComm has achieved its technical goals of improved access and communication through the development of a real-time ECG viewer. CardioComm is the first company to provide a real-time means of viewing ECGs over a network (LAN, WAN or Internet). This tool enables ECGs to be viewed and controlled live, by physicians, over a global virtual healthcare network. This technology is marketed as Global ECG 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 both ISO 9001 and EN 46001 certifications. |
On behalf of the Board of Directors of CardioComm Solutions Inc.:
“Stephen Martin”
Stephen R. Martin, President & CEO
For investor information, please contact: Stephen Martin |
