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CardioComm Solutions Inc. Announces Year End Financial Statements - A Record year for Revenue-$2.75 Million up from $1.7 Million
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VICTORIA, B.C., April 25, 2005 - CardioComm Solutions Inc. (TSX-V:CCG) (the "Company", "CardioComm"), is pleased to report its fourth quarter fiscal 2004 financial results as well as the results for the twelve month period ended December 31, 2004. Please refer to the Company's financial statements and management discussion & analysis filed electronically at www.sedar.com .
"Today we announced our financial statements for the year ended December 31, 2004 . We can proudly state that it was the best year of revenue growth in the Company's history," stated Stephen Martin, CardioComm's CEO .
Revenues for the fourth quarter of 2004 were $475,531 compared to $963,530 for the fourth quarter of 2003. The Q4 2003 revenue was significantly larger due to a licensing agreement associated with product sales and additional strategic relationships for customizing solutions. In 2004, 89% of the Company's sales were garnered from the U.S. market. As such the revenue figures were subject to an unfavorable US exchange rate which had a significantly negative effect on the amount of recorded sales which are in Canadian dollars.
General and Administrative expenses were $316,750 for the fourth quarter of 2004 as compared to $522,097 for the fourth quarter of 2003. This decrease in costs is largely due to adjustments related to the reporting of stock compensation expenses. Sales and marketing expenses were $188,169 for Q4 2004, compared to $211,683 for Q4 2003 thus representing a decrease of 11%. This decrease was a result of increased staff efficiencies and a reduction in travel expenses.
Revenues for the twelve month period ended December 31, 2004 were $2,746,251 compared to $1,718,476 for the same period last year. This $1,027,775 or 60% increase in revenue is due to increased U.S. sales and the addition of key strategic co-development relationships.
General and administrative expenses were $1,152,335 for the twelve months ended December 31, 2004 compared to $1,169,324 for the previous period. This decrease of $16,989 was due to a substantial decrease in financing costs in 2004.
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. 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 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 (GEMST) and GlobalCardioT. 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.
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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
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