VICTORIA, B.C., 'May 15, 2006 - CardioComm Solutions Inc. (TSX-V:CCG) ("CardioComm", the "Company"), is pleased to announce the following key development:
Private Placement
CardioComm announces that it intends to carry out a non-brokered private placement of up to 3,300,000 units to raise gross proceeds of up to $198,000 at $0.06 per unit. Each unit consists of one common share of CardioComm and one warrant, with each warrant entitling the holder to purchase one common share of the CardioComm for $0.12 in the first year and $0.18 the second year from the date of issuance. The proceeds will be used for general working capital. The transaction is subject to regulatory approval.
In administrative matters the Company wishes to announce the granting of options under the Company's Stock Option Plan in the amount of 1,550,000 exercisable for five years at a price of $0.10.
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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