CardioComm Solutions, Inc. Enters into an Amendment to its Loan Agreement with MD Primer Inc.; Announces Robert Caines as its Board of Directors
December 16, 2015 at 12:03 pm EST
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CardioComm Solutions Inc. announced that it has entered into an amendment to its loan agreement with MD Primer Inc. (MDP'). Under the amendment, MDP has agreed to extend the date of repayment of a line of credit (LOC') provided to the company until March 31, 2016. The terms of the original $1 million line or credit loan agreement which was announced January 18, 2013, will remain unchanged during the extension period except that the amount of the LOC available to CardioComm shall be $900,000. Under the original agreement the line of credit would have been payable on or before December 31, 2015. The company will use the extension period to work to retire the LOC through acquisition of funding through alternative funding sources and from sales-based revenue. MDP is under the direction of Dr. Anatoly Langer, CardioComm Solutions' Chairman. As MDP is a related party to CardioComm, Dr. Langer abstained from voting on the amendment when it received board approval. The amendment is subject to approval by the TSX Venture Exchange.
The company announced that Robert Caines, Managing Partner at Paley Advisors, has joined the company's board of directors. Robert is an experienced mergers and acquisitions executive with over thirty years of business startup, growth and management experience. He founded Paley Advisors in 2014.
CardioComm Solutions, Inc. is a Canada-based company, which develops software, hardware and core laboratory reading services related to electrocardiogram (ECG) and ambulatory arrhythmia monitoring systems for medical and consumer markets globally. The Company's specialization is in the software engineering of computer based (ECG) management and reporting software. The software permits physician interpretations of ECGs and supports private and public payer fee-for-service billings. The Companyâs device connectivity and ECG management technologies are used in medical, consumer, clinical research and telemedicine solutions for the recording, transmission, viewing, analyzing, reporting and storage of electrocardiograms, for arrhythmia screening, diagnosis, and management of cardiac patients. Its Global ECG Management Solutions (GEMS) and GlobalCardio (Cloud based GEMS) products are licensed worldwide to hospitals, ECG commercial reading services and physicians.