CardioComm Solutions Completes Debt Settlement

Rhea-AI Summary

CardioComm Solutions, a provider of ECG software solutions, has completed its debt settlement transactions with certain creditors. To settle a total debt of $419,093.68, the company issued 41,909,368 common shares at $0.01 per share. These shares are subject to a four-month hold period, expiring on November 10, 2024. The transactions include related party dealings, as company directors participated in the settlements. However, these transactions are exempt from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101, as they do not exceed 25% of the company's market capitalization.

Positive

• CardioComm Solutions settled $419,093.68 in outstanding debt.
• 41,909,368 common shares were issued at $0.01 per share to clear the debt.

Negative

• The issued shares are subject to a four-month hold period, affecting immediate liquidity.

Toronto, Ontario--(Newsfile Corp. - July 10, 2024) - CardioComm Solutions, Inc. (TSXV: EKG) ("CardioComm" or the "Company"), a global medical provider of consumer heart monitoring and medical electrocardiogram ("ECG") software solutions, announces that it has completed its previously announced debt settlement transactions with certain creditors (the "Creditors") of the Company (see CardioComm's news release dated June 3 and July 8, 2024). Pursuant to debt settlement agreements with the Creditors, the Company issued an aggregate of 41,909,368 common shares of the Company ("Shares") to the Creditors at a deemed price of $0.01 per Share to settle an aggregate of $419,093.68 in outstanding debt owed by the Company to the Creditors. The Shares are subject to a four month hold period which will expire November 10, 2024, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

Certain directors of the Company participated in the debt settlement transactions, and each transaction with a director is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). Each transaction with a director of the Company is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of each transaction does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.

To learn more about CardioComm's products and for further updates regarding HeartCheck™ ECG device integrations please visit the Company's websites at www.cardiocommsolutions.com and www.theheartcheck.com.

About CardioComm Solutions

CardioComm Solutions' patented and proprietary technology is used in products for recording, viewing, analyzing and storing electrocardiograms for diagnosis and management of cardiac patients. Products are sold worldwide through a combination of an external distribution network and a North American-based sales team. CardioComm Solutions has earned the ISO 13485 certification, is HIPAA compliant and holds clearances from the European Union (CE Mark), the USA (FDA) and Canada (Health Canada).

FOR FURTHER INFORMATION PLEASE CONTACT:
Etienne Grima, Chief Executive Officer
1-877-977-9425 x227
egrima@cardiocommsolutions.com
investor.relations@cardiocommsolutions.com

Forward-Looking statements
This release may contain certain forward-looking statements and forward-looking information 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. Such statements and information reflect management's current beliefs and are based on information currently available to management. By their nature, forward-looking statements and forward-looking information 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 and forward-looking information.

In evaluating these statements, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not assume any obligation to update the forward-looking statements and forward-looking information contained in this release other than as required by applicable laws, including without limitation, Section 5.8(2) of National Instrument 51-102 (Continuous Disclosure Obligations).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216133

FAQ

What is the recent debt settlement by CardioComm Solutions?

CardioComm Solutions settled $419,093.68 in debt by issuing 41,909,368 common shares at $0.01 per share.

When do the newly issued shares by CardioComm Solutions become tradable?

The new shares will be tradable after November 10, 2024, following a four-month hold period.

Did CardioComm Solutions' directors participate in the recent debt settlement?

Yes, some directors participated, making the transactions 'related party transactions' under MI 61-101.

Were the debt settlement transactions by CardioComm Solutions subject to formal valuation?

No, the transactions were exempt from formal valuation and minority shareholder approval requirements under MI 61-101.

What was the price per share for the debt settlement by CardioComm Solutions?

The price per share was $0.01.