CardioComm Solutions Inc. Announces Insider Purchase of Third-party Loan
CardioComm Solutions (TSXV: EKG) announced that CEO Etienne Grima has personally purchased an $80,000 loan from one of the company's third-party lenders. This loan was part of original loans totaling $600,000 first announced in December 2016.
The transaction represents a significant shift as all of CardioComm's debt is now held by company insiders. The loan terms remain unchanged, and the purchase was unanimously approved by the company's directors. This consolidation under insider control demonstrates management's confidence in CardioComm's strategic direction and enhances the company's ability to advance its commercialization plans without third-party debt dependencies.
- All company debt now consolidated under insider control, demonstrating management confidence
- CEO's personal assumption of debt position shows strong commitment to company
- Reduced dependency on third-party debt providers
- Transaction strengthens ability to advance commercialization plans
- Company still carries significant debt from 2016 loans
- Original $600,000 loan has only been partially retired over several years
Deal Consolidates All Debt Under Insider Control
Toronto, Ontario--(Newsfile Corp. - September 26, 2025) - CardioComm Solutions Inc. (TSXV: EKG) ("CardioComm" or the "Company"), a global provider of consumer heart monitoring and medical electrocardiogram ("ECG") software solutions, today announced that its Chief Executive Officer, Mr. Etienne Grima, has purchased from one of the Company's lenders a loan with a principal value of
The Loan represents a portion of original loans totaling
This acquisition constitutes a private asset purchase by the CEO, who has personally assumed the lender's position in the Loan.
As a result of this transaction, all of CardioComm's debt is now held by insiders of the Company. This consolidation of obligations under insider ownership reflects management's continued confidence in CardioComm's strategic direction and strengthens the Company's ability to advance its commercialization plans without reliance on third-party debt providers.
CardioComm reiterates that the Loan terms remain unchanged, and the purchase does not alter the Company's financial reporting obligations. The acquisition of the Loan by Mr. Grima was unanimously approved by the directors of the Company.
Voluntary Disclosure
The Company is providing disclosure of this private transaction on a voluntary basis in the interest of transparency to shareholders. The disclosure also ensures continued compliance with the requirements of Leede Financial Inc., which facilitated as agent and administered the Loan in prior reporting periods.
The Company notes that this transaction is a private asset purchase between the CEO and a third-party lender. The Loan remains on the same terms and conditions as previously disclosed by the Company, and no new securities of CardioComm are issuable in connection with this transfer.
The transaction does not constitute a "related party transaction" under Multilateral Instrument 61-101 and does not trigger a TSX Venture Exchange ("TSXV") review. The transfer represents only a change in beneficial ownership of the Loan, and therefore does not require TSXV approval.
This transaction does not involve the issuance of new securities, material amendments to the debt instrument, or a transaction that would materially affect control of the Company.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Etienne Grima, Chief Executive Officer
1-877-977-9425 x227
investor.relations@cardiocommsolutions.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/268179
FAQ
What is the significance of CardioComm's CEO purchasing the $80,000 loan?
How much was CardioComm's original loan amount from 2016?
Does the loan purchase by CardioComm's CEO require TSX Venture Exchange approval?
How does this loan purchase affect CardioComm's financial reporting obligations?
Who is the CEO of CardioComm Solutions?
