CardioComm Solutions Provides Update Including Trading Reinstatement
- CardioComm resumes trading on TSX Venture Exchange after filing financial documents
- Company has restored all production and development systems
- Company will be placed on a 90-day notice for non-separation of CEO/CFO positions
Toronto, Ontario--(Newsfile Corp. - October 3, 2023) - CardioComm Solutions, Inc. (TSXV: EKG) ("CardioComm" or the "Company"), a global medical provider of consumer heart monitoring and medical electrocardiogram ("ECG") software solutions, is pleased to provide an update respecting the reinstatement to trading of its common shares on the TSX Venture Exchange (the "Exchange") under the trading symbol "EKG". The Exchange has confirmed that trading of the Company's shares will be reinstated on or about Friday, October 6, 2023.
The Company announced on May 1, 2023, the initial cause for the trading suspension, which was due to the Company not filing its annual financial statements for the financial year ended December 31, 2022 and its management's discussion and analysis relating to the Financial Statements ("Financial Documents") by the May 2, 2023 deadline. The delay was due in part to the March 22, 2023, resignation of Josee Bertrand as the Chief Financial Officer ("CFO") during the time the 2022 year-end independent audit was underway and also to the implementation of a new financial accounting software system. On May 5, 2023, the Ontario Securities Commission issued the Company a failure to file cease trade order ("FFCTO"). The Company filed the Financial Documents on August 3, 2023, and the FFCTO was revoked on August 4, 2023.
In order to file the Company's 2022 year-end financial statements as well as the first and second quarter 2023 financial statements, CardioComm's Chief Executive Officer ("CEO"), Etienne Grima, assumed the role of the Company's interim Chief Financial Officer effective August 3, 2023, a role he originally held between 2007 and 2010. While permitted for an interim period, holding such a dual role is in breach of Exchange Policy 3.1, Section 5.9. Accordingly, the TSX Venture Exchange has now permitted trading in the shares of CardioComm to resume while Mr. Grima serves as interim CFO. However, the Company will be placed on a 90-day Notice by the Exchange for non-separation of the CEO / CFO positions during which time the Company will be required to replace Mr. Grima as interim CFO with a dedicated CFO or have its listing transferred to the NEX board of the TSX Venture Exchange. The Company confirms it is in the process of identifying and appointing a CFO and anticipates being in compliance with Exchange Policy 3.1, Section 5.9 in advance of the Notice deadline.
The Company also advises of the resignation of Dr. John Foote from his position as a Director of the Company on March 31, 2023. The Company thanks Dr. Foote for his contributions to the Company over his four-year tenure. The Company's current directors and officers are Etienne Grima (Chief Executive Officer, interim Chief Financial Officer, Corporate Secretary and Director), Robet Caines (Director and Chair of the Board) and Daniel Grima (Director). The Company is currently reviewing options to increase its Board of Directors membership.
The Company also wishes to provide an update respecting the cyber security incident on the Company's servers, announced on July 25, 2023. Following the incident, the Company immediately launched a comprehensive investigation and corrective actions plan, working closely with KPMG-EGYDE, relevant authorities and third-party cybersecurity experts in accordance with industry best practices. The Company advises that all production and development systems have been restored.
These have been challenging times for CardioComm, and the Company's Board of Directors and staff are thankful for the patience and continued support of its shareholders, clients and suppliers. The Company confirms it has resumed normal operations and plans to provide further updates soon.
To learn more about CardioComm's products and for further updates 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 and ISO 27001 certifications, is HIPAA compliant and holds medical device clearances and sales licenses from the USA (FDA) and Canada (Health Canada).
FOR FURTHER INFORMATION PLEASE CONTACT:
Etienne Grima, Chief Executive Officer
1-877-977-9425 x227
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/182847
