CardioDynamics Announces Investors Retain $5.25 Million 8% Convertible Debt Securities
14 Janvier 2009 - 7:51PM
PR Newswire (US)
Maturity Date Remains April 11, 2011, with $8.05 Conversion Price
SAN DIEGO, Jan. 14 /PRNewswire-FirstCall/ -- CardioDynamics
(NASDAQ: CDIC), the innovator and leader of BioZ(R) impedance
cardiography (ICG) technology, today announced that the Company's
note holders had not exercised their "put" rights regarding the
$5.25 million, 8% subordinated convertible debt securities. The
terms of the notes provided an option under which the holders had
an opportunity to elect, in January 2009, to be repaid in April
2009. Since the put option expired unexercised, the maturity date
for the debt remains April 11, 2011. The convertible notes carry an
8% interest rate, payable in cash semi-annually with a conversion
price of $8.05 per share. "We are pleased that our debt holders
have chosen to remain invested in CardioDynamics," stated Michael
K. Perry, Chief Executive Officer. "We have seen continued
improvement in our operating performance with seven consecutive
quarters of revenue growth and an 83% reduction in operating loss
over the past two years. Our objective for 2009 is to continue the
positive growth trend and to achieve cash flow break-even for the
full fiscal year." About CardioDynamics: CardioDynamics
(NASDAQ:CDIC), the ICG Company, is the innovator and leader of an
important medical technology called BioZ(R) Impedance Cardiography
(ICG). The Company develops, manufactures and markets noninvasive
BioZ(R) ICG products and medical device electrodes. The Company's
BioZ(R) ICG Systems are being used by physicians around the world
to help battle the number one killer of men and women --
cardiovascular disease. Partners include GE Healthcare, Philips
Medical Systems, and Mindray. For additional information, please
refer to the company's Web site at http://www.cdic.com/.
Forward-Looking (Safe Harbor) Statement: Except for the historical
and factual information contained herein, this press release
contains forward-looking statements, the accuracy of which is
necessarily subject to uncertainties and risks including the
Company's sole dependence on the BioZ(R) product line, positive
growth trends, achievement of cash flow break-even and various
uncertainties characteristic of early growth companies, as well as
other risks detailed in the Company's filings with the SEC,
including its 2007 Form 10-K. The Company does not undertake to
update the disclosures contained in this press release. DATASOURCE:
CardioDynamics CONTACT: Steve Loomis, Chief Financial Officer of
CardioDynamics, 1-800-778-4825, ext. 1015, Web Site:
http://www.cdic.com/
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