CDIC Cardiodynamics International (MM)

California Equity Research, LLC, a leading independent investment research firm focused on California equities, is initiating coverage of CardioDynamics International Corporation (NASDAQ: CDIC) ($0.60) with a Buy rating and price target of $3.50. The following excerpts are from the CardioDynamics research report.

--  CardioDynamics shares are significantly undervalued trading at a TTM
    revenue multiple of 0.17x.

--  CardioDynamics revenue is expected to grow at an 8% annual rate
    through 2010 based on:

    --  New initiatives and additions to sales and marketing

    --  Next generation BioZ product to be released in late 2009

    --  Growing traction in overseas markets particularly Eastern Europe

    --  Important clinical studies due for release in 2010 on hypertension
        and CHF

More information on the 21-page CardioDynamics research report can be obtained by calling 866.928.2600 or by visiting online at www.CalEquityResearch.com. Please refer to our website for a full list of disclosures.

California Equity Research, LLC is an independent, research-only investment firm that exclusively covers underfollowed opportunities in California. Our research is produced by experienced analysts that have one committed goal: providing timely, value-added research ideas to our clients. For more information about California Equity Research please visit us online at www.CalEquityResearch.com or call 866.928.2600.

CONTACT: Bud Leedom Director of Research California Equity Research, LLC 858.829.8688