CardioComm Solutions Updates GEMS(tm) Arrhythmia Management Software License Agreement. Ammendment to reflect the new releas...
09 Mai 2014 - 10:31PM
Access Wire
TORONTO, ONTARIO / ACCESSWIRE / May 9, 2014 / CardioComm Solutions, Inc. (TSX
VENTURE:EKG) ("CardioComm Solutions" or the "Company") today
announced that it has amended its GEMS(TM)software
license agreement ("SLA") with MD Primer Inc. ("MDP"), which was
previously described by the Company in its press releases on
January 22, 2014, and February 20, 2014.
Pursuant to the amending
agreement, the second payment milestone by MDP to the Company has
been modified to reflect the GEMS(TM) WIN software release schedule
of CardioComm Solutions. Accordingly, the SLA now associates the
second $150,000 milestone payment with the commercial release of
GEMS(TM) WIN and the third and final $100,000 milestone payment
with the commercial release of a GEMSTM
4.0 software upgrade. The SLA allows the Company to complete
GEMS(TM) WIN within the next six months if required; however, the
Company has recently announced an expected GEMS(TM) WIN release in
the first week of June 2014. The SLA also allows the Company a
further 18 month period to complete the GEMSTM
4.0 commercial release.
"The replacement
of the XP operating system to Windows 7 by Microsoft
has been a disruptive and expensive challenge for many and
necessitated a reprioritization of work by our development
team. In early 2014, we responded to requests from our
clients to help minimize, where possible, their need for additional
investments of time and finances for staff to be trained on any new
WIN 7 based ECG management software purchase.
Accordingly, we postponed our April GEMS(TM) 4.0 release in
favour of releasing GEMS(TM) WIN, a GEMS (TM) upgrade with Windows
7 compatibility that provides the familiarity and traditional
stability of GEMSTM 3 that our customer
base was already comfortable with. GEMS(TM) WIN will
also enable customers to continue to benefit from the use of our
HL7, AutoAttendant and GEMS(TM) Air modules," stated
Etienne Grima, CEO of CardioComm Solutions. "In order to also meet
our obligations to MDP, we have now added the provision of GEMS(TM)
WIN to our software license agreement so that MDP may have a
solution available until GEMSTM 4.0 is
released. Indeed, work on GEMSTM 4.0 has
already been re-engaged given the imminent release of GEMS(TM)
WIN."
The amended SLA states that
should CardioComm Solutions elect not to complete
GEMSTM WIN or GEMSTM
4.0, MDP will be permitted to acquire the unfinished software
works without restrictions and the Company's right to repurchase
the software license pursuant to the terms of the SLA will be
terminated.
"Modifying the
software license agreement was a responsible response to enable MDP
to have an ECG software solution available as originally
contemplated in the agreement. GEMSTM WIN
will be released in the next few weeks with a first release of
GEMSTM 4.0 expected in the ensuing few
months," said Mr. Simi Grosman, member of the Company's Board of
Directors.
About CardioComm Solutions
CardioComm Solutions' patented and
proprietary technology is used in products for recording, viewing,
analyzing and storing electrocardiograms (ECGs) 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. The Company has earned the ISO 13485
certification, is HPB approved, HIPAA compliant, and has received
FDA market clearance for its software devices. CardioComm Solutions
is headquartered in Toronto, Ontario, Canada, with offices in
Victoria, B.C.
FOR FURTHER INFORMATION PLEASE CONTACT:
Etienne Grima, Chief Executive Officer
1-877-977-9425 x 227
investorrelations@cardiocommsolutions.com
www.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: specifically consider risks discussed
under the heading "Risk
Factors" in the Company's Annual Information Form,
available at www.sedar.com; not to place
undue reliance on forward-looking statements and forward-looking
information; be aware the Company does not assume any obligation to
update the forward-looking statements and forward-looking
information contained in this Annual Information Form 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
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