CardioComm Solutions Completes Joint Venture Licensing and Service Agreement with USA based Vigilance, Inc. for Entry into th...
16 Juin 2014 - 8:14PM
Access Wire
Joint Venture will provide
CardioComm Solutions with an equity position in Vigilance and
recurrent licensing revenues
TORONTO, ON / ACCESSWIRE / June 16, 2014 /
CardioComm Solutions, Inc. (TSX VENTURE:EKG)
("CardioComm Solutions" or the "Company") a global medical provider of
electrocardiogram ("ECG") acquisition and management software
solutions has executed a binding Letter of Intent with Vigilance,
Inc. to develop and co-market ECG contract service solution
platforms that leverage CardioComm Solutions' highly accredited
Global ECG Management Solutions
(GEMS(TM)) and their three lead and 12
lead Global Cardiology (GlobalCardio(TM))
software technologies.
The joint venture will focus
on deploying advanced technology solutions and contract service
offerings into three primary markets: 1) Diagnostic Remote Patient
Arrhythmia Monitoring, 2) Remote Patient Cardiac Implantable
Electronic Device Follow-up (CIED) and 3) 12-Lead ECG Cardiac
Safety Testing and Analysis. CardioComm Solutions will provide all
ECG based software technologies, service and support, and new
device integration for the implementation of standard and new ECG
service delivery options. In return, CardioComm Solutions will hold
an eight percent minority share position in Vigilance, Inc., with
another eight percent provided upon completion of HARMONYcied and
be provided a three percent share of Gross Margin from ongoing
operations. Associated with the service offerings will be
opportunities for the licensing of GEMS(TM) WIN and
GlobalCardio(TM) to clinics and hospitals that will use the
CardioComm Solutions products to collect and transfer ECG readings
to Vigilance as part of the standard platform from routine services
as well as with groups that will contract for off/after-hour
service coverage.
"This partnership with the
Vigilance team will give CardioComm Solutions access to recurrent
service-based revenue from the growing patient ECG monitoring
markets within the USA," commented Etienne Grima, Chief Executive
Officer of CardioComm Solutions. "Our GEMS(TM) WIN and web-enabled
GlobalCardio(TM) technology platforms will provide exceptional
latitude for custom and proprietary development of solutions for
Vigilance that will address unmet needs in operationalizing
reimbursable centralized patient monitoring and clinical follow-up
services."
"Our objective at Vigilance is
to develop and combine the best in-class technology and service
solutions to meet today's needs for providing reliable and
cost-effective diagnostic patient monitoring. CardioComm
Solutions' remote patient ECG monitoring
technology platforms allow us to cross multiple monitoring
verticals and offer a perfect fit for our technology development
initiatives, data acquisition goals and growth objectives," said
Dr. Hemali Shah, Chief Executive Officer of Vigilance, Inc. and
Chicago based, Soul Care Services, a Home Health Care services
organization.
Vice President of Marketing
for Vigilance, Robert Cantwell, commented, "The GEMS(TM) and
GlobalCardio(TM) technology suites offer a proven and innovative
platform for our continued development of service offerings for
ambulatory patient monitoring, cardiac research and our
introduction of the proprietary HARMONYcied, web-based, patient
management system for CIED patients across all implantable device
vendors. There exists a critical need for more effective device
patient management and follow-up and our collaboration with
CardioComm Solutions will produce beneficial and short-cycle
solutions for patients and providers alike."
"With our proven and unique
suite of ECG technology offerings, this joint venture will enable
the deployment of a single-source technology and service through a
combination of technology, IT management, patient monitoring
service operations and cardiology industry sales and marketing
expertise. We anticipate this strategy will see adoption of the
Vigilance remote patient monitoring services as a preferred
provider at all levels of cardiology-based health care providers in
the USA. The strategic alliance will offer a comprehensive solution
as an alternative to the present and fragmented, multi-provider,
ambulatory and device patient monitoring market which represents a
significant market opportunity and outstanding revenue generating
potential," said Daniel Pawlik, Vice President of Sales and
Marketing for ECG Technologies (USA), of CardioComm
Solutions.
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
investorrelations@cardiocommsolutions.com
www.cardiocommsolutions.com
About Vigilance, Inc.
Vigilance Inc. is an emerging
Ambulatory Health Information Monitoring and Data Services Company.
We offer a comprehensive platform of innovative patient
technologies and services that help physicians and researchers
detect and analyze patient biometric information for diagnostic and
research based health care development. Vigilance enables
physicians and researchers to establish effective connections with
patients through monitoring technologies to provide health care and
health outcomes related information to care providers and
researchers. Vigilance provides 24/7/365 Contract Patient
Monitoring services with offices located in Des Plaines,
Illinois.
FOR FURTHER INFORMATION PLEASE CONTACT:
Dr. Hemali Shah, MD., MBA, Chief Executive
Officer
1-847-708-4929
investorrelations@vigilance-inc.com
www.vigilance-inc.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.
SOURCE: CardioComm Solutions, Inc.
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