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Toronto, Ontario--(Newsfile Corp. - July 8, 2024) - 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 its proposed debt settlement transactions with certain creditors (the "Creditors") of the Company (see CardioComm's news release dated June 3, 2024 for CardioComm's initial announcement). Pursuant to debt settlement agreements with the Creditors, the Company will now issue an aggregate of 41,909,368 common shares of the Company ("Shares") to the Creditors at a deemed price of $0.01 per Share to settle an aggregate of $419,093.68 in outstanding debt owed by the Company to the Creditors. The debt to be settled includes $318,786.12 owed to non-arm's length parties which will be settled by the issuance of 31,878,612 Shares, which non-arm's length party debt includes $44,360.41 in Company expenses paid for by such non-arm's length parties. When issued, the Shares will be subject to a four month hold period in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The debt settlement transactions and the issuance of the Shares thereunder is subject to receipt of approval from the TSX Venture Exchange.
Certain directors of the Company participated in the debt settlement transactions, and each transaction with a director is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). Each transaction with a director of the Company is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of each transaction does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.
To learn more about CardioComm's products and for further updates regarding HeartCheck™ ECG device integrations 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 certification, is HIPAA compliant and holds clearances from the European Union (CE Mark), the USA (FDA) and Canada (Health Canada).