Toronto, Ontario--(Newsfile Corp. - August 1, 2025) - CardioComm Solutions, Inc. (TSXV: EKG) ("CardioComm" or the "Company"), a global medical provider of consumer heart monitoring and medical electrocardiogram ("ECG") software solutions, announces that it has closed its previously announced shares for debt transactions with each of the four directors of the Company (see the Company's news release dated July 25, 2025). Pursuant to debt settlement agreements dated as of July 24, 2025 between the Company and each director, the Company has issued an aggregate of 4,162,500 common shares of the Company ("Shares") at a deemed price of $0.01 per Share to settle an aggregate of $41,625 in outstanding debt owed by the Company to the directors, as follows: Etienne Grima received 1,192,500 shares in settlement of $11,925 of debt; Robert Caines received 1,230,000 shares in settlement of $12,300 of debt; Daniel Grima received 1,080,000 shares in settlement of $10,800 of debt; and Robin Black received 660,000 shares in settlement of $6,600 of debt. The debt was incurred by the directors for services provided in 2024 and in the first six months of 2025.
The Shares are be subject to a four month hold period expiring December 1, 2025, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
Each debt settlement transaction with a director is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). Each transaction 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 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 and ISO 27001 certifications, is HIPAA compliant and holds medical device clearances and sales licenses from the USA (FDA) and Canada (Health Canada).
FOR FURTHER INFORMATION PLEASE CONTACT:
Etienne Grima, Chief Executive Officer
1-877-977-9425 x227
investor.relations@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 not place undue reliance on forward-looking statements and forward-looking information. The Company does not assume any obligation to update the forward-looking statements and forward-looking information contained in this release 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/260940
SOURCE: CardioComm Solutions, Inc.
