Cardiocomm Solutions Inc. Enters into a Loan Agreement and General Security Agreement with MD Primer Inc
January 19, 2013 at 03:57 am IST
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Cardiocomm Solutions Inc. announced that it has entered into a loan agreement and general security agreement with MD Primer Inc. under which MDP has agreed to extend to CardioComm Solutions a $1,000,000 line of credit, which the company may use on an as needed basis. The line of credit is secured against CardioComm Solutions' assets. Any amounts drawn by CardioComm Solutions on the line of credit will bear simple interest at prime plus 2.5% per year, where interest is payable monthly. Any principal owing on the line of credit will be repayable on or before December 31, 2015. MDP is under the direction of Dr. Anatoly Langer, CardioComm Solutions' Chairman. As MDP is a related party of CardioComm Solutions, Dr. Langer
abstained from voting on the transaction when the transaction received board approval. The loan agreement and general security agreement are subject to approval by the TSX Venture Exchange.
CardioComm Solutions, Inc. is a Canada-based company, which develops software, hardware and core laboratory reading services related to electrocardiogram (ECG) and ambulatory arrhythmia monitoring systems for medical and consumer markets globally. The Company's specialization is in the software engineering of computer based (ECG) management and reporting software. The software permits physician interpretations of ECGs and supports private and public payer fee-for-service billings. The Companyâs device connectivity and ECG management technologies are used in medical, consumer, clinical research and telemedicine solutions for the recording, transmission, viewing, analyzing, reporting and storage of electrocardiograms, for arrhythmia screening, diagnosis, and management of cardiac patients. Its Global ECG Management Solutions (GEMS) and GlobalCardio (Cloud based GEMS) products are licensed worldwide to hospitals, ECG commercial reading services and physicians.
CARDIOCOMM SOLUTIONS, INC. 
