Cardiac Network's Incubation Period Completed and Agreements Between Global Private Funding and Cardiac Network Terminated
December 17 2009 - 6:55PM
Marketwired
Cardiac Network, Inc. (PINKSHEETS: CNWI) announced today that it
has completed the incubation period covered under the Business
Incubation Services agreement entered into with Global Private
Funding, Inc. (Global), and that effective December 12, 2009, all
of the agreements between Cardiac Network and Global have been
terminated.
Under the terms of the agreement Global was engaged to provide
management oversight, investments and product development. With the
termination of the Global agreements, the temporary Cardiac Network
Board Members appointed to assist with the incubation program, John
C. Jay, Ash Varma and Ken Millard, agreed to resign and will be
replaced as needed.
Cardiac Network will be engaging new marketing and strategic
business partners as it emerges from the incubation program and
enters into a new phase of business development to address a
growing market demand for cardiac monitoring products and
services.
About: Cardiac Network, Inc.
Cardiac Network, Inc. is a medical technology company providing
cardiac monitoring and diagnostic services to general practitioners
and specialist physicians, for the investigation of patients with
abnormal cardiac rhythm and function. The service uses a variety of
monitors, including unique transtelephonic (by telephone) cardiac
recorders that monitor and provide diagnostic information to
physicians and their patients.
Forward-Looking Statements
Except for historical information contained herein, the
statements in this release are forward-looking and made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are inherently
unreliable and actual results may differ materially. Examples of
forward-looking statements in this news release include statements
regarding Cardiac Network's anticipated economically competitive
products and services. Factors which could cause actual results to
differ materially from these forward-looking statements include
such factors as fluctuations in demand for Cardiac Network's
products, Cardiac Network's ability to maintain strategic business
relationships, the impact of competitive products and pricing,
growth in targeted markets and the adequacy of Cardiac Network's
liquidity and financial strength to support its growth. Cardiac
Network undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact: Cardiac Network, Inc. Michael Swartzburg Email Contact:
Email Contact 415-362-2020 www.cardiacnetwork.net
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