Cardiac Network, Inc. Announces Retirement of 51 Million Shares of Common Stock
31 October 2008 - 11:16AM
Marketwired
Cardiac Network, Inc. (PINKSHEETS: CNWI) announced today that it
will retire 51 million shares of common stock as part of a capital
restructuring in which founders and early stage investors agreed to
make voluntary downward adjustments in their respective holdings.
The restructuring plan was undertaken in anticipation of, and to
facilitate, capital structure requirements from funding partners.
Michael C. Swartzburg, President and CEO, stated, "This is just one
of many positive steps we are taking towards executing on our short
and long-term financial strategies that we believe will benefit all
of Cardiac Network's shareholders."
Cardiac Network has only one class of common and no preferred
stock in issue. Prior to the restructuring, the Company had issued
and outstanding 105,179,006 shares. In the voluntary restructuring,
the founders and early investor groups agreed to surrender a total
of 51,331,669 shares. These actions will reduce the shares
outstanding number to 53,847,337 shares of common stock. All other
shares, including free trading shares currently traded on the Pink
Sheets, will remain unaffected.
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 unique
transtelephonic (by telephone) cardiac recorders that monitor and
provide diagnostic information to physicians and their patients.
Cardiac Network also offers detection services to individuals which
helps them quickly determine if they are having severe heart rhythm
abnormalities so they can obtain immediately needed medical
treatment. Learn more about Cardiac Network, Inc. by visiting,
www.cardiacnetwork.net.
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. 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 415-362-2020
Email Contact
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