CardioComm Solutions Provides Update Respecting Financial Statements

TORONTO, ONTARIO / ACCESSWIRE / May 31, 2020 / CardioComm Solutions, Inc. (TSXV:EKG) ("CardioComm" or the "Company"), a global medical provider of consumer heart monitoring and medical electrocardiogram ("ECG") software solutions, provides an update respecting its reliance on the coordinated relief provided by securities regulators, which consists of a 45-day extension for certain periodic filings required on or before June 1, 2020, pursuant to Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements and similar exemptions in other provinces (collectively, the "Blanket Relief") (see CardioComm's press release dated April 30, 2020). As previously announced, CardioComm is relying on the Blanket Relief with respect to the requirement to file:

• within 120 days of the Company's financial year end, audited financial statements, management's discussion and analysis, and certifications for the year ended December 31, 2019; and
• within 60 days of the Company's financial quarter, interim financial statements, management's discussion and analysis, and certifications for the quarter ended March 31, 2020.

CardioComm and its auditors continue to work diligently and expeditiously to file the Company's annual documents for the year ended December 31, 2019, and the quarterly documents for the quarter ended March 31, 2020. CardioComm currently expects such documents to be filed on or about June 12, 2020, and June 19, 2020, respectively.

CardioComm confirms that the delays are directly related to COVID-19 impact on auditor resources and that there have been no material developments, other than those disclosed through news releases, since the filing of its interim consolidated financial statements for the period ended September 30, 2019.

CardioComm advises that, in accordance with the requirements of the Blanket Relief, management and other insiders of CardioComm are subject to a trading blackout that reflects the principles in Section 9 of National Policy 11-207 Failure to-File Cease Trade Orders and Revocations in Multiple Jurisdictions until its filings are up to date.

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).

FOR FURTHER INFORMATION PLEASE CONTACT:

Etienne Grima, Chief Executive Officer
1-877-977-9425 x227
[email protected]
[email protected]

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.

SOURCE: CardioComm Solutions, Inc