Cardiac Network completes incubation period covered under Business Incubation Services agreement

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.