Oct 24 2009
Cardiac Network, Inc. (PINKSHEETS: CNWI), a leader in advanced mobile medical monitoring, announced today that it has entered into a Business Incubation Services agreement with Global Private Funding, Inc. (Global), a private equity-based lender. Cardiac Network, following an exhaustive evaluation, has selected Global and its proven incubation program as the methodology and management oversight to support the expected growth of the company as well as the product-line.
As part of the agreement, Global will re-structure the operations, the management and the to-market strategies to aggressively address the needs of the marketplace and move Cardiac Network forward to exceed its goals in sales, product-line technology, return-on-investment (ROI) and profitability. To support these goals, Global will deliver an exceptional Management team, covering all aspects of Cardiac business development.
"Cardiac Network is well positioned to become a leader in tele-medicine," said Michael Swartzburg, President and CEO. "With the help of Global Private Funding, we can achieve faster time to market for new products and services and support our national growth initiatives."
The terms of the agreement engage Global to provide management oversight, investments, product development, as well as other strategic transactions Cardiac may consider in the future. Ash Varma, Managing Director, Venture Management said, "We at Global view this as an exciting opportunity to participate in and bring a much needed awareness to one of the fastest growing and most important sectors in the healthcare industry today -- the monitoring of Cardiovascular Disease."