CardioComm Solutions has signed a software development agreement with MD Primer, under which MD Primer has retained CardioComm to develop a new software platform of the GlobalCardio, GEMS, GEMS add-on modules and other pipeline software systems.
As consideration for developing the software, CardioComm will receive aggregate payments of $500,000, payable in accordance with the milestone payment schedule set forth in the development agreement.
Etienne Grima, CFO of CardioComm, said: The new platform for our family of global ECG management software products (GEMS and GC3/12) will enhance the Company’s market opportunities through the introduction of multi language GUIs, enhanced and flexible reporting options.
“The back office support to meet individual business requirements and the emerging needs of EMR and telemedicine/wireless initiatives in the US. The new GEMS and GlobalCardio product platforms continue to be available for PC, LAN and ASP installations.
MD Primer will also grant CardioComm a non-exclusive license to the software developed under the agreement, provided that CardioComm pays MD Primer a 5% royalty of the gross revenues derived by CardioComm from the Software.
CardioComm, at its sole option, will have the right to purchase the software from MD Primer within five years at a price equal to $500,000 plus 5% interest, compounded annually. The software development agreement is subject to the approval of the TSX Venture Exchange.