Cardiac Science Completes Private Placement.IRVINE, Calif.--(BW HealthWire)--Sept. 2, 1997--Cardiac Science Inc. (OTC/BB:DFIB) announced the closing of a $1.5 million private placement of its common stock at $.175 per share (on a pre-reverse stock split basis). The placement was administered by Sorbus Asset Strategies S.A. of Zurich, Switzerland. In connection with the financing the company is effectuating, as of Sept. 8, a reverse stock split of one-for-11.43, which will reduce the number of shares of common stock outstanding on a fully diluted basis to 5,924,453 shares. This measure was approved by the company's shareholders at a special meeting of the shareholders held May 15. "The proceeds from this financing will enable us to design the Powerheart AECD AECD Automatic external cardioverter-defibrillator A device that monitors cardiac rhythm and automatically defibrillates (Automatic External Cardioverter Defibrillator defibrillator, device that delivers an electrical shock to the heart in order to stop certain forms of rapid heart rhythm disturbances (arrhythmias). The shock changes a fibrillation to an organized rhythm or changes a very rapid and ineffective cardiac rhythm to a ) for production and begin manufacturing it for sale in selected European countries, thus allowing the company to generate revenue while it awaits 510(k) approval from the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. to market the device in the U.S.," said Raymond W. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , president and chief executive officer of Cardiac Science. "In addition, the financing has exposed Cardiac Science to the international investment community." Cardiac Science developed the Powerheart Automatic External Cardioverter Defibrillator (AECD), a non-invasive hospital bedside device that monitors and detects life-threatening heart rhythms and automatically administers a defibrillation Defibrillation Definition Defibrillation is a process in which an electronic device sends an electric shock to the heart to stop an extremely rapid, irregular heartbeat, and restore the normal heart rhythm. shock without human intervention should a patient suffer cardiac arrest cardiac arrest n. Abbr. CA A sudden cessation of cardiac function, resulting in loss of effective circulation. Cardiac arrest A condition in which the heart stops functioning. . Cardiac Science also manufactures PC-based Holter ECG ECG electrocardiogram. ECG abbr. 1. electrocardiogram 2. electrocardiograph ECG Also called an electrocardiogram, it records the electrical activity of the heart. systems and Holter recorders and distributes these products in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and in more than 40 international countries through its subsidiary, Diagnostic Monitoring. For more information, visit the Cardiac Science Web site at www.cardiacscience.com -0- NOTE: This news release contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, which involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors affecting the company's operations, markets, products, services and prices, and other factors. The company's actual results could differ materially from those projected in the forward-looking statements as a result of the factors described herein. CONTACT: Cardiac Science Inc., Irvine Raymond W. Cohen, 714/587-0357 or Financial Sciences of America Fran Daniels, 310/278-4413 |
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