CardioDynamics International Corporation Announces $6,000,000 Equity Private Placement.SAN DIEGO--(BW HealthWire)--Sept. 1, 1998--CardioDynamics International Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CDIC CDIC Chronic Diseases In Canada (journal) CDIC Canadian Deposit Insurance Corporation CDIC Carbon Dioxide Information Center CDIC Center for Data Intensive Computing (BNL) ), a noninvasive digital cardiac output cardiac output n. Abbr. CO The volume of blood pumped from the right or left ventricle in one minute. It is equal to the stroke volume multiplied by the heart rate. monitoring manufacturer, announced today that it has completed the first phase of a $6,000,000 equity private placement through a group of institutional investors. Michael K. Perry, chief executive officer of CardioDynamics, stated, "The excellent response to this placement validates our Company's strategy of commercializing noninvasive cardiac monitoring technology to the healthcare marketplace and recognizes the enormous market potential for our product offerings. After reviewing a considerable number of financing options, we concluded that this transaction is the most beneficial to the Company and our shareholders." The first phase of the equity private placement provided $3,000,000 through the issuance of Series A Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . The remaining $3,000,000 would be obtained through the issuance of additional Preferred Stock, and is contingent upon certain conditions being met. The Company said the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering will be used primarily to expand its direct sales force and fund the working capital requirements for the Company's planned revenue growth. "We have been very impressed with the principals of this investor group who have recently concluded a review of the Company and an analysis of the markets for our products. We are pleased with their commitment to CardioDynamics and confidence in our proprietary technology, and believe that the caliber of these investors will raise our corporate profile in the view of other institutional investors," noted Perry. EVEREN Securities, Inc., an investment banking firm located in Chicago, served as the financial advisor for CardioDynamics. EVEREN ranks among the ten largest national full-service brokerage firms in the industry with a network of 1,700 investment consultants in 170 offices. CardioDynamics develops, manufactures, and markets noninvasive digital cardiac output monitoring devices which provide continuous data on a wide range of hemodynamic he·mo·dy·nam·ics n. (used with a sing. verb) The study of the forces involved in the circulation of blood. he parameters (measurements of the heart's ability to deliver oxygen-rich blood throughout the body). The Company's primary products, the BioZ(tm) System, BioZ(tm) Portable, and BioZ.com(tm), use Thoracic Electrical Bioimpedance (TEB TEB Test & Evaluation Board TEB Third Eye Blind (band name) TEB Thread Environment Block TEB Turkiye Ekonomi Bankasi TEB Triethylborane TEB Technical Evaluation Board TEB Traffic Engineering Bureau (Pakistan) ) technology to obtain data, which is typically available only through a time-consuming, costly and potentially dangerous invasive Pulmonary Artery Catheterization Pulmonary Artery Catheterization Definition Pulmonary artery catheterization is a diagnostic procedure in which a small catheter is inserted through a neck, arm, chest, or thigh vein and maneuvered into the right side of the heart, in order to measure procedure. The BioZ(tm) product line uses the Company's proprietary DISQ(tm) (Digital Impedance Signal Quantifier (logic) quantifier - An operator in predicate logic specifying for which values of a variable a formula is true. Universally quantified means "for all values" (written with an inverted A, LaTeX \forall) and existentially quantified means "there exists some value" (written with a ) technology and the Z MARC(tm) (Modulating Aortic aortic pertaining to or emanating from the aorta. See also aortic arch. aortic aneurysm occurs most often in dogs, where it is caused by Spirocerca lupi larvae, turkeys and primates, causing dyspnea, cyanosis and coughing. Compliance) algorithm which together provide improved measurements of impedance waveforms and automatic electronic calibration, thereby increasing the repeatability and reliability of TEB technology. For additional information, please refer to the Company's web site at www.cardiodynamics.com. Except for the historical and factual information contained herein, this press release contains forward-looking statements, the accuracy of which are necessarily subject to uncertainties and risks, which include sole dependence on the BioZ product line, competition from Baxter Healthcare Corp. (manufacturer of the Swan-Ganz(tm) device), further capital requirements, and various uncertainties characteristic of companies just emerging from the development stage; as well as other risks detailed in the Company's filings with the SEC, including its 1997 Form 10-KSB. The Company does not undertake to update the disclosures contained in this press release.
CONTACT: CardioDynamics International Corp.
Bonnie Dupuis, 800/778-4825 Ext. 1005
bdupuis@cardiodynamics.com
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