Cardiac Network, Inc. Announces Retirement of 51 Million Shares of Common Stock

Cardiac Network, Inc.announced that it will retire 51 million shares of common stock as part of a capital restructuring in which founders and early stage investors agreed to make voluntary downward adjustments in their respective holdings.

The restructuring plan was undertaken in anticipation of, and to facilitate, capital structure requirements from funding partners. Michael C. Swartzburg, President and CEO, stated, "This is just one of many positive steps we are taking towards executing on our short and long-term financial strategies that we believe will benefit all of Cardiac Network's shareholders."

Cardiac Network has only one class of common and no preferred stock in issue. Prior to the restructuring, the Company had issued and outstanding 105,179,006 shares. In the voluntary restructuring, the founders and early investor groups agreed to surrender a total of 51,331,669 shares. These actions will reduce the shares outstanding number to 53,847,337 shares of common stock. All other shares, including free trading shares currently traded on the Pink Sheets, will remain unaffected.

About Cardiac Network, Inc.

Cardiac Network, Inc. is a medical technology company providing cardiac monitoring and diagnostic services to general practitioners and specialist physicians, for the investigation of patients with abnormal cardiac rhythm and function. The service uses unique transtelephonic (by telephone) cardiac recorders that monitor and provide diagnostic information to physicians and their patients. Cardiac Network also offers detection services to individuals which helps them quickly determine if they are having severe heart rhythm abnormalities so they can obtain immediately needed medical treatment. Learn more about Cardiac Network, Inc. by visiting, www.cardiacnetwork.net.

Contact:

Contact:

Cardiac Network, Inc.
Michael Swartzburg
415-362-2020
Email Contact


Source: Cardiac Network, Inc.