Cardiac Network, Inc. Releases CEO Update Letter to Shareholders
08 Outubro 2008 - 2:36PM
Marketwired
The following letter from CEO Michael C. Swartzburg is being
released by Cardiac Network, Inc. (PINKSHEETS: CNWI) to its
shareholders:
To Our Fellow Shareholders,
It has been my pleasure to act as the Chief Executive Officer of
Cardiac Network. The last month has been exciting and intense
getting to know everyone and what it entails as the head of a major
company that will revolutionize the way we take care of people with
heart issues in the United States. Operating mainly from our San
Francisco headquarters, I have undertaken in-depth reviews of our
current status with regard to product sales and placements,
healthcare service contracts and our marketing programs. I have
especially focused on our market opportunities. Demand for cardiac
monitoring services remains strong and we have been able actively
to service our awarded commercial contracts and Medicare patients.
I have also evaluated the positive results of our research and
clinical studies that rate the quality of our cardiac monitoring
products and services. The financial position of the company has
been reviewed and the funding requirements to move the company to
the next level have been discussed in detail with the Board of
Directors. In conjunction with both my staff and Board of
Directors, I also took the liberty of reviewing and refining both
our short- and long-term business plans and aligning the
organization with those plans.
I can report that the organization has strengthened its network
of physicians and commercial healthcare organizations, and is ready
for the 2009 calendar year with our dedicated and talented staff
working closely to advance our goals. I am excited by the
opportunity that the future holds for us. If I may, do allow me to
elaborate on a number of items and progress we have made over the
recent past months:
Products, Services and Technology:
Cardiac Network products have received FDA approval and can be
prescribed by general practitioners and specialist physicians.
Their patients' daily activities can be monitored with the help of
our FDA-approved unique transtelephonic (by telephone) cardiac
recorders, which provide patient diagnostic information back to
primary physicians.
We also have developed a direct consumer cardiac monitoring
system. Our exclusive HeartOne Club is used in monitoring
individuals with heart conditions or at-risk patients. This service
utilizes in-house medical technicians who interact with patients
and their doctors to determine if a patient is having any potential
cardiac problem so they may obtain immediate medical treatment.
Finally, our manufacturing partner in Israel has also developed
a technology breakthrough that can be incorporated into Cardiac
Network's next generation of products. We currently have access to
products that use GPS (Global Positioning System) as well a Panic
Button technology in a form of a wrist watch. In the near future,
we plan on releasing a Cardiac Network product which includes the
combination of a cardiac monitor that can detect heart attacks
along with the GPS/Panic features in each device.
Existing Contracts:
Contracts executed allow Cardiac Network to bill the patients
and their medical insurance companies (healthcare service providers
and Medicare) approximately $325 each time the device is
prescribed. Cardiac Network is currently able to bill under the
following plans:
-- Medicare: Cardiac Network received a Medicare Insurance Provider
Number, allowing Cardiac Network to seek reimbursement for the over 44
million people covered under Medicare.
-- Blue Cross/Blue Shield: Cardiac Network is able to bill patients
covered by Blue Cross/Blue shield nationwide.
-- Humana: Cardiac Network has a contract with Humana that covers its
Florida subscribers.
-- Kaiser: Signed a contract for Research/Clinical study in Southern
California (7-day Halter Recorder).
Contracts expected within 30 to 90 days:
We are expecting several new contracts within the next 30 to 90
days that are expected to increase the number of lives insured
under our commercial healthcare service providers and Medicare to
approximately 60 million people. We will provide information
relating to those new contracts as it becomes available.
For clinical treatment, there are approximately 53% of U.S.
individuals covered under various forms of medical insurance, or
approximately 160 million people. The other half of the U.S.
population could be accessed through the direct-to-consumer heart
monitoring and diagnostic services.
Financial Strategy 2008:
Finally, I would like to address our financial strategy. Cardiac
is preparing to ramp up the company (sales, marketing, executive
management, etc.) in order to service our signed and to-be-signed
national healthcare service provider contracts. Our executive team,
Board, and investment bankers have evaluated the Company's
financial needs given our projected growth, and have developed
several alternative plans to ensure that the Company has adequate
funds to meet these needs.
In Closing:
I would like to close by giving you my personal assurance that I
will do everything under my powers in providing to our shareholders
in-depth and on-going communications in regards to our progress.
Our prospects are very exciting and clear, and I am proud of the
work we have accomplished this last year. I am looking forward to
an even better coming year in 2009. My best wishes to you and your
families.
Sincerely,
Michael C. Swartzburg
Chief Executive Office
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 heart attack detection services to
individuals which helps them quickly determine if they are having a
heart attack or potential cardiac problem so they can obtain
immediately needed medical treatment. Learn more about Cardiac
Network Inc. by visiting, www.cardiacnetwork.net.
Forward-Looking Statements
Except for historical information contained herein, the
statements in this release are forward-looking and made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are inherently
unreliable and actual results may differ materially. Examples of
forward-looking statements in this news release include statements
regarding Cardiac Network's anticipated economically competitive
products and services. Factors which could cause actual results to
differ materially from these forward-looking statements include
such factors as fluctuations in demand for Cardiac Network's
products, Cardiac Network's ability to maintain strategic business
relationships, the impact of competitive products and pricing,
growth in targeted markets and the adequacy of Cardiac Network's
liquidity and financial strength to support its growth. Cardiac
Network undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact: Cardiac Network, Inc. Michael Swartzburg 415-362-2020
Email Contact
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