MISSISSAUGA, Ontario--(BUSINESS WIRE)--Sunrise Holdings, Limited (OTCQB:SUIP) a Nevada public company, has entered into a definitive share exchange agreement to acquire 2340960 Ontario Inc. d/b/a Event Cardio Group (“ECG”), a company dedicated to cardiac medical device innovation, patient monitoring and cardiac event prediction.
The transaction is anticipated to close within 30 days. After closing, ECG will be a wholly owned subsidiary of Sunrise. Sunrise intends to pursue a name change and ticker symbol change to better reflect the Company’s future line of business.
Under the current state of technology, cardiac monitoring suffers from patients failing to wear their monitoring devices. The diagnostic yield from the data collected from holter monitors is as low as 4% and from event recorders 62%.
ECG is developing a new product, Now Cardio™, an advanced cardiac monitor which offers dual-functionality including both holter monitoring and event recording simultaneously. As a wireless and leadless system, it is more comfortable to wear, and as a result, is more likely to be worn. Based on experience, ECG believes it can reach diagnostic yields greater than 90%. ECG believes that this would be a meaningful first within the industry.
Sunrise expects the Now Cardio™ monitor, when completed, to receive both atrial and ventricular data from as far as 1,000 feet to a home–based receiver possibly as soon as its first model. It plans for the monitor to be able to transmit the data, via landline, cellular or satellite and potentially combinations of 2 or more of these 3 data vehicles, to a control center where the patient’s heart-health is continuously monitored for up to 32 days consecutive days, 24 hours per day. Satellite technology similar to the “OnStar” systems on autos will locate patients at risk wherever satellite technology is available. ECG’s solution will facilitate the development of medical protocols for the patient and healthcare professionals based on risk levels and response choices. ECG’s Now Cardio ™ monitor is still in development and milestone projection dates should be released later this year.
John Bentivoglio President and CEO of Sunrise Holdings, said “Our research indicates that while the New Cardio™ technology should bring many firsts to the cardiac monitoring industry, the real excitement for ECG is in the potential of longer term additive products to support this project such as but not limited to predictive capabilities for cardiac events/heart failure on subsequent models.”
“Further, if medical professionals can identify patients at risk prior to a life-threatening cardiac event occurring, they can direct the patient to a hospital to receive care and potentially avoid a stroke or other cardiac events. We believe that the technology has the potential to deliver significant and permanent annual savings to health care systems and cost effective on-going cardiac diagnostics patient management solutions. We also believe that the technology has the potential to save untold lives.”
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