Mr. Etienne Grima reports

CARDIOCOMM SOLUTIONS PROVIDES UPDATE INCLUDING TRADING REINSTATEMENT

Cardiocomm Solutions Inc. has provided an update respecting the reinstatement to trading of its common shares on the TSX Venture Exchange under the trading symbol EKG. The exchange has confirmed that trading of the company's shares will be reinstated on or about Friday, Oct. 6, 2023.

The company announced on May 1, 2023, the initial cause for the trading suspension, which was due to the company not filing its annual financial statements for the financial year ended Dec. 31, 2022, and its management's discussion and analysis relating to the financial statements by the May 2, 2023, deadline. The delay was due in part to the March 22, 2023, resignation of Josee Bertrand as the chief financial officer (CFO) during the time the 2022 year-end independent audit was under way and also to the implementation of a new financial accounting software system. On May 5, 2023, the Ontario Securities Commission issued the company a failure to file cease trade order (FFCTO). The company filed the financial documents on Aug. 3, 2023, and the FFCTO was revoked on Aug. 4, 2023.

In order to file the company's 2022 year-end financial statements as well as the first and second quarter 2023 financial statements, Cardiocomm's chief executive officer (CEO), Etienne Grima, assumed the role of the company's interim chief financial officer effective Aug. 3, 2023, a role he originally held between 2007 and 2010. While permitted for an interim period, holding such a dual role is in breach of Exchange Policy 3.1, Section 5.9. Accordingly, the TSX Venture Exchange has now permitted trading in the shares of Cardiocomm to resume while Mr. Grima serves as interim CFO. However, the company will be placed on a 90-day notice by the exchange for non-separation of the CEO/CFO positions during which time the company will be required to replace Mr. Grima as interim CFO with a dedicated CFO or have its listing transferred to the NEX board of the TSX Venture Exchange. The company confirms it is in the process of identifying and appointing a CFO and anticipates being in compliance with Exchange Policy 3.1, Section 5.9 in advance of the notice deadline.

The company also advises of the resignation of Dr. John Foote from his position as a director of the company on March 31, 2023. The company thanks Dr. Foote for his contributions to the company over his four-year tenure. The company's current directors and officers are Etienne Grima (chief executive officer, interim chief financial officer, corporate secretary and director), Robet Caines (director and chair of the board) and Daniel Grima (director). The company is currently reviewing options to increase its board of directors membership.

The company also wishes to provide an update respecting the cyber security incident on the company's servers, announced on July 25, 2023. Following the incident, the company immediately launched a comprehensive investigation and corrective actions plan, working closely with KPMG-EGYDE, relevant authorities and third party cybersecurity experts in accordance with industry best practices. The company advises that all production and development systems have been restored.

These have been challenging times for Cardiocomm, and the company's board of directors and staff are thankful for the patience and continued support of its shareholders, clients and suppliers. The company confirms it has resumed normal operations and plans to provide further updates soon.

About Cardiocomm Solutions Inc.

Cardiocomm Solutions' patented and proprietary technology is used in products for recording, viewing, analyzing and storing electrocardiograms for diagnosis and management of cardiac patients. Products are sold worldwide through a combination of an external distribution network and a North American-based sales team. Cardiocomm Solutions has earned the ISO 13485 and ISO 27001 certifications, is HIPAA (Health Insurance Portability and Accountability Act) compliant, and holds medical device clearances and sales licences from the United States (Food and Drug Administration) and Canada (Health Canada).

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