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NewCardio Completes $2.9 Million Private Placement
Date:9/18/2009

SANTA CLARA, Calif., Sept. 18 /PRNewswire-FirstCall/ -- NewCardio, Inc., (OTC Bulletin Board: NWCI) a cardiac diagnostic technology provider, today announced that it closed a private placement financing with institutional and other accredited investors, including members of NewCardio's management team and board of directors, who purchased over half of the offering. Gross proceeds of approximately $2.9 million were generated through the issuance of approximately 2,900 shares of a new Series C Convertible Preferred Stock at $1,000 per share and convertible into approximately 2.9 million common shares, together with approximately 2.9 million common stock purchase warrants having an exercise price per share of $1.20. The Benchmark Company LLC served as the placement agent, who engaged Hallmark Investments as a selected dealer in this transaction.

Branislav Vajdic, PhD, NewCardio's Chief Executive Officer, commented, "The successful completion of this transaction, despite the difficult economic conditions and the challenges small companies face in securing additional growth capital, demonstrates the confidence management, our board of directors, and these accredited investors have in NewCardio's platform technology and the opportunities in front of us."

The securities issued in the private placement are not registered under the United States Securities Act of 1933 or the securities laws of any other jurisdiction. Accordingly, these securities may not be sold by investors in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements. Transfer and other disposition of the Series C Convertible Preferred Stock and warrants are also subject to certain limitations that continue during months 7-12 after issuance, based on the trading price and volume of the Company's publicly traded common shares. For more detai
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SOURCE NewCardio, Inc.
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