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NewCardio Restructures 2007 Financing, Receives $2.8 Million Additional Cash and Improves Capital Structure
Date:12/3/2008

SANTA CLARA, Calif., Dec. 3 /PRNewswire-FirstCall/ -- NewCardio, Inc., (OTC Bulletin Board: NWCI) a cardiac diagnostic and services company, today announced that it has completed a restructure of the going-forward terms of its December 27, 2007 financing. As a result of this agreement, the investors in the transaction have exercised a portion of their existing warrants, adding $2.8 million in cash to NewCardio's balance sheet. This will extend the Company's cash reserves to past the expected revenue ramp, based on current and projected cash burns. The agreement also results in a simplified capital structure that includes a restriction on transfer of certain of the Company's securities held by those investors that can extend through September 30, 2009.

    Key terms of the agreement:

    --  The initial investors, affiliates of Vision Capital Advisors, and
        Platinum Partners have agreed to an early exercise of a portion of
        their warrants, adding $2.8 million to NewCardio's cash reserves.
    --  NewCardio's balance sheet strengthened by resulting reclassification
        of investment from debt and Preferred Shares to equity under US GAAP.
        The September 30, 2007 warrant liability of $21.7 million in
        liabilities and $2.0 million in Preferred Shares Subject to Redemption
        will now be classified in Equity.
    --  The cash from the warrant exercise and the above reclassifications, in
        aggregate, resulted in a net increase to equity on the Company's
        balance sheet of $26.5 million.
    --  The investors agreed to "lock up" certain of their securities for a
        period that can extend to September 30, 2009. This agreement removes
        all existing overhangs from the 2007 investment.
    --  All preferences associated with the 2007 transaction, including
        anti-dilution protection and rights impacting management decisions,
        have been removed. The Company's c
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SOURCE NewCardio, Inc.
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