$26 Million Debt Settlement

Fremont, CA: (Sep-19-07) Apix International Limited brought claims against Cardima, Inc., developer of the REVELATION® Tx, REVELATION® T-Flex ablation microcatheters and INTELLITEMP® Energy Management Device, over a debt settlement. In a settlement reached, Cardima, Inc. agreed to repay all outstanding debt obligations to Apix International, and repurchase all warrants held by Apix, by issuing it a total of 88 million shares of the company at a price of $0.30 per share in full settlement of the $26,400,000 owed to Apix. The settlement in pending the execution of definitive agreements. Sources stated that the transaction shows the confidence of investors in Cardima's future, and marks a significant step towards strengthening Cardima's financial position by settling the significant debt. The debt had built up over the past two years as a result of Apix providing financial support to Cardima during a critical period. [YAHOO NEWS: APIX DEBT]

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Published on Sep-20-07