Event Cardio Group Inc. (OTCPK:ECGI) acquired Ambumed, Inc. from Richard F. Owsik and Joseph K. Hashim for $1.3 million in cash and stock on June 30, 2016. The consideration for the acquisition will consist of $1.2 million, of which $0.6 million is payable at closing and $0.6 million is payable on the first anniversary of the closing, together with 2 million restricted shares of Event Cardio Group’s common stock, of which 0.5 million shares will be deposited in escrow to satisfy the indemnification obligations of the former shareholders of Ambumed. As per payment terms, Richard F. Owsik will get $0.5 million by wire transfer to such account as directed by Owsik and issue to Owsik promissory note of Event Cardio Group payable to Owsik in the principal amount of $0.4 million and 1 million shares of common stock of Event Cardio registered in such name or names as Owsik desires less 0.25 million shares to be placed in escrow. Joseph K. Hashim will get $0.1 million by wire transfer to such account as directed by Owsik and issue to Owsik promissory note of Event Cardio Group payable to Owsik in the principal amount of $0.2 million and 1 million shares of common stock of Event Cardio registered in such name or names as Hashim desires less 0.25 million shares to be placed in escrow. Event Cardio Group plans to retain all Ambumed staff, consisting of 10 staff members and 19 sales representatives in 15 states. Joseph Hashim, formerly with Ambumed, will become Vice President Sales and Marketing of Event Cardio Group. Richard Owsik will be retained by Event Cardio Group as a consultant. The transaction is subject to execution of escrow, employment and consulting agreements, consents of third parties and resignations of the officers and directors of Ambumed. The transaction is expected to close on July 15, 2016. Vincent J. McGill of Eaton & Van Winkle LLP acted as legal advisor for Event Cardio Group. Randolph C. Knepper of Levin & Gann, P.A. acted as legal advisor for Richard F. Owsik and Joseph K. Hashim. Event Cardio Group Inc. (OTCPK:ECGI) completed the acquisition of Ambumed, Inc. from Richard F. Owsik and Joseph K. Hashim on June 30, 2016.