Newcardio, Inc. (NWCI)

[H8ster]

Company Assets to be auctioned off.
Stay tuned for more info as it becomes available.


On December 7, 2012, NewCardio, Inc. (“NewCardio”) notified Vision Capital Advisors, LLC (“Vision Capital”), as agent to NewCardio’s secured lenders (collectively, the “Secured Lenders”), that NewCardio would be shutting down all operations at the close of business on December 17, 2012 (the “Shut Down Letter”). On December 24, 2012, Vision Capital sent notice to NewCardio that such Shut Down Letter represented an event of default under various financing agreements between New Cardio, Vision Capital, as agent, and the Secured Lenders.

On February 21, 2013, Vision Capital notified NewCardio (the “Sale Notice”) that Vision Capital intends to exercise its rights under the Security Agreement between NewCardio and Vision Capital, and, in furtherance of such rights, Vision Capital will hold a public foreclosure sale under Section 9-610 of the Uniform Commercial Code (the “Sale”) to sell to the highest qualified bidder all of its right, title and interest in and to the property of NewCardio (the “Collateral”). The Sale is scheduled to take place on April 4, 2013.