Cardiac Science continues to take important steps to strengthen its company and has begun reorganization under Chapter 11 of the United States Bankruptcy Code.
- This was a voluntary action initiated by the new Board of Directors and is the right step for the company at this time.
- The new Board, along with the Leadership Team, took this action to strengthen the Cardiac Science balance sheet and position it for future growth.
- The Company has an experienced team assembled to successfully and quickly lead it through this process
Chapter 11 means restructuring not liquidation.
- Despite what you might hear, Cardiac Science is NOT going out of business.
- Great organizations such as General Motors, Chrysler, Macy’s, 7-Eleven, and even the Chicago Cubs have successfully emerged from restructuring stronger than ever.
During this process, it is business as usual for Cardiac Science.
- There is no reason for customers to delay, change, or cancel orders or replace Cardiac Science AEDs as we will support them now and in the future.
- Cardiac Science will continue to supply pads, batteries, and other accessories needed to service and support our installed customer base.
- Cardiac Science will stand by our warranty and indemnification policies.
- Cardiac Science will also continue to sell new AEDs including the Powerheart® G5 and G3.
- Cardiac Science certified AED Specialists will continue working closely with our authorized partners to add new customers, grow market share, and, most importantly, save lives.
- Cardiac Science will continue to train, support and service our Rescue
- The customer service and technical support team are still available during business hours 7 am – 5pm CST.
The Company has special financing in place to fund normal business operations:
- The new investor has committed to provide financing during our restructuring.
- The financing combined with positive cash flow from operations will provide sufficient funding to meet company obligations.
We are confident that Cardiac Science will emerge from this process quickly as a stronger company.
- This process ensures we will have the resources to improve and grow the business and better serve customers.
Thank you for your continued support, confidence, and loyalty.