FREMONT, CA--(MARKET WIRE)--Sep 19, 2007 -- Cardima, Inc. (OTC BB:CADM.OB - News), developer of the REVELATION® Tx, REVELATION® T-Flex ablation microcatheters and INTELLITEMP® Energy Management Device, announces today that it has reached a preliminary understanding with its principal creditor, Apix International Limited (the “Lender”) regarding a debt settlement. Under the terms of the settlement, the Company will repay all outstanding debt obligations to the Lender, and repurchase all warrants held by the Lender, by issuing to the Lender a total of 88 million shares of the Company at a price of US $0.30 per share in full settlement of the US$26,400,000.00 owed to the Lender. Completion of the transaction is subject to execution of definitive agreements.
