Medical Alarm Concepts Begins Shipments To Europe - Company Ordering Additional Inventory To Keep Up With Growing Demand
KING OF PRUSSIA, Pa., Aug. 22, 2012 /PRNewswire/ -- Medical Alarm Concepts Holding, Inc. (OTCQB: MDHI.PK), manufacturer of the MediPendant™ two-way voice personal medical alarm, today announced it has begun the process of shipping product to its new Northern European customer. This initial order, which was announced on June 20, 2012, is for 500 units, with additional orders expected on an ongoing basis. Moreover, the company is announcing today that it is placing another large order with its factory in order to replenish inventory stock of the MediPendant™. MediPendant™ inventory is expected to be depleted soon due to continued growing demand for monthly subscription contracts.
"We are very pleased to start the process of initial shipments to our newest European partner," commented Steven Beeferman, Director of International Sales and Marketing for Medical Alarm Concepts. "The MediPendant™ is very flexible, not only relative to adding voice prompts in other languages, but also relative to modifications that will meet the technical standards of international telephone systems. We look forward to serving this account moving forward."
Earlier this summer, the company modified the MediPendant™ to enable voice prompts in Danish, and the company's engineers are currently working on adding additional languages for other contracts currently in negotiations.
Due to growing demand and sales of the MediPendant™, the company expects to deplete its current inventory of product very soon. In response, management is placing an order with its factory for additional inventory so there will be no lag in available product at any time.
Ronnie Adams, CEO, commented, "Both our monthly subscription and our distributor business continues to grow at strong rates. As a result, we are now able to forecast the need for additional inventory. We are very pleased to have the cash available to acquire this additional inventory without any borrowings or fundraising. The gross margins from our growing monthly subscription base, when combined with the gross margins from distribution-bound units, are quickly growing to the point where we are virtually covering all of our operating costs. As previously announced, we expect these trends to continue moving us into sustainable profitability very soon. We have begun the process of restoring our accounting functions in order to prepare to return to fully reporting status. In the meantime, we are excited about the growth we are experiencing as the MediPendant™ grows in popularity."
About Medical Alarm Concepts
Medical Alarm Concepts Holdings, Inc. (MAC) develops and manufactures innovative products and practical solutions within the framework of a vast growing marketplace. MediPendant's™ patented two-way voice technology enables the user to speak and listen directly through the pendant no matter where the user may be in and around their home. MediPendant™ service also includes advanced features such as three-way calling that enables the operator to link loved ones directly into the emergency call in real time. Text message alerts are also standard, and are used to inform loved ones that the user has contacted an operator or has requested assistance. A standard medical alarm system does not enable the user to speak and listen through the pendant, thus limiting them to a small area in their home. There is always the risk that the user will not be heard by the call center operator if they are not within a short range of the base station. For more information please go to www.medipendant.com.
Safe Harbor Statement
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with Securities and Exchange Commission.
Medical Alarm Concepts Holding, Inc.
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