Medical Alarm Concepts Files Information Statement and Provides Update on Corporate Activity
BETHESDA, Md., April 19, 2013 /PRNewswire/ -- Medical Alarm Concepts Holding, Inc. (OTCQB: MDHI) today filed an investor information statement with the Securities and Exchange Commission pursuant to Rule 14c-2 under the Securities Act of 1934. The purpose of the information statement is to notify stockholders that on April 16, 2013 the Company had received written consents from the holders of 51.1% of the voting power of common stock approving the Board of Directors' authorized share increase from 800 million to 1.4 billion. The Company plans to mail copies of the information statement to all shareholders on or about April 29, 2013. The information statement also includes important corporate updates.
Ronnie Adams, CEO, commented, "Over the past few quarters we have made significant progress at Medical Alarm Concepts. We are now operating on a positive operating cash flow basis due to the strong growth we have realized in sales of our unique medical alarm product. We have also had great success in strengthening our balance sheet. Since the beginning of last year, we have negotiated the cancellation of $93,775 of convertible debt, $236,397 from our credit line, the final $75,000 of our Series B Convertible Preferred Stock, and approximately 161,000,000 toxic and highly dilutive warrants. We are planning to announce additional major debt cancellations over the coming weeks upon closing of additional negotiations with debt holders. The Company recently engaged Paritz & Company, P.A. as its new independent registered public accounting firm. Paritz & Company has begun the process of auditing our financial performance. The Company has also recently hired new corporate counsel and new accounting professionals to assist management in completing its Securities & Exchange Commission 10-Q and 10-K filings in order to return the Company to fully reporting status."
Mr. Adams continued, "Over the next few months, we plan to emerge as a profitable, growing company with no long-term debt, no outstanding convertible debt, no outstanding preferred stock, and no options or warrants to purchase common or preferred stock. We believe the quality balance sheet we plan to produce over the coming months will more accurately reflect the true value of our growing company."
Medical Alarm Concepts Holdings, Inc. is the manufacturer of the MediPendant® personal medical alarm. The MediPendant's® is a patented two-way voice technology enabling 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 PERS system does not enable the user to speak and listen through the pendant, thus limiting them to a small area in their home. For more information on the MediPendant®, please visit 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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