PLYMOUTH MEETING, Pa., June 22 /PRNewswire-FirstCall/ -- Medical Alarm Concepts Holding, Inc. (OTC Bulletin Board: MDHI), manufacturer of the MediPendant™, the only fully-monitored medical alarm system that allows you to speak and listen directly through the pendant, announced today that it has reached an agreement with its debt holders, whereby the debt holders will convert all of their debt into equity. In addition, certain debt holders, together with other investors, will invest additional capital in the form of equity into the Company.
"We are extremely pleased that our debt holders will convert all of their debt into equity. This shows that they believe in our strong growth prospects. Our balance sheet will be vastly improved after these transactions," said Howard Teicher, Chief Executive Officer of Medical Alarm Concepts. "We believe that the MediPendant™ is a revolutionary product, and will be extremely competitive in the medical alert industry. 2010 looks to be a very exciting year for us," continued Mr. Teicher.
Additionally, Medical Alarm Concepts recently announced that it has selected YesDTC Holdings, Inc. (OTC Bulletin Board: YESD) to be the Company's representative to market its innovative, patented MediPendant™ medical alarm device via direct response television (DRTV). Production on the infomercial has already begun, and the Company plans to test market the infomercial within 60 days.
About Medical Alarm Concepts
Medical Alarm Concepts Holdings, Inc. ("MAC") develops and manufactures innovative products and practical solutions within the framework of a vast and growing marketplace. We have built our reputation in the personal emergency response system ("PERS") and medical alert industry. With patented technology and state-of-the-art services, MAC is uniquely positioned to mobilize the right people, skills and alliances to ensure success and client satisfaction. Our design and support philosophy emphasizes industry best practices, while providing polished and savvy solutions. MAC's latest innovation is the development of its two-way voice speakerphone pendant technology. For more information, please visit our website at http://www.medicalalarmconcepts.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.
SOURCE Medical Alarm Concepts Holding, Inc.