Medical Alarm Concepts Comments on Future of Company -- Files Definitive 14C Information Statement With SEC
January 06 2014 - 8:00AM
Marketwired
Medical Alarm Concepts Comments on Future of Company -- Files
Definitive 14C Information Statement With SEC
KING OF PRUSSIA, PA--(Marketwired - Jan 6, 2014) - Medical Alarm
Concepts Holding, Inc. (OTC Pink: MDHI) Chief Executive Officer,
Ronnie Adams, made the following comments concerning recent events
at the Company:
"Approximately two years ago, our management team began the
process of restructuring the Company. I am very pleased to inform
our investors that this process is now complete. We recently filed
our Definitive 14C Information Statement with the Securities &
Exchange Commission, which completes the global settlement process
where we received approximately $845,000 of relief from debt
obligations and substantial concessions from our management team.
Full implementation of the agreement will result in a balance sheet
that is virtually debt-free, except for normal trade payables and
patent-related obligations, which are mainly offset by a
substantial asset. Additionally, we are expecting approximately $1
million of derivative liability charges to also be removed from the
balance sheet, which will leave us with strong financial ratios. We
have surpassed the operational cash flow breakeven point and our
monthly recurring revenues continue to grow on a daily basis driven
by growing retail and Internet sales. Over the past few months, we
have filed numerous 10-K and 10-Q filings with the SEC after
completing full audits for 2011 and 2012. While this process has
been more involved than we initially expected, we are confident
that we are quickly progressing toward fully reporting status where
all investors will be able to easily ascertain the status of the
Company and the significant progress that has been made to turn
Medical Alarm Concepts into a robust, profitable, and fast growing
company.
We want to make it clear to our investors that the Company is
well past the start-up stage, and that our business plan is
progressing robustly. We are expecting 2014 to be a year of
continued strong growth mainly led by high-margin recurring monthly
revenues, but augmented by direct sales to marketing partners
utilizing our patented MediPendant® product as the basis for their
own medical alarm services."
Medical Alarm Concepts' recent filing with the Securities &
Exchange Commission, which provides full details of the recent
events can be viewed at the following link:
http://1.usa.gov/JG1E5n.
About Medical Alarm Concepts Medical Alarm Concepts Holdings,
Inc., which trades on the over the counter market under the stock
symbol "MDHI", is the manufacturer of the MediPendant® personal
medical alarm. The MediPendant® 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. 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. 877-639-2929 Ext.
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