MDHI Files for Reverse Stock Split -- Provides Investor Update
February 20 2014 - 9:15AM
Marketwired
MDHI Files for Reverse Stock Split -- Provides Investor Update
KING OF PRUSSIA, PA--(Marketwired - Feb 20, 2014) - Medical
Alarm Concepts Holding, Inc. (OTC Pink: MDHI), today announced the
filing of a Notification of Corporate Action with the Financial
Industry Regulatory Authority (FINRA) to effect a reverse stock
split at the rate of one share for each eight hundred shares
currently outstanding and authorized. Additionally, the Company is
providing an update to investors relative to events at the
Company.
Ronnie Adams, CEO of Medical Alarm Concepts Commented, "Over the
past 24 months we have made significant progress. We now sell our
patented medical alarm product through one of the largest retailers
in the world and our product reviews on this retailer's website are
exceptional. We now have a strong strategic partner in China,
a growing European presence, and a restructured balance sheet
virtually free of debt except for normal trade payables and patent
related debt, which is offset by a significant asset. We have
based our business model on recurring monthly revenues, which
produce strong gross margins allowing us to become operationally
cash flow positive, a position that strengthens virtually every
day. Even though we have accomplished much and our future
growth prospects are very solid, our Board of Directors believes
our investors will not realize the full value of these
accomplishments until the Company is fully reporting and the stock
moves away from the 'penny stock' category. We are working
tirelessly with our auditors and accountants to return the Company
to fully reporting status. Since the process began last May we
have completed full audits for 2011 and 2012, we have filed Form
10Ks for fiscal years ending 2011 and 2012 and the three Form 10Qs
for 2012. While completing the filings for 2013 is taking
longer than expected, significant progress is being made. I am
confident that we will soon once again be fully reporting with the
SEC and that investors will have full transparency into the
significant revenue growth, cost reductions, and balance sheet
restructuring that has occurred. We recently filed to effect a
reverse stock split as we believe investors, suppliers,
distributors, and acquisition targets will take the Company much
more seriously if the stock does not trade within the 'penny stock'
category. A company with robust technology such as ours, quality
suppliers, quality distributors, a growing revenue stream that
produces strong margins, and future prospects as bright as ours,
simply does not belong within the 'penny stock'
category. Thus, we are implementing this reverse stock split
and plan to further push to complete the process of returning the
Company to fully reporting status in order to fully unlock the true
value of our stock for all investors and other stakeholders."
Prior to the stock split there are approximately 4.14 billion
shares outstanding, placing the Company's total market
capitalization at approximately $2.6 million. As a result of
the reverse stock split, there will be 5,518,541 common shares
outstanding. While the authorized number of shares will stand
at 20 million after the reverse split is implemented, at this time
there are no plans to issue shares in excess of the 5,518,541 with
the additional shares being reserved for strategic acquisitions,
employee retention and recruitment, or for issuances, such as for
inventory acquisition, to ensure the Company's current robust
growth rate can be maintained.
The Board of Directors believes a reverse stock split will
increase investor interest in the Company, improve the Company's
ability to form additional distribution and other business
partnerships, improve the perception of the common stock as an
investment security, decrease stock price volatility, and increase
investor attention to our recent debt elimination and balance sheet
restructuring efforts. Additional information concerning the
details of the stock split can be reviewed in the Company's SEC
filing on Form 8-K.
About Medical Alarm Concepts Holding, Inc. 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.
Contact: Medical Alarm Concepts Holding, Inc. 877-639-2929 Ext.
113
Wearable Health Solutions (PK) (USOTC:WHSI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Wearable Health Solutions (PK) (USOTC:WHSI)
Historical Stock Chart
From Apr 2023 to Apr 2024