MMRGlobal Projects Significant Increases in Revenues From
Government Mandated Programs
LOS ANGELES, CA--(Marketwired - Apr 21, 2014) - MMRGlobal, Inc.
(OTCQB: MMRF) ("MMR" or the "Company") today announced that in
addition to its projections that first quarter 2014 revenue from
all sources is expected to be among the highest in MMR's history,
the Company believes that trend will continue based on federal laws
and rules including the recently updated Clinical Laboratory
Improvement Amendments (CLIA). Under the HITECH Act, Meaningful Use
requirements mandate that eligible healthcare providers make
available personal health information online such as through a
Personal Health Record (PHR) to at least fifty percent of all
patients, while under the amended CLIA, laboratories will be able
to offer direct access to lab test results to one hundred percent
of all lab patients through Personal Health Record systems and
patient portals including MyMedicalRecords or other systems that
may be licensed by MMR. As a result of the government mandates
driven by the Affordable Care Act, HITECH and CLIA, MMR believes
its revenues will grow at rates significantly higher than projected
industry growth rates while its Personal Health Record patents and
other intellectual property increase in value.
Calling attention to an article regarding the updated CLIA at
http://ihealthtran.com/wordpress, the Company believes that the new
federal rule on the exchange of health data from labs will have a
significant effect on both MMR's revenues and its ability to
license its patented PHR products and services. With the new
rule removing legal barriers that prevented patients from receiving
laboratory results direct from the labs in all 50 states,
subscribers to the Company's MyMedicalRecords PHR can now have
their laboratory test results easily sent into a secure,
password-protected PHR account.
In a Frost & Sullivan report announced on March 6, 2012
entitled "The U.S. Personal Health Records Market: Understanding
Technical and Strategic Imperatives around Consumer-Focused Health
IT," Frost & Sullivan projects the market for PHR software to
grow at a compound annual growth rate (CAGR) of 5.8 percent,
specifically from $312.2 million in 2012 to $414.8 million in 2015.
According to references used in an October 15, 2012 investment
report for Cerner Corporation
(http://tippie.uiowa.edu/henry/reports12/cern_f12.pdf) and in 2013
MMR patent valuations (http://tinyurl.com/m3xecgv), the world
healthcare IT market is expected to grow from $99.6 billion in 2010
to $162.2 billion in 2015 at a CAGR of 10.2%. In the case of MMR's
most recently completed quarter, the Company expects to announce
growth at multiples of more than several hundred percent, compared
to the previous year.
References to the 10.2% CAGR used in the Cerner report were also
included in MMR 2013 patent valuations http://tinyurl.com/m3xecgv
which, when published, were based on an international patent
portfolio that included seven U.S. patents, and now includes 10
U.S. patents and one Notice of Allowance.
Additionally, the Company forecasts continued revenue from its
biotechnology assets based on the latest information available to
the Company pursuant to the terms of its thirteen million dollar
biotech licensing agreement, which is the subject of an 8-K filed
on December 21, 2010. The Company also has begun entering into
agreements with licensed medical cannabis dispensaries to sell
Personal Health Records direct to consumers at retail.
MMRGlobal is a leading provider of patented Personal Health
Records, MyEsafeDepositBox storage solutions and MMRPro document
management and imaging systems for healthcare
professionals. The Company's wholly
owned subsidiary, MyMedicalRecords, Inc., owns 10 U.S. health IT
patents including U.S. Patent Nos. 8,301,466; 8,498,883; 8,121,855;
8,117,045; 8,117,646; 8,321,240; 8,352,287; 8,352,288; 8,626,532
and 8,645,161, plus one Notice of Allowance and numerous pending
applications. MMR also owns additional HIT patents in 11 other
countries or regional territories of commercial interest including
Australia, Singapore, New Zealand, Mexico, Japan, Canada, China,
Hong Kong, South Korea, Israel and Europe. The Company is in
continuing talks with EMR vendors and others in the United States,
Australia and Israel regarding licensing and sales of its health IT
patents, products and services. MMR also filed patent infringement
complaints against Allscripts Healthcare Solutions, Inc., Jardogs,
Quest Diagnostics, Inc. and WebMD for infringement of two of its
issued U.S. patents.
About MMRGlobal MMRGlobal, Inc., through its wholly-owned
operating subsidiary, MyMedicalRecords, Inc., provides secure and
easy-to-use online Personal Health Records ("PHRs") and electronic
safe deposit box storage solutions, serving consumers, healthcare
professionals, employers, insurance companies, financial
institutions, retail pharmacies, and professional organizations and
affinity groups. The MyMedicalRecords PHR enables individuals and
families to access their medical records and other important
documents, such as birth certificates, passports, insurance
policies and wills, anytime from anywhere using the Internet.
MyMedicalRecords is built on proprietary, patented technologies to
allow documents, images and voicemail messages to be transmitted
and stored in the system using a variety of methods, including fax,
phone, or file upload without relying on any specific electronic
medical record platform to populate a user's account. The Company's
professional offering, MMRPro, is designed to give physicians'
offices an easy and cost-effective solution to digitizing
paper-based medical records and sharing them with patients through
an integrated patient portal. Through its merger with Favrille,
Inc. in January 2009, the Company acquired intellectual property
biotech assets that include anti-CD20 antibodies and data and
samples from its FavId™/Specifid™ vaccine clinical trials for the
treatment of B-Cell Non-Hodgkin's lymphoma. To learn more about
MMRGlobal, Inc. visit www.mmrglobal.com. View demos and video
tutorials of the Company's products and services at
www.mmrtheater.com.
Forward-Looking Statements All statements in this press release
that are not strictly historical in nature, whether or not such
statement relates directly to valuations, and including, without
limitation, intellectual property licenses, property
enforcement actions, infringement claims or litigation, and future
performance, management's expectations, beliefs, intentions,
estimates or projections, constitute "forward-looking statements."
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the Company's actual
results to be materially different from historical results or from
any results expressed or implied by such forward-looking
statements. Some can be identified by the use of words (and their
derivations) such as "need," "possibility," "potential," "intend,"
"offer," "development," "if," "negotiate," "when," "begun,"
"believe," "achieve,\" "will," "estimate," "expect," "maintain,"
"plan," and "continue," or the negative of these words. Actual
outcomes and results of operations and the timing of selected
events may differ materially from the results predicted, and any
reported results should not be considered as an indication of
future performance. Such statements are necessarily based on
assumptions and estimates and are subject to various risks and
uncertainties, including those relating to the possible invalidity
of the underlying assumptions and estimates and possible changes or
developments in economic, business, industry, market, legal and
regulatory circumstances and conditions and actions taken or
omitted to be taken by third parties, including customers,
suppliers, business partners, potential licensees, competitors and
legislative, judicial and other governmental authorities and
officials. Factors that could cause or contribute to such
differences include, but are not limited to: unexpected outcomes
with respect to intellectual property enforcement actions, claims
of intellectual property infringement and general intellectual
property litigation; our ability to maintain, develop, monetize and
protect our patent portfolio for both the Company's health IT and
biotechnology intellectual property assets in the U.S. and
internationally; the timing of milestone payments in connection
with licensing our intellectual property; the risk the Company's
products are not adopted or viewed favorably by the healthcare
community and consumer retail market; business prospects, results
of operations or financial condition including variations in our
quarterly operating results; risks related to the current
uncertainty and instability in financial and lending markets,
including global economic uncertainties; changes in government
laws, standards and regulations and future changes in tax
legislation and initiatives in the healthcare industry both in the
U.S. and internationally; our ability to establish and maintain
strategic relationships; changes in our relationships with our
licensees; the timing and volume of sales and installations; the
length of sales cycles and the installation process; the market's
acceptance of new product and service introductions; competitive
product offerings and promotions; undetected errors in our
products; the possibility of interruption at our data centers;
risks related to third party vendors; risks related to obtaining
and integrating third-party licensed technology; risks related to a
security breach by third parties; risks associated with recruitment
and retention of key personnel; other litigation matters;
uncertainties associated with doing business internationally across
borders and territories; and additional risks discussed in the
Company's filings with the Securities and Exchange Commission,
including disclosures about the Company's relationship with the
Michael Bass Group since 2009. The Company is providing this
information as of the date of this release and, except as required
by applicable law, does not undertake any obligation to update any
forward-looking statements contained in this release as a result of
new information, future events or otherwise.
CONTACT: Michael Selsman Public Communications Co.
ms@publiccommunications.biz (310)
922-7033