LogicMark, Inc. Issues Letter to Shareholders
July 05 2022 - 8:00AM
LogicMark, Inc. (Nasdaq: LGMK) (the “Company” or “LogicMark”)
(formerly Nxt-ID, Inc.), a provider of personal emergency response
systems (PERS), health communications devices, and technology for
the growing care economy, today announced its Annual Meeting of
Stockholders (the “2022 Annual Meeting”) will take place August 25,
2022.
The Company issued the following letter to LogicMark
shareholders. For information about the 2022 Annual Meeting please
visit https://www.logicmark.com
The full text of the letter follows.
Dear Fellow Shareholders,
As we approach our 2022 Annual Meeting of Stockholders on August
25, 2022, I am encouraged by the dramatic progress we have made
since I joined the Company in June 2021. We are overcoming the
challenges of the past and are establishing a strong foundation
upon which we believe an improved LogicMark will flourish in the
years ahead. Today’s LogicMark has the right vision, leadership,
financial resources, and award-winning development capabilities to
deliver on its promise of protecting the personal experience of
living life to the fullest by building technology to connect,
manage and monitor a loved one’s health and safety.
LogicMark is fast transforming into a technology company focused
on building solutions for the new care economy, driven by our
proprietary remote care and activity monitoring solutions that
leverage our core business and positions us to deliver new at-home
and on-the-go Direct-to-Consumer, B2B and Business-to-Government
(B2G) products and monitored services.
LogicMark’s new approach combines our strong market presence
within the PERS industry, GSA Schedule and the U.S. Veteran's
Administration with innovative care communications and next-level
remote monitoring technologies that incorporate advanced artificial
intelligence and machine learning, which will drive new and
recurring revenue streams to maximize growth and shareholder value
creation.
We have positioned the company for continued strong performance
through the addition of new leadership at both the Senior
Management and Board of Director levels, eliminating debt,
implementing strong ESG policies and operational controls, improved
financial condition, expanded intellectual property portfolio
around Artificial Intelligence and Machine Learning for pattern
recognition and fall detection and new e-commerce initiatives that
will drive sustainable growth and margin expansion in the years to
come.
To continue our momentum, I urge all our shareholders to vote
“For” for our proposals contained within the accompanying Proxy
materials as each proposal is vital for our future success.
Vote “For” for Proposal No. 1: The members of the Board of
Directors each has the expertise and experience the company
believes necessary to support the company’s continued
transformation into a technology company focused on building
solutions for the new care economy. Over the last year, the Company
has added three new Board members who bring experience with
technology, strategic marketing, rapid growth, and expertise in the
care economy.
Vote “For” Proposal No. 2: Management considers the selection of
BPM LLP to be in the best interests of the Company and its
stockholders. After evaluating six potential audit firms, the
Company believes that BPM is the best choice for the Company, both
from a service and cost level.
Vote “For” for Proposal No 3: The Company believes that the 2022
Plan will allow it to continue to attract able directors,
employees, consultants, and independent contractors and enable them
to acquire and maintain Common Stock ownership in the Company.
Concurrent with the adoption of this new Plan, the Company’s two
existing stock incentive plan will be terminated and the potential
dilution to shareholders will be reduced from 20% to 15%.
Vote “For” Proposal No. 4: The Company expects that it’s
re-domestication to Nevada will measurably reduce its operating
cost and will also give it a greater measure of flexibility and
simplicity in corporate governance than is available under Delaware
law.
I wish to thank all of our shareholders for your continued
support and look forward to 2022 and beyond as a highly
transformative and rewarding period for LogicMark.
Sincerely,
Chia-Lin SimmonsChief Executive Officer
About LogicMark, Inc.LogicMark, Inc. (Nasdaq:
LGMK) provides personal emergency response systems (PERS), health
communications devices and technologies to create a Connected Care
Platform. The Company’s devices give people the ability to receive
care at home and confidence to age in place. LogicMark
revolutionized the PERS industry by incorporating two-way voice
communication technology directly into its medical alert pendant
and providing this life-saving technology at a price point everyday
consumers can afford. The Company’s PERS technologies are sold
through the United States Veterans Health Administration and
dealers/distributors. LogicMark has been awarded a contract by the
U.S. General Services Administration that enables the Company to
distribute its products to federal, state, and local
governments.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements reflect management’s current expectations, as of the
date of this press release, and involve certain risks and
uncertainties. Forward-looking statements include statements herein
with respect to the successful execution of the Company’s business
strategy. The Company’s actual results could differ materially from
those anticipated in these forward-looking statements as a result
of various factors. Such risks and uncertainties include, among
other things, our ability to establish and maintain the proprietary
nature of our technology through the patent process, as well as our
ability to possibly license from others patents and patent
applications necessary to develop products; the availability of
financing; the Company’s ability to implement its long range
business plan for various applications of its technology; the
Company’s ability to enter into agreements with any necessary
marketing and/or distribution partners; the impact of competition,
the obtaining and maintenance of any necessary regulatory
clearances applicable to applications of the Company’s technology;
the Company’s ability to maintain its Nasdaq listing for its common
stock; and management of growth and other risks and uncertainties
that may be detailed from time to time in the Company’s reports
filed with the SEC.
Investor Relations Contact:CORE IRInvestor@logicmark.com516 222
2560
Media:Jules Abraham917 885 7378
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