LogicMark, Inc. Shares Why Upcoming Vote is Important to Help Continue Improving Operations, Effectively Manage Costs and Reduce Potential Future Dilution
July 25 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 reminds shareholders to vote in
favor of its proxy proposals in its upcoming annual shareholder’s
meeting to be held on August 25, 2022.
All votes are important, regardless of the number of shares
owned. Shareholders as of the annual meeting record date, June 28,
2022, will be entitled to vote at the annual meeting. Shareholders
are encouraged to read about the proposals in the Company’s
Definitive Proxy Statement on Schedule 14A that was filed with the
Securities and Exchange Commission (“SEC”) on June 30, 2022. For
assistance with voting your shares, please call our proxy
solicitor, Laurel Hill Advisory Group, at 888-742-1305 or via
email: LogicMark@laurelhill.com
The Board of Directors and LogicMark’s Management urge
shareholders to vote “For” all proposals contained in the Annual
Meeting Proxy as each proposal is vital for LogicMark’s continued
progress, building on recent successes in accomplishing the
Company’s ambitious goals and objectives. A vote “for” each
proposal will help enable LogicMark to, as applicable, continue to
improve its operations, manage its costs more effectively and
reduce potential future shareholder dilution.
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.
A vote “for” each proposal supports Management’s continued
execution built upon its recent successes with the addition of new
leadership at both the Senior Management and Board of Director
levels; eliminating its debt; implementing strong operational
controls; improving the Company’s financial condition; expanding
its intellectual property portfolio around Artificial Intelligence
and Machine Learning for pattern recognition and fall detection;
and new e-commerce initiatives that we believe will drive
sustainable growth and margin expansion in the years to come.
Each proposal is designed specifically to improve the operations
of the business, with stronger leadership, improved governance,
prudent financial management and expanding 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 has
taken considerable steps to improve its operations and strategic
offerings, and the Company seeks to continue with this
progress.
Vote “For” for Proposal No. 1: To elect five (5) members of the
Company’s board of directors. 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 their broad experience in technology, strategic
marketing, rapid growth, and the care economy.
Vote “For” Proposal No. 2: To consider and vote on a proposal to
ratify the Board’s selection of BPM LLP as the Company’s
independent registered public accountants for the fiscal year
ending December 31, 2022. 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 LogicMark, both
from a service and cost level.
Vote “For” for Proposal No 3: To consider and vote on a proposal
to adopt the Company’s 2022 Stock Incentive Plan. 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
LogicMark. Concurrent with the adoption of this new Plan, the
Company’s two existing stock incentive plans will be terminated and
the potential dilution to shareholders will be reduced as a
result.
Vote “For” Proposal No. 4: To consider and vote on the
reincorporation of the Company from the State of Delaware to the
State of Nevada pursuant to a merger with and into a wholly owned
subsidiary of the Company. LogicMark expects that its
reincorporation to Nevada will measurably reduce its operating
costs and will also give it a greater measure of flexibility and
simplicity in corporate governance than is available under Delaware
law.
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.com 516 222 2560
Media:Jules Abraham917 885 7378
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