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 shared the intended cost savings
and shareholder benefits with its shareholders, who were encouraged
to vote “for” all annual meeting proxy proposals in the following
letter to LogicMark shareholders in connection with the Company’s
2022 annual meeting of shareholders (the “2022 Annual Meeting”) to
be held on August 25, 2022.
All votes are important, regardless of the number of shares
owned. Shareholders as of the 2022 Annual Meeting record date, June
28, 2022, will be entitled to vote at the 2022 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 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 full text of the letter follows.
Dear Fellow Shareholders,
With our annual meeting fast approaching on August 25th, I want
to share with you why your vote “for” the proposals in the Annual
Meeting Proxy will drive strong financial management, cost benefits
and shareholder value for LogicMark and our shareholders. LogicMark
has made significant strides in the past year and achieved
incredible growth. Your crucial vote “For” the proposals will allow
us to continue building towards LogicMark’s future success.
Voting “for” the proposals will allow us to continue our
progress built upon recent successes, including intellectual
property portfolio expansion. We see an opportunity for strong
value creation emanating from our filing of five provisional
patents critical to remote monitoring, artificial intelligence, and
machine learning for pattern recognition, fall detection and other
compelling capabilities. We believe they will help drive high value
in our R&D and product development efforts, and some of these
capabilities have already been integrated into our exciting new
products, with more on the way.
I am proud to say that today’s LogicMark is debt free with
stronger governance and operational controls. Our capital raise in
September of last year yielded ample cash resources, which provide
the necessary funding to enable us to invest in new product
initiatives and enter new markets, while driving improved financial
performance and cost efficiencies along the way. To those ends, we
believe our newly announced direct-to-consumer sales channel,
driven by our redesigned website and e-commerce platform, will
broadly deliver our solutions to more people, including families
and caregivers.
The proxy proposals are designed for additional cost
savings:
- New audit firm, BPM, is not only the best choice for the
Company, but will reduce overhead costs (Proposal 2); and
- Reincorporating the Company from Delaware to Nevada will
measurably reduce operating costs (Proposal 4).
Additionally, the proxy proposals will:
- Solidify our Board of Directors whose expertise is necessary to
support the company’s continued transformation (Proposal 1);
and
- With the adoption of this new Plan, the Company’s two existing
stock incentive plans will be terminated and the Company intends
for potential dilution to shareholders to be reduced from 20% to
15%. (Proposal 3).
While we have made significant progress over the past year in
strengthening our financial condition, implementing strong
corporate controls, expanding our intellectual property portfolio
and adding highly specialized talent, there is much still to be
done to sufficiently position LogicMark as a leader in the new care
economy. With the ongoing support of our loyal
shareholders, we are confident of LogicMark’s bright future. By
voting “For” the proposals in the Annual Meeting Proxy, we will be
able to continue our progress and build on our recent success in
accomplishing our ambitious goals and objectives.
On behalf of the Board of Directors, I wish to thank our
shareholders for your continued support in transforming LogicMark
and look forward to 2022 and beyond as a highly transformative and
rewarding period for LogicMark. If you need help voting, please
call our proxy solicitor, Laurel Hill Advisory Group, at
888-742-1305.
Sincerely,
Chia-Lin SimmonsCEO of LogicMark
Forward-Looking Statements
This letter 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 letter, 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.
ADDITIONAL INFORMATION
We have filed the Definitive Proxy Statement on Schedule 14A
(the “Proxy Statement”) with the U.S. Securities and Exchange
Commission (“SEC”) on June 30, 2022 in connection with our
solicitation of proxies for the Annual Meeting. LOGICMARK, INC.
SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT
(AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING PROXY
CARD AS THEY CONTAIN IMPORTANT INFORMATION. Shareholders may obtain
the Proxy Statement, any amendments or supplements to the Proxy
Statement and other documents as and when filed by us with the SEC
without charge from the SEC’s website at www.sec.gov. Shareholders
can also obtain, without charge, a copy of the Proxy Statement and
other relevant filed documents from our website at
https://investors.logicmark.com/financial-information/sec-filings.
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
Statements This 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
IR Investor@logicmark.com 516 222 2560
Media:Jules Abraham917 885 7378
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