LogicMark, Inc. (Nasdaq: LGMK) (the “Company” or “LogicMark”),
a provider of personal emergency response systems (PERS), health
communications devices, and technology for the growing care
economy, today issued the following letter to LogicMark
shareholders urging shareholders to vote “For” all proxy proposals
for the Company’s 2022 annual meeting of shareholders (the “2022
Annual Meeting”) taking place on August 25, 2022, to enable the
company to continue driving the creation of lasting shareholder
value.
For information about the 2022 Annual Meeting please visit
https://www.logicmark.com
The full text of the letter follows.
August 8, 2022
Dear Fellow Shareholders,
Since joining LogicMark a little more than a year ago, my
mission has been to strengthen the foundations upon which
LogicMark’s future success is being built to position the Company
to create lasting shareholder value. This challenging and highly
rewarding process has, to date, heralded a series of changes in our
approach to business operations which have vastly improved our
financial condition, corporate governance, cost management,
expanded our intellectual property portfolio, and added highly
specialized management and Board of Director talent who serve with
us as the stewards of tomorrow’s LogicMark to become a leader in
the new care economy.
With our recent introduction of our new Direct-to-Consumer sales
channel and new website and e-commerce platform, we have set the
stage for deeper connections with our customers and stronger
growth. We are far along in our new product development efforts,
incorporating advanced artificial intelligence and machine learning
into exciting new products with features that extend the care path
and security for families focused on loved ones’ aging-in place and
enhanced remote activity monitoring. Our growth plans are based
upon expanding our product and service offerings and entering new
markets, deepening existing and diversifying new revenue generation
to continue driving steady growth, increase our margins and create
lasting shareholder value.
Our shareholder value creation strategies are inherently tied to
our continued execution, strong management and Board of Director
leadership, partnering with the most qualified auditor for our
needs, employing an attractive and incentivizing new Stock
Incentive Plan (the “2022 Plan”) which is intended to reduce
potential dilution once adopted, as the two existing stock
incentive plans will be terminated upon adoption of the 2022 Plan,
and adopting the most advantageous incorporation domicile profile
to reduce operating costs and simplify while continuing to
strengthen our corporate governance. These are the pivotal elements
of our proxy proposals. We have already demonstrated our ability to
right the ship. And today’s LogicMark is stronger as a result of
our tangible accomplishments. Our upcoming annual meeting and proxy
proposals require your support as the means to further strengthen
LogicMark and position the Company for lasting shareholder value
creation. The Board and I cannot more strongly convey the
importance your vote has in shaping the future of our Company and
our success and we strongly urge all shareholders to vote “For”
each of our proposals to enable us to accomplish the expansive
growth and prudent management strategies before us.
While we have made significant progress over the past year in
improving the overall business and focusing on the initiatives that
are aimed at driving shareholder value creation, there is still a
lot of work to do. With your support, we are confident in a very
bright future for LogicMark. 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.
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 plans: the 2013 Plan and the 2017 Plan,
will be terminated and the Company intends for potential dilution
to shareholders to be reduced from 20% to 15%, as a result. The
2022 Plan also has no provision permitting the Company to reprice
options. The Company, its new board, and new senior officers are
committed to continuing to drive value and change for the benefit
of our stockholders and adopting the 2022 Plan is one such
undertaking to assist the effort to accomplish this.
Vote “For” Proposal No. 4: The Company expects that its
re-incorporation from Delaware 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.
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
On behalf of the Board of Directors, I wish to thank our
shareholders for your continued support and look forward to making
2022 and beyond a highly transformative and rewarding period for
LogicMark.
Sincerely,
Chia-Lin Simmons
CEO 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 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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