KING OF PRUSSIA, PA-- January 6, 2014 - Medical Alarm Concepts Holding, Inc. (OTC Pink: MDHI) Chief Executive Officer, Ronnie Adams, made the following comments concerning recent events at the Company:
"Approximately two years ago, our management team began the process of restructuring the Company. I am very pleased to inform our investors that this process is now complete. We recently filed our Definitive 14C Information Statement with the Securities & Exchange Commission, which completes the global settlement process where we received approximately $845,000 of relief from debt obligations and substantial concessions from our management team. Full implementation of the agreement will result in a balance sheet that is virtually debt-free, except for normal trade payables and patent-related obligations, which are mainly offset by a substantial asset. Additionally, we are expecting approximately $1 million of derivative liability charges to also be removed from the balance sheet, which will leave us with strong financial ratios. We have surpassed the operational cash flow breakeven point and our monthly recurring revenues continue to grow on a daily basis driven by growing retail and Internet sales. Over the past few months, we have filed numerous 10-K and 10-Q filings with the SEC after completing full audits for 2011 and 2012. While this process has been more involved than we initially expected, we are confident that we are quickly progressing toward fully reporting status where all investors will be able to easily ascertain the status of the Company and the significant progress that has been made to turn Medical Alarm Concepts into a robust, profitable, and fast growing company.
We want to make it clear to our investors that the Company is well past the start-up stage, and that our business plan is progressing robustly. We are expecting 2014 to be a year of continued strong growth mainly led by high-margin recurring monthly revenues, but augmented by direct sales to marketing partners utilizing our patented MediPendant® product as the basis for their own medical alarm services."
Medical Alarm Concepts' recent filing with the Securities & Exchange Commission, which provides full details of the recent events can be viewed at the following link: http://1.usa.gov/JG1E5n.
About Medical Alarm Concepts
Medical Alarm Concepts Holdings, Inc., which trades on the over the counter market under the stock symbol "MDHI", is the manufacturer of the MediPendant® personal medical alarm. The MediPendant® is a patented two-way voice technology enabling the user to speak and listen directly through the pendant no matter where the user may be in and around their home. MediPendant® service also includes advanced features such as three-way calling that enables the operator to link loved ones directly into the emergency call in real time. A standard PERS system does not enable the user to speak and listen through the pendant, thus limiting them to a small area in their home. For more information on the MediPendant®, please visit www.MediPendant.com.
Safe Harbor Statement
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with Securities and Exchange Commission.
Medical Alarm Concepts Holding, Inc.
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SOURCE: Medical Alarm Concepts Holding, Inc