KING OF PRUSSIA, Pa.,
April 30, 2012 /PRNewswire/ --
Medical Alarm Concepts Holding, Inc. (OTCQB: MDHI.PK), today
announced it has reached an agreement with a holder of its
convertible debt to cancel 61.5 million dilutive warrants. This
cancellation, along with previous and additional warrant
cancellations expected in the future, will prevent a significant
amount of common shareholder dilution and will allow the reversal
of a significant portion of derivative liability charges held by
the Company.
Ronnie Adams, Chief Financial
Officer of MDHI commented, "We have been in discussions with the
holders of our convertible debt for some time. We have been very
successful in these negotiations in that we have been able to
cancel tens of millions of warrants to date. These additional 61.5
million warrants were potentially highly dilutive and will result
in significantly less shareholder dilution. We expect to make
additional positive announcements relative to further cancellations
in the near future. Our goal is to once again become fully
reporting, and it is important for us to cancel as many warrants
and debts as possible to allow us to report positive reversals of
derivative liability charges and a balance sheet that will better
reflect the positive nature of our developing businesses."
About MDHI
Medical Alarm Concepts Holdings, Inc. (MAC) develops and
manufactures innovative products and practical solutions within the
framework of a vast growing marketplace. MediPendant's™ patented
two-way voice technology enables 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.
Text message alerts are also standard, and are used to inform
loved ones that the user has contacted an operator or has requested
assistance. 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. There is always the risk that the user will not
be heard by the call center operator if they are not within a short
range of the base station. For more information, please visit our
website at 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.
Contact:
Medical Alarm Concepts Holding, Inc.
877-639-2929 Ext. 113
SOURCE Medical Alarm Concepts Holding, Inc.