KING OF PRUSSIA, Pa.,
March 6, 2013 /PRNewswire/
-- Medical Alarm Concepts Holding, Inc. (OTC Pink: MDHI),
today announced it has received an investment led by strategic
partner, JTT-EMS LTD of Shijiazhuang, China. Under the terms of
the investment, JTT-EMS purchased restricted common stock, which it
plans to hold as a long-term investment. The financing,
including additional investments by current shareholders, will
total approximately $330,000.
"This is exciting financing for our Company that will allow us
to maintain our strong growth," commented Ronnie Adams, CEO. "This strategic
investment is straight common equity in the Company, which must be
held for an extended period of time. There are no warrants,
options, or any other enhancements. Over the past two
quarters our business has turned the corner with strong growth,
allowing us to reach positive cash flow. Because this growth is
based on high quality recurring monthly revenues, we believe the
positive operating cash flow we will report beginning in the
March 2013 quarter will be
sustainable moving forward."
The demand for the MediPendant® continues to grow at a rapid
pace as a result of strong sales from the Company's retail
partnership and growing online orders. Medical Alarm Concepts
recently announced the signing of a major diversified national
healthcare insurer that will offer the Company's MediPendant®
product and monthly monitoring services to subscribers of selected
healthcare programs. Additionally, the product will be
included in the insurance carrier's dual demonstration program
(Medicaid and Medicare) related contracts on which it may bid.
Use of funds from this new strategic investment will be
primarily for inventory acquisition to meet growing demand.
Secondary uses of funds will include completing the process of
restoring the Company to fully reporting status, additional
marketing programs, further reductions in trade payables, and
general working capital.
The MediPendant® is a second-generation personal medical alarm
and the only product in its category that allows for monitored,
two-way communications and associated voice prompts directly
through the pendant. Older generations of technology require the
user to be in close proximity to the base station in order to speak
and listen to the operator. With the MediPendant®, the
customer can be anywhere within 600+ feet of their home, and in the
event of an emergency, speak and listen to the EMT trained operator
directly through the pendant.
Additional information on the MediPendant® can be viewed at
www.MediPendant.com.
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 medical alarm 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.
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.