BETHESDA, Md., April 19, 2013 /PRNewswire/ -- Medical Alarm
Concepts Holding, Inc. (OTCQB: MDHI) today filed an investor
information statement with the Securities and Exchange Commission
pursuant to Rule 14c-2 under the Securities Act of 1934. The
purpose of the information statement is to notify stockholders that
on April 16, 2013 the Company had
received written consents from the holders of 51.1% of the voting
power of common stock approving the Board of Directors' authorized
share increase from 800 million to 1.4 billion. The Company plans
to mail copies of the information statement to all shareholders on
or about April 29, 2013. The
information statement also includes important corporate
updates.
Ronnie Adams, CEO, commented,
"Over the past few quarters we have made significant progress at
Medical Alarm Concepts. We are now operating on a positive
operating cash flow basis due to the strong growth we have realized
in sales of our unique medical alarm product. We have also had
great success in strengthening our balance sheet. Since the
beginning of last year, we have negotiated the cancellation of
$93,775 of convertible debt,
$236,397 from our credit line, the
final $75,000 of our Series B
Convertible Preferred Stock, and approximately 161,000,000 toxic
and highly dilutive warrants. We are planning to announce
additional major debt cancellations over the coming weeks upon
closing of additional negotiations with debt holders. The Company
recently engaged Paritz & Company, P.A. as its new independent
registered public accounting firm. Paritz & Company has
begun the process of auditing our financial performance. The
Company has also recently hired new corporate counsel and new
accounting professionals to assist management in completing its
Securities & Exchange Commission 10-Q and 10-K filings in order
to return the Company to fully reporting status."
Mr. Adams continued, "Over the next few months, we plan to
emerge as a profitable, growing company with no long-term debt, no
outstanding convertible debt, no outstanding preferred stock, and
no options or warrants to purchase common or preferred stock.
We believe the quality balance sheet we plan to produce over
the coming months will more accurately reflect the true value of
our growing company."
About MDHI
Medical Alarm Concepts Holdings, Inc. is the manufacturer of the
MediPendant® personal medical alarm. The MediPendant's® 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. 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. 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.
877-639-2929 Ext. 113
SOURCE Medical Alarm Concepts Holding, Inc.