KING OF PRUSSIA, Pa.,
May 1, 2012 /PRNewswire/
-- Medical Alarm Concepts Holding, Inc. (OTCQB: MDHI.PK),
today announced it has reached an agreement with several holders of
its convertible debt. Under the terms of the agreement,
$56,250 of convertible debt has been
cancelled, preventing a significant amount of common shareholder
dilution. Additionally, the agreement calls for the cancellation of
another 13,750,000 million warrants, bringing the total number of
warrants cancelled this year to 101,250,000.
"We could not be more excited about the success of our
negotiations with our convertible debt holders," commented
Ronnie Adams, Chief Financial
Officer of MDHI. "This agreement will allow us to better
reflect the positive aspects of our business and our financials. In
the past, we have booked a significant portion of derivative
liability charges, much of which we will now be able to reverse as
the balance of the convertible debt begins to drop, and these tens
of millions of warrants are cancelled. We have now negotiated the
cancellation of almost all of the warrants associated with our
March 2009 convertible debt, and we
hope to negotiate away the remaining portion over the very short
term."
Mr. Adams continued, "Over the past months we have been working
hard to revitalize our growth, and with the addition of our new
product line, we believe we are well on our way to building the
type of shareholder value we have always desired. We will strive to
continue to retire our remaining debt and to cancel all potentially
dilutive outstanding warrants. It is an exciting time in our
corporate history and we look forward to sharing our success with
our shareholders."
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.