KING OF PRUSSIA, Pa.,
June 4, 2012 /PRNewswire/ -- Medical
Alarm Concepts Holding, Inc. (OTCQB: MDHI.PK), today provided a
corporate update relative to several positive developments at the
Company. These include: 1) the announcement of a new
marketing program instituted with the number one Warehouse Club
Store in the United States 2) the
return of the MediPendant™ to television advertising 3) the
announcement of additional debt cancellations, which will
significantly reduce shareholder dilution and 4) a discussion about
management changes at the Company.
The Company recently launched a strategic alliance partnership
with the largest warehouse club stores in the United States for sales of the Company's
MediPendant™ product. This program is now operational with orders
being received on a daily basis. The Company has recently
agreed to a joint email-based marketing program sponsored by this
retailer. This email promotion campaign, which is scheduled to
begin on June 8th, is expected to
reach approximately 13,000,000 member customers of this
retailer.
Ronald Adams, President of MDHI
commented, "We are very pleased to have the MediPendant™ returning
to television advertising as we believe it is an excellent
complement to our retail efforts that are well underway and already
producing orders. We are especially excited about working with our
large warehouse club stores in a marketing program for the
MediPendant™ where more than 13 million emails will be sent to its
members. We are preparing diligently for the significant level of
order activity we believe all of these marketing efforts will
produce."
Medical Alarm Concepts plans to return the MediPendant™ to
television advertising beginning the week of June 4th with 132 time slots booked for the week
on national and regional cable networks. The Company is in
process of booking additional media times for television spots that
will run in subsequent weeks.
The Company is also announcing additional retirements of
convertible debt. MDHI has reached an agreement to convert
$37,525 worth of potentially highly
dilutive convertible debentures. This conversion entirely closes
out the convertible debt holders' position relative to the
ownership of all convertible debentures and warrants. This
cancellation brings the total amount of convertible debt removed
from the Company's balance sheet since the beginning of this year
to $93,775, and the total number of
warrants cancelled to date to $100,250,000. These cancellations should enable
the Company to reverse a significant portion of the derivative
liability charges during this fiscal quarter or in subsequent
quarters, and will prevent a significant amount of shareholder
dilution.
As of June 1, 2012, Ronald J. Adams assumed the duties of the chief
executive officer position. Howard
Teicher has tendered his resignation as of June 1st as both CEO and as a director of the
organization.
Mr. Teicher commented, "I am stepping down for personal reasons,
but waited to do so until the Company had its current initiatives
put into motion. With the large warehouse club store now on line
and the Company already beginning to accept orders, the
MediPendant™ returning to television advertising, negotiations for
additional retirements of convertible debt completed, and steady
orders coming into the Company from other marketing programs, MDHI
is now well positioned to move forward."
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.