KING OF PRUSSIA, Pa.,
Aug. 6, 2012 /PRNewswire/
-- Medical Alarm Concepts Holding, Inc. (OTCQB: MDHI.PK),
today announced the cancellation of an additional approximately
61.5 million warrants to purchase common stock, the vast majority
of which contained toxic reset provisions. The holders of these
warrants received no compensation of any kind for these
cancellations. Since the beginning of negotiations with its
debt holders, the company has been able to cancel a total of
approximately 162.5 million warrants and a significant portion of
convertible debt, and as a result all but approximately 7.4 million
warrants have been canceled over the past few months.
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.
"These warrant cancellations are significant because the vast
majority were 'in the money' meaning that the warrant exercise
price was below the current share price. Cancellation
prevents a significant amount of future shareholder dilution,"
commented Ronnie Adams CEO. "We are also expecting the
warrant cancellations we are announcing today along with the
previously announced warrant and debt cancellations to have a very
positive effect on future balance sheets as many of the associated
derivative liability charges are reversed as a result of
cancelation. Additionally, we have recently paid down
virtually all of our trade payables further strengthening our
balance sheet."
Mr. Adams continued, "We very
proud of the negotiations we have successfully completed. All
of the approximately 7.4 million outstanding warrants have strike
prices that are significantly above the current share price
providing little incentive for conversion. We are very
serious about presenting a strong balance sheet to our investors as
we return to fully reporting status over the coming quarters."
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, go to
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.