MDHI Reaches Agreement with Convertible Debt Holder to Cancel Demand for 61.5 Million Diluted Warrants
KING OF PRUSSIA, Pa., April 30, 2012 /PRNewswire/ -- Medical Alarm Concepts Holding, Inc. (OTCQB: MDHI.PK), today announced it has reached an agreement with a holder of its convertible debt to cancel 61.5 million dilutive warrants. This cancellation, along with previous and additional warrant cancellations expected in the future, will prevent a significant amount of common shareholder dilution and will allow the reversal of a significant portion of derivative liability charges held by the Company.
Ronnie Adams, Chief Financial Officer of MDHI commented, "We have been in discussions with the holders of our convertible debt for some time. We have been very successful in these negotiations in that we have been able to cancel tens of millions of warrants to date. These additional 61.5 million warrants were potentially highly dilutive and will result in significantly less shareholder dilution. We expect to make additional positive announcements relative to further cancellations in the near future. Our goal is to once again become fully reporting, and it is important for us to cancel as many warrants and debts as possible to allow us to report positive reversals of derivative liability charges and a balance sheet that will better reflect the positive nature of our developing businesses."
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.
Medical Alarm Concepts Holding, Inc.
877-639-2929 Ext. 113
SOURCE Medical Alarm Concepts Holding, Inc.Back to top