Medical Alarm Concepts Provides Update to Investors
KING OF PRUSSIA, Pa., March 1, 2012 /PRNewswire/ — Medical Alarm Concepts Holding, Inc. (OTCQB: MDHI.PK) today issued an update on its business activities and on its pending merger with Carrollton, Texas based FirstFitness Nutrition Inc., a leading provider of weight loss, wellness, energy, and fitness nutritional products.
While both companies continue to move forward with the due diligence process, it is a large undertaking for both sides. Originally, the merger was projected to be finished by the end of February. However, it looks like the process is going to take longer than expected in order to ensure the success of the merger, and to confirm that it is in the best interest for both MDHI, FirstFitness, and all others involved.
“It is very important to MDHI to make certain this deal is accretive to all shareholders, and that FirstFitness will be a good long term partner,” said Ronnie Adams, CFO of Medical Alarm Concepts. “In addition to the FirstFitness merger, we are looking at several other accretive business opportunities as well. Our goal is and always has been to build a company with solid earnings, cash flow, and a strong balance sheet, and we believe we are well on our way to accomplishing this goal. We thank all of our shareholders for their continued support as we work to build a sound and growing organization.”
In the meantime, MDHI continues to see a solid increase in revenue growth rates as a result of new marketing programs, and the introduction of new products and services.
MDHI plans to announce several updates early next week, including its largest purchase order to date, its new media initiatives in conjunction with Harrington Multimedia, and details regarding its recent agreement for a national direct-to-consumer mail and print media campaign with one of the country’s largest direct mail providers.
In addition, MDHI is continuing the process of updating its financials for recently ending periods, and plans to file these results with the Securities & Exchange Commission in order to once again become a fully reporting organization.
About Medical Alarm Concepts
Medical Alarm Concepts Holdings, Inc. (MAC) develops and manufactures innovative products and practical solutions within the framework of a vast growing marketplace. MediPendant’s(TM) 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(TM) 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 letter of intent outlined in this press release is nonbinding on either party, and while both parties intend for the merger to be consummated, there is no assurance that a definitive agreement will take place. 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.
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SOURCE Medical Alarm Concepts Holding, Inc.