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."