MDHI News Medical Alarm Retires Last of Convert

KING OF PRUSSIA, Pa., Sept. 6, 2012 /PRNewswire/ -- Medical Alarm Concepts Holding, Inc. (OTCQB: MDHI.PK), manufacturer of the MediPendant™ two-way voice personal medical alarm, today announces the retirement of the last portion of it outstanding Series B Convertible Preferred shares.

Ronald Adams CEO commented, "Over the past few months we have negotiated the cancellation of a large portion of convertible debt, the cancellation of 165 million toxic warrants most of which were in the money, and now the final piece of Series B Convertible Preferred shares. All of our Series A preferred had been retired previously. As we prepare to move into profitability and back into fully reporting status, these retirements and cancellations will allow us to reflect the true worth of our business on upcoming balance sheets and in our other financials."