KING OF PRUSSIA, Pa., Dec. 17, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Medical Alarm Concepts Holding, Inc. (OTC:MDHI) (the "Company"), is the manufacturer of the first fully-monitored medical alarm system that allows the user to speak and listen directly through the pendant. Today, President and CEO, Ronald Adams, provides investors with an update on the current state of the Company.
The Company has updated its financial reporting, made 16 filings within the past 12 months, is now current in its filings and is fully compliant in its reporting as publicly traded OTC Company.
In order to become a profitable operation, MDHI has issued additional stock to convert highly leveraged debt and improve its balance sheet. As a direct result of the costs associated with the stock conversion, Selling, General, and Administrative expenses for the year ending June 30, 2014 increased. This was a one-time event. The associated expenses will not appear in upcoming financials. All the derivative liabilities and the underlying warrants that have been part of our financial statements for the past few years are no longer a part of MDHI and its capital structure. All have been retired as a result of the conversion of the debt to equity.
The working capital deficit mentioned in our filings has not increased significantly over the past year, and the stockholders' deficit has remained fairly constant as well. Management believes that the Company has made a tremendous turnaround in the past 12 months and we continue to work to improve our financial condition. Management anticipates that the Company will soon be in a position to announce its plans to launch a new product line which will increase revenue and improve productivity.
We anticipate increased sales in 2015. The Company has entered into distribution agreements in several countries and anticipates its sales to increase in 2015 from its international channels. The Company's anticipated increased sales will also come from new initiatives and product line. To clarify this further, a significant amount resources have been deployed on the development of a new, innovative, and technically-advanced product. The product has been designed, tested, and is currently being manufactured.
The Company has developed a new business model that incorporates not only the launch of this new product through several initiatives, but also a plan to grow the business through acquisitions.
Additional personnel have been hired to help implement these programs. These include:
Principal Engineer - with over 20 years of relevant experience, the Principal Engineer is responsible for evaluating and recommending new technologies in the industry as well as overseeing the development of new products for the Company;
Director of Strategic Partnerships – The Director of Strategic Partnerships has owned and operated PERS (Personal Emergency Response System) businesses and has been active in the Senior Care market for over 19 years. The primary responsibility of the Director is to manage the Company's strategic acquisitions and to develop and implement the sales and marketing plan for new products and services;
-and -
Vice President of Operations - with over 10 years of experience in systems and software design, programming, integration, implementation, and support, the VP of Operations is responsible for the design and development of all internal/external systems for new and existing products and programs.
The increase in Company expenses in the last quarter has been a direct result of the re-alignment of the Company's business model. These were expensed, not capitalized. While we anticipate an increase in overhead, management is optimistic that these changes will lead to an increase in sales and profit, and that increase will exceed the additional overhead charges.
"It is the time of the year to give thanks, so we would like to take this opportunity to thank our investors for standing by MDHI, and for helping us to get to where we are today. I am certain that 2015 will be a successful year for our Company. Happy Holidays to you and your families." – Ronnie Adams, CEO and President, MDHI.
About Medical Alarm Concepts Holding, Inc.
Medical Alarm Concepts Holdings, Inc., a publicly traded company under the symbol MDHI, is the creator of the MediPendant® a patented two-way and three-way voice technology, for the personal medical alarm marketplace. The MediPendant® has been featured in nationally renowned retailer Costco Wholesale Corporation since 2011 and has received 28 product reviews on the retailer's website, 21 of which are "5 out of 5 Star" ratings. The average rating is "4.5 Stars" out of 5 Stars.
For more information, please visit our website at http://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.
info(at)medalarmco(dot)com
877-639-2929 Ext 113
SOURCE: Medical Alarm Concepts Holding, Inc.
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Medical Alarm Concepts Ronnie Adams +1 877-498-2929
