MDHI News .0089 MDHI Talks Distribution, Product Feature Advantages, New Large Customers, Toxic Debt Retirement, and Movement towards Profitability
2012-06-06 10:00 ET - News Release
KING OF PRUSSIA, Pa., June 6, 2012 /PRNewswire/ -- Medical Alarm Concepts Holding, Inc. (OTCQB: MDHI.PK), today released an audio interview with Company President, Ronald Adams. In the interview, he discusses the recently signed distribution agreement with the largest warehouse club store in the U.S., and the marketing program that is expected to begin Friday, June 8 in conjunction with this store. Also discussed were the benefits that make the MediPendant™ product unique to the marketplace. Finally, Mr. Adams discusses the significantly improving financial structure of the Company, including the new non-dilutive credit line that is now in place, the retirement of a significant portion of the Company's convertible debentures, the cancellation of approximately 100,000,000 potentially highly dilutive warrants, the growing order volumes, and the Company's movement toward profitability.
"Over the past week our trading volumes have risen rapidly, as have the value of our shares. We are pleased to offer the audio interview we are releasing today, which explains where the Company has been, the current actions being taken to improve our business model and our balance sheet, and most importantly, some of the programs being put into place relating to our recently enhanced retail presence. We are very excited about the many positive changes at the Company and believe we are marching toward profitability in the near future."
The audio interview featuring Mr. Adams can be accessed at the following link - http://www.youtube.com/LISTEN TO MDHI.
The Company recently launched a strategic alliance partnership with the largest warehouse club store in the U.S. for sales of the Company's MediPendant™ product. This program is now operational with orders being received on a daily basis. The Company has recently agreed to a joint email-based marketing program sponsored by this retailer. This email promotion campaign, which is scheduled to begin on June 8th, is expected to reach approximately 13,000,000 member customers.
Medical Alarm Concepts returned the MediPendant™ to television advertising for the week of June 4th with 132 time slots booked on national and regional cable networks. Additionally, the Company is in the process of booking additional media times for television spots that will run in subsequent weeks.
The Company recently filed form 8K with the U.S. Securities & Exchange Commission outlining additional retirements of convertible debt. MDHI just reached an agreement to convert $37,525 worth of potentially highly dilutive convertible debentures. This conversion entirely closes out this convertible debt holders' position and brings the total amount of convertible debt removed from the Company's balance sheet since the beginning of this year to $93,775 and the total number of warrants cancelled to 100,250,000. These cancellations will likely allow the Company to reverse a significant portion of the derivative liability charges during this fiscal quarter or in subsequent quarters, and will prevent a significant amount of shareholder dilution. To review this 8K filing and our other filings with the Securities & Exchange Commission, please visit the SEC website at www.sec.gov .
