KING OF PRUSSIA, PA, United States, via ETELIGIS INC., 09/30/2014 – – Medical Alarm Concepts Holding, Inc. (OTC Pink: MDHI) (PINKSHEETS: MDHI) (the "Company"), creator of the patented MediPendant® personal medical alarm device that provides users with a reliable and innovative way to communicate with emergency personnel and loved ones whenever medical assistance is needed, on Thursday released its 10-Q filing to the SEC and is updating shareholders on the company’s corporate objectives and opportunities for the remainder of fiscal year 2014.
Medical Alarm Concepts Holding, Inc. has made significant progress in shedding much of the toxic convertible debt that was part of its financing strategy at formation in mid-2008. Medical Alarm Concepts Holding, Inc. confirmed the entering of a Global Settlement Agreement which as of December 15, 2013, converted the company’s credit line and accrued interests (including almost all convertible debt) into shares. The company has now reached operational positive cash flow and is pressing ahead with the marketing and distribution of its patented personal emergency alarm, the MediPendant®.
Since the launch of the MediPendant®, Medical Alarm Concepts Holding, Inc. has moved to aggressively grow its sales base, leveraging key international partnerships, such as securing distribution agreements for Denmark and Ireland, as well as establishing the company’s flagship product as a leading innovator in the medical monitoring industry. The company is currently working on a joint venture/distribution deal with existing strategic partner, JTT-EMS LTD, a company located in China. MediPendant®’s distribution deal with Costco Wholesale Corporation, originally signed in 2011, is still in place and new promotions are scheduled through Q4 of 2014 and early 2015.
“We are seeking to expand the distribution of our MediPendant® product. Sales through existing distribution channels have produced a stable platform for us to scale,” stated Medical Alarm Concepts Holding, Inc. CEO, Ronnie Adams. “The medical alert monitoring market has grown tremendously in the last few years and the aging population in developed countries such as the United States, Europe, and China presents significant growth prospects. We believe that the MediPendant® can establish a firm position in the marketplace as we look to strengthen our long term strategic objectives,” concluded Mr. Adams.
Gartner Inc. estimates that global aging by 2050 will be the defining driver for technology innovation and deployment. The research firm further estimates that “people with disabilities (PWD) are an underserved market segment with one billion people worldwide. They and their immediate friends and family have an annual disposable income of more than $8 trillion.”
Thursday’s 10-Q filing with the SEC confirmed the company’s financial reporting objectives and its goal of bringing all filings up-to-date. Speaking about the current plans, Mr. Adams said, “The company is committed to the highest level of transparency and corporate responsibility. We are first and foremost in tune with the need to keep shareholders informed about our operational progress, as well as the future strategic growth of the company. Plans are afoot to become current with all financial reporting obligations very soon.”
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 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.
Medical Alarm Concepts
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SOURCE: Medical Alarm Concepts Holding, Inc