Debt Forgiveness - Management has successfully negotiated with a debt holder to cancel approximately $236,397 of debt. No shares, warrants or options were granted in exchange for this cancellation. This debt cancellation will likely result in a large one-time gain during the March 2013 quarter and will significantly improve balance sheet ratios.
March 2013 Positive Operating Cash Flow - The Company successfully completed a strong quarter ending March 31, 2013. The Quarter was noteworthy due to the continued ramp in Monthly Recurring Revenues (MRR) and the positive operating cash flow that resulted.
Major Health Care Insurance Provider Signed - Medical Alarm Concepts recently announced the signing of a major diversified national healthcare insurer that will offer the Company's MediPendant® product and monthly monitoring services to subscribers of selected healthcare programs. Additionally, the product will be included in the insurance carrier's dual demonstration program (Medicaid and Medicare) related contracts on which it may bid. Please see the recent SEC filing on Form 8-K for additional information.
Retail Promotional Activities – During the March quarter the Company successfully completed a retail promotion with its large discount warehouse chain partner. An additional program began over the weekend and is expected to run through April 21st. The Company has now received 21 product reviews on the retailer's website, 17 of which are "5 out of 5 Star" ratings. The average rating is "4.5 Stars" out of 5 Stars.
JTT-EMS Strategic Investment – During the Quarter the Company received an investment led by strategic partner, JTT-EMS LTD of Shijiazhuang, China. Under the terms of the investment, JTT-EMS purchased restricted common stock, which it plans to hold as a long-term investment. The financing, including additional investments by current shareholders, will total approximately $330,000. There were no warrants or options associated with this investment.
Rebuilding of Inventory – An additional 2,200 MediPendants® were ordered from the factory during the quarter in order to meet the continued growing demand. The Company expects that additional orders will need to be placed in the very near future as demand continues to grow.
Expectation for the Rest of 2013 - Management believes the MRR will continue to grow at a rapid pace and that the Company will see sustainable positive operating cash flow throughout the year. This past week, recently obtained new capital was deployed to retain new accountants and SEC-oriented corporate counsel to complete the process of returning to fully reporting status.
Additional information on the MediPendant® can be viewed at www.MediPendant.com.
Medical Alarm Concepts Holdings, Inc. (MAC) develops and manufactures innovative products and practical solutions within the framework of a vast growing marketplace. MediPendant's™ patented two-way voice technology enables the user to speak and listen directly through the pendant no matter where the user may be in and around their home. MediPendant™ service also includes advanced features such as three-way calling that enables the operator to link loved ones directly into the emergency call in real time. Text message alerts are also standard, and are used to inform loved ones that the user has contacted an operator or has requested assistance. A standard PERS system does not enable the user to speak and listen through the pendant, thus limiting them to a small area in their home. There is always the risk that the user will not be heard by the call center operator if they are not within a short range of the base station.
Medical Alarm Concepts Holding, Inc.
877-639-2929 Ext. 113
Paid News published at Investorideas.com Newswire:
Disclaimer/ Disclosure: The Investorideas.com is a third party publisher of news and research Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. This site is currently compensated by featured companies, news submissions and online advertising. Disclosure :MDHI: March 2013 news and content distribution Investorideas.com newswire and syndication partners : $five thousand
BC Residents and Investor Disclaimer: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894