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Medical Alarm Concepts Renegotiates Terms of Debt -- Receives Equity Investment to Fund Inventory and Infomercial Rollout(October 18, 2010)
PLYMOUTH MEETING, Pa., Oct. 18, 2010 (GLOBE NEWSWIRE) -- Medical Alarm Concepts Holding, Inc. (OTCBB:MDHI), manufacturer of the MediPendant™, the first fully-monitored medical alarm system that allows you to speak and listen directly through the pendant, announced today it has completed the process of renegotiating the terms of its convertible debentures in order to allow for more favorable terms. The new terms include an extension on repayment of the principle in addition to a limited moratorium on conversions. The Company has also received additional equity investments and a commitment for additional funds from several of its current debt holders as well as from several new investors. The funds will be used to finance the Company's upcoming infomercial campaign which is expected to begin by the end of October.
"We are very excited about our future ability to market our vastly superior product offering into the personal medical alarm segment. Several of the institutional investors that provided Medical Alarm Concepts with our initial funding have expressed their confidence in us by providing additional funds and extending the terms of the existing notes. We have also been able to attract a considerable amount of new capital into the Company," commented Howard Teicher, CEO of Medical Alarm Concepts. "The timing of these new investments was optimal as we are quickly approaching the launch of an aggressive advertising campaign in conjunction with YesDTC (OTCBB:YESD) and Schulberg Media Works, two firms with growing influence in the direct response television (DRTV) industry. We want to take this opportunity to thank both our initial group of investors for providing this new level of financing, and the many new equity investors who share our excitement about our upcoming DRTV campaign.
About Medical Alarm Concepts
Medical Alarm Concepts Holdings, Inc. ("MAC") develops and manufactures innovative products and practical solutions within the framework of a vast growing marketplace. We have built our reputation in the personal emergency response system ("PERS") and medical alert industry. With patented technology and state-of-the-art services, MAC is uniquely positioned to mobilize the right people, skills and alliances to ensure success and client satisfaction. Our design and support philosophy emphasizes industry best practices, while providing polished and savvy solutions. MAC's latest innovation is the development of its two-way voice speakerphone pendant technology. For more information, please visit our website at http://www.medicalalarmconcepts.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.
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