LOS ANGELES, CA -- (Marketwire) -- 04/11/12 -- MMRGlobal, Inc. (OTCBB: MMRF) and temporarily (OTCBB: MMRFE) (the "Company") today announced that on April 5, 2012, it learned of an inadvertent omission, due to a formatting error, of the Item 9A information required in its Annual Report on Form 10-K for the fiscal year ended December 31, 2011, timely filed with the Securities and Exchange Commission ("SEC") on March 30, 2012 (the "10-K"). A link to the complete filing received by the SEC on March 30th can be found on the SEC website at:
Due to the omission, an "E" symbol was placed on the Company's ticker symbol by the OTC Bulletin Board, informing the Company that it had 30 days to correct the omission. On April 6, 2012, the following day, the Company amended the Form 10-K to include the omitted information and place the Company back in compliance with all periodic reporting requirements of the SEC. The filing on Form 10K/A can be viewed on the SEC website at: http://www.sec.gov/Archives/edgar/data/1285701/000113626112000193/0001136261-12-000193-index.htm.
The Company is actively working with the OTCBB to have the "E" symbol removed as quickly as possible.
Prior to MMRGlobal's original March 30th filing of its Annual Report on Form 10K, the Company was pleased to report in its earnings press release dated March 29, 2012 that revenues for the year ended December 31, 2011 increased by 45.9% when compared to the year ended December 31, 2010 due to an increase in MMRPro sales, which were up 105%, and biotech licensing revenues, which were up 100%. The Company also saw revenue from investment by customers in private label website development for integration of the Company's proprietary patented Personal Health Record products and services, including Chartis Insurance and E-mail Frequency. E-mail Frequency has advised the Company that it plans on rolling out PHRs to as many as one million member clients in 2012.
Cost of revenue decreased by 8.2% for the year ended December 31, 2011 when compared to the year ended December 31, 2010. Gross profit increased to 161% for year ended December 31, 2011. The Company attributes a significant portion of the decrease in costs to the elimination of certain outside service providers, the development of an internal cost-savings platform and the creation of MMRGlobal Infocom, which now provides operating technology services and website integration and support internally. The cost of revenue decreased primarily due to changes in service providers hosting the Company's products and the formation of Infocom providing services in-house, and the development of the Company's own cost-savings platform(s). As a result, the Company's operating losses were down 51%.
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