LOS ANGELES, CA -- (Marketwire) -- 06/25/12 -- MMRGlobal, Inc. (OTCBB: MMRF)
As we move into the second half of 2012, I wanted to take this opportunity to update you on the business of our business and the Company's continued prospects for growth as a leading health IT provider using our patented technologies to connect patients with physicians and help save lives in the event of an emergency.
Last week, we had a very successful Annual Meeting of Stockholders. The Company received overwhelming response and support on all proposals. Two-hundred sixty-six million shares were voted out of a total of 374 million, the results of which will be announced in an 8-K. Shortly after the Annual Meeting, the Company held a meeting of the Board of Directors during which the Board approved a plan that allows directors and officers, not including Chairman & CEO Robert H. Lorsch, and others (the "Holders"), to exchange outstanding debt, out-of pocket expenses and fees owed them by the Company for shares of its Common Stock at more than 150 percent over the closing price of the Company's Common Stock on the date of the Annual Meeting, or June 20. The Company believes that the Holders will forgive an aggregate total debt of approximately $390,000.
We continue to believe that the Company is tremendously undervalued given the range of our products, services and intellectual property in health IT and values of our biotechnology assets and license agreements. Moreover, regardless of any Supreme Court decision on the individual insurance mandate under the Affordable Care Act, MMRGlobal continues to be well-positioned to benefit from the HITECH Act and its incentivizing healthcare professionals to convert to digitized medical records covering, more specifically, core requirements pertaining to the need to provide patients with timely online access to their medical records by 2014.
The Company's global portfolio of patents entitled "Method and System for Providing Online Medical Records" represents a significant competitive barrier to entry in the Personal Health Records business and the fax transmission of medical records in and out of Electronic Medical Record systems. According to reports from consultants, there are more than 100 PHR systems and 500 EMR systems that are potentially infringing on patents issued, pending or applied for that are owned by MMRGlobal. Moreover, with our three issued patents in MMR's health IT patent portfolio, and, based on the projected growth of the Personal Health Records and digitized medical records business, we are formulating plans to exploit licensing revenue and, where necessary, pursue patent infringements. We realize that this will be time-consuming and expensive, however, the potential upside could be significant and we have already demonstrated the value proposition with existing agreements and revenues.
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