LOS ANGELES, CA — (Marketwire) — 11/03/11 — (OTCBB: MMRF) (“MMR”), a leading provider of and electronic document management and imaging systems for , today announced that it has retained The MichaelBass Group (MBG) to provide valuation expertise and help the Company identify investment bankers and analysts for a potential transaction combining revenue cycle management, health IT, document management and imaging services for healthcare professionals, patient care, and the exploitation of biotech assets into one consolidated entity.
The MichaelBass Group specializes in tracking and conducting research on over 200 emerging growth companies in the healthcare information technology sector. The firm conducts its research on behalf of the Institute for Health Technology Transformation () and numerous clients in health information technology and services. MBG is also active in the programming of Health Tech Investment Forums such as the annual iHT2 Health Technology Summit being held this week in Beverly Hills. Sponsors and Partners include MMRGlobal, Intel, Microsoft, Dell and Availity. MMR-s Chief Technology Officer Sunil Singhal is scheduled to appear today as a featured industry panelist and Executive Vice President Richard M. Lagani is in attendance to meet with healthcare professionals and investors, demonstrating the Company-s MMRPro document management and imaging system ().
MBG was originally retained by MMRGlobal in June 2010 to help identify revenue generating companies that are additive to MMR-s products and services. Examples include companies that generate lab reports and provide transcription services or enhanced imaging products. These companies create content that could be automatically deposited into a MyMedicalRecords PHR or incorporated into MMRPro for healthcare professionals and then be shared with patients through the MMRPatientView portal.
This September at the iHT2 Health Technology Innovation and Investment Forum in New York, a senior health IT analyst was quoted as saying, “After following MMRGlobal for the last 3 years our research has concluded that OTC: MMRF is one of the most undervalued health care IT plays we-ve seen in recent years. The definitive agreement announced by the company on September 19th adds the credibility we were looking for to the earlier September 7th announcement of the non-binding term sheet with the same company. From sources in the industry, if MMRGlobal acquires over $150 million in revenue this stock currently trading at $.03 could realistically trade at a valuation of $3.50-$4.00 stock with a market cap in the $800mm to $1.2b range. This is based on comparable valuations in the health care IT sector such as Accretive Health and Merge Healthcare Inc. It is important to note that MMR is the only pure play personal health record company with connectivity to any health care professional, EMR, patented technologies, with an emerging global footprint and very credible strategic partners including AIG/Chartis, Kodak, Unis and others.”
MMRGlobal, Inc., through its wholly-owned operating subsidiary, MyMedicalRecords, Inc. (“MMR”) (), provides secure and easy-to-use online Personal Health Records (“PHRs”) and electronic safe deposit box storage solutions, serving consumers, healthcare professionals, employers, insurance companies, financial institutions, and professional organizations and affinity groups. MyMedicalRecords enables individuals and families to access their medical records and other important documents, such as birth certificates, passports, insurance policies and wills, anytime from anywhere using the Internet. The MyMedicalRecords Personal Health Record is built on proprietary, patented technologies to allow documents, images and voicemail messages to be transmitted and stored in the system using a variety of methods, including fax, phone, or file upload without relying on any specific electronic medical record platform to populate a user-s account. The Company-s professional offering, MMRPro, is designed to give physicians- offices an easy and cost-effective solution to digitizing paper-based medical records and sharing them with patients in real time through an integrated patient portal. MMR is an Independent Software Vendor Partner with Kodak to deliver an integrated turnkey EMR solution for healthcare professionals. Through its merger with Favrille, Inc. in January 2009, the Company acquired intellectual property biotech assets that include anti-CD20 antibodies and data and samples from its FavId/Specifid vaccine clinical trials for the treatment of B-Cell Non-Hodgkin-s lymphoma. To learn more about MMRGlobal, Inc. and its products, visit .
(MBG) is an investment banking and strategic advisory services firm focused on healthcare information technology, healthcare IT services, healthcare mobility providers, medical technology and devices. MBG Venture advisors work diligently with each client to ensure measurable results. Our team of research analysts conducts in depth analysis of the leading companies, trends, and helps our clients to identify transaction opportunities. The MichaelBass Group tracks and conducts research on over 400 emerging growth companies in the healthcare information technology sector. Our deep roots in healthcare include working with many public and private companies as well as industry associations and academic institutions. By combining technical expertise with invaluable industry insight in healthcare, The MichaelBass Group provides superior advisory services to every client engagement. .
All statements in this press release relating to a potential transaction and any other statements that are not strictly historical in nature, including future performance, management-s expectations, beliefs, intentions, estimates or projections, constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company-s actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. Some can be identified by the use of words (and their derivations) such as “need,” “possibility,” “offer,” “development,” “if,” “negotiate,” “when,” “begun,” “believe,” “achieve,” “will,” “estimate,” “expect,” “maintain,” “plan,” and “continue,” or the negative of these words. Factors that could cause or contribute to such differences include, but are not limited to, the risk the Company-s products are not adopted or viewed favorably by the healthcare community; risks related to the current uncertainty and instability in financial and lending markets, including global economic uncertainties; results of operations or financial condition; valuation and guidance provided by The MichaelBass Group; product integration in physician practices and hospitals; timing and volume of sales and installations; length of sales cycles and the installation process; market acceptance of new product introductions; ability to establish and maintain strategic relationships; ability to identify and integrate acquisitions; relationships with licensees; competitive product offerings and promotions; changes in government laws and regulations, especially as related to the healthcare industry; future changes in tax legislation and initiatives and exposure to additional tax liabilities; undetected errors in our products; possibility of interruption at our data centers; risks related to third party vendors; risks related to obtaining and integrating third-party licensed technology; current and future litigation; acceptance of the Company-s marketing and promotional campaigns; the value of the Company-s broadcast advertising and sponsorships; negotiated milestone payments; risks related to a security breach by third parties; maintaining, developing and defending our intellectual property rights including those pertaining to our biotechnology assets; risks associated with recruitment and retention of key personnel; uncertainties associated with doing business internationally across borders and territories; and additional risks discussed in the Company-s filings with the Securities and Exchange Commission. Additionally, we are a developing early-stage company and many variables can affect revenues and/or projections, including factors out of our control. The Company is providing this information as of the date of this release and, except as required by law, does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on the forward-looking statements set forth in this press release.
CONTACT:
Michael Selsman
Public Communications Co.
(310) 553-5732
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