SOURCE: MedeFile International, Inc.
BOCA RATON, FL--(Marketwire - Sep 27, 2012) - MedeFile International, Inc. (OTCQB: MDFI), a leader in Internet-enabled Personal Health Record (iPHR) management solutions, today announced that its majority shareholders and Board of Directors have approved a 1-for-5000 reverse stock split of the Company's common stock. The reverse stock split is expected to become effective within the next two weeks pursuant to and in accordance with the FINRA notification process.
Certain factors and considerations regarding the decision to approve the reverse stock split included, but were not limited to, possible reluctance of brokerage firms and institutional investors to recommend lower-priced stocks to their clients or to hold in their portfolios; and the current trading price of the Company's shares of common stock on the OTCQB limits the marketability and liquidity of the common stock due to prevailing prohibitions at certain major clearing firms to clear shares of common stock that trade below ten cents.
Upon the reverse stock split being effective, every 5000 shares of the Company's common stock will be combined into one share of common stock. Based on the number of shares of common stock currently issued and outstanding, MedeFile anticipates that immediately after the effective date, MedeFile will have approximately 10,708,099 shares issued and outstanding. The common stock par value will remain unchanged.
Fractional shares resulting from the reverse stock split will be rounded up to nearest whole share.
Additional information about the intended reverse stock split is contained in a Form 8-K filed this afternoon with the U.S. Securities and Exchange Commission.
About MedeFile International, Inc.
Headquartered in South Florida, MedeFile has developed and globally markets a proprietary, patient-centric, iPHR (Internet-enabled Personal Health Record) system for gathering, digitizing and organizing medical records so that individuals can have a comprehensive record of all of their medical visits. MedeFile's primary product is its web-based MedeFile solution, a highly secure system for gathering, maintaining, accessing and sharing personal medical records. Interoperable with most electronic medical record management systems marketed to the healthcare industry, the MedeFile solution is designed to gather all of its members' actual medical records and create a single, comprehensive Electronic Personal Health Record (ePHR) that is accessible 24 hours a day, seven days a week by the member and the member's authorized users on any web-enabled device (PC, cell phone, smartphone, e-reader) and portable MedeDrive unit. For more information about MedeFile and its annual subscription-based programs, please visit www.medefile.com. You can also follow the Company on Facebook.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of MedeFile could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the Company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rates, and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors associated with our Company, review our SEC filings.