SOURCE: MedeFile International, Inc.
BOCA RATON, FL--(Marketwire - Oct 9, 2012) - MedeFile International, Inc. (OTCQB: MDFI), a leader in Internet-enabled Personal Health Record (iPHR) management solutions, today announced that the previously announced 1-for-5000 reverse split of its issued and outstanding common shares went effective today, October 9, 2012. As a result of the reverse stock split, the Company has approximately 10,708,099 shares of common stock issued and outstanding. The new CUSIP number for the Company's common stock is 584070205.
Trading of MedeFile's common stock on a reverse stock split basis was announced by the Financial Industry Regulatory Authority (FINRA), effective as of the market open today. Trading of MedeFile's shares of common stock will continue on the OTCQB, on a split adjusted basis, with the opening of the markets today, October 9, 2012. The trading symbol has been temporarily changed from "MDFI" to "MDFID" for the next 20 business days, to reflect the occurrence of the reverse stock split.
"As shared with us in numerous phone calls and emails, many of our shareholders have been frustrated by the inability to buy or sell shares of MedeFile due to the fact that many clearing firms are no longer willing to clear shares of common stock that trade below ten cents. The reverse stock split effectively addresses this issue by increasing the per share trading price of our Company's common stock, thereby providing the means for our Company to enhance liquidity for our shareholders," noted Kevin Hauser, Chairman, President and CEO of MedeFile.
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.