SOURCE: AmbiCom Holdings

January 15, 2010 15:01 ET

AmbiCom, Wireless Device Company, Completes Reverse Merger and $500,000 Financing and Begins Trading

SAN JOSE, CA--(Marketwire - January 15, 2010) - AmbiCom Holdings, Inc., (OTCBB: MCNC), formerly Med Control, Inc. today announced the closing of a share exchange with AmbiCom Acquisition Corporation. The combined company will operate under the name AmbiCom ("AmbiCom") and will assume and execute AmbiCom's wireless device business. AmbiCom will retain senior management led by John Hwang, CEO, and Kenneth Cheng, its founder and President.

In contemplation of the share exchange, AmbiCom completed a $500,000 private placement of common stock to a group of institutional and private investors. The company plans to use the funds to strengthen its corporate infrastructure and product offerings as well for general corporate purposes. "The successful completion of the merger and financing represents a major milestone for AmbiCom, positioning the company for continued growth and future expansion," said Hwang. "The financial resources and corporate visibility provided by this transaction will enable us to broaden our investor base, recruit additional key team members, and accelerate the development of our wireless medical devices. We are pleased with our transition to a publicly traded company, providing our shareholders access to liquidity and providing the Company with a liquid currency to assist the consummation of contemplated acquisitions in the pipeline. We believe there is a substantial market for AmbiCom's solutions, and we intend to position AmbiCom as a leader in this category," added Hwang.

AmbiCom was founded in 1997 in the heart of Silicon Valley. The Company delivers its medical device OEM modules to global medical device companies including Cardinal Health/Carefusion, Siemens, Draeger and Roche. AmbiCom has sold over 300,000 units to these clients since 2007. According to an ABI Research study, industry experts expect the wireless medical device and module category to be one of the fastest growing categories within the medical industry, growing at approximately 57.8% per year through 2011.

About AmbiCom

AmbiCom is headquartered in San Jose California, and is a leading designer and developer of wireless products focusing on the wireless medical industry. The Company's wireless modules and devices are based on the Company's innovative application software for both Wi-Fi and Bluetooth technologies. AmbiCom is committed to wireless design and development of software and hardware, and to bringing new and innovative products to the wireless medical markets and other sectors. The Company plans to grow organically, and to augment that growth by selectively acquiring complementary products and technologies via acquisition opportunities deemed to be of strategic value.

Forward-Looking Statements

This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements including, but not limited to, our ability to maintain our website and associated computer systems, our ability generate sufficient market acceptance for our shipping products and services, our inability to generate sufficient operating cash flow, and general economic conditions. Readers are urged to carefully review and consider the various disclosures made by us in the our reports filed with the Securities and Exchange Commission, including those risks set forth in the Company's Current Report on Form 8-K filed on November 13, 2007, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

Contact Information

  • Contact:

    John Hwang
    AmbiCom, Inc.
    405 River Oaks Parkway
    San Jose, California
    Tel: 408-321-0822