Contact Information: Contact: John Hwang CEO AmbiCom, Inc. 405 River Oaks Parkway San Jose, California 95134-1916 Tel: 408-321-0822 www.ambicom.com
AmbiCom, Wireless Device Company, Completes Reverse Merger and $500,000 Financing and Begins Trading
| Source: AmbiCom Holdings
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.