Contact Information: CONTACT: Bobbie Volman MyMedicalRecords, Inc. (310) 476-7002, Ext. 2005 bvolman@mmrmail.com
MMR Information Systems, Inc. Signs $8 Million Financing Agreement
| Source: MMR Information Systems, Inc.
LOS ANGELES, CA--(Marketwire - September 15, 2009) - MMR Information Systems, Inc. (OTCBB : MMRF )
(the "Company"), which, through its wholly-owned operating subsidiary,
MyMedicalRecords, Inc., provides consumer-controlled Personal Health
Records (www.mymedicalrecords.com) and electronic safe deposit box storage
solutions (www.myesafedepositbox.com), announced today that it has entered
into an Investment Agreement (the "Agreement") for an $8,000,000 equity
line of credit with Dutchess Equity Fund, LP ("Dutchess").
"This financing gives the Company access to additional capital which it
plans on using to leverage its proprietary patented technologies and
customer base of consumers, healthcare professionals, corporations, unions
and affinity groups into increased shareholder value," said Robert H.
Lorsch, Chairman and Chief Executive Officer of MMR Information Systems,
Inc. "This Agreement is expected to help accelerate the Company's ability
to penetrate the multi-billion dollar health information technology
marketplace and, in particular, help identify stimulus monies for and fund
the launch of MMRPro."
During the 60-month term of the Agreement, the Company may sell shares of
its common stock to Dutchess up to the total commitment amount of
$8,000,000. A maximum of 100 million shares may be issued under the equity
line, at per share prices to be determined based on market prices in
accordance with an agreed-upon formula. The Company is not permitted to
draw on the equity line unless there is an effective registration statement
covering the resale of the shares. Subject to the effectiveness of a
registration statement covering the shares and the satisfaction of other
customary conditions, the Company may, at its option when it determines it
is appropriate, draw on the equity line from time to time in accordance
with the timing and volume provisions set forth in the Agreement.
Additional details will be provided in the Company's Form 8-K filing with
the SEC.
About MMR Information Systems, Inc.
MMR Information Systems, 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, unions and affinity groups. The MMR system allows
documents, images and voicemail messages to be transmitted and stored in a
MyMedicalRecords PHR account using a variety of methods, including fax,
phone, or file upload without relying on any specific electronic medical
record platform. The proprietary MyEsafeDepositBox service provides secure
online storage for vital financial, legal and insurance documents in
addition to medical records, and serves as a powerful emergency
preparedness tool for industry, individuals and municipalities. The
Company's newest service 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.
MMR is an Independent Software Vendor Partner with Kodak to deliver an
integrated turnkey EMR solution for small to mid-size physician practices.
MMR clients include AFL-CIO, Alexian Brothers Hospital Network, Coverdell,
LegalZoom, MedicAlert, Midwest Research Institute, NRA, Qvisory, XN
Financial and others. MMR is also an integrated service provider on Google
Health. To learn more about MMR Information Systems, Inc., visit
www.mmrinformationsystems.com.
About Dutchess Equity
Dutchess Equity is engaged in assisting growth companies in all facets of
their long term strategy by providing capital and progressive business
solutions. Dutchess manages a portfolio of private investments in public
equities. Founded in 1996, Dutchess has since transacted in excess of $1
billion in financing for public companies. These companies span a wide
array of industries including telecom, VOIP, wireless communications,
healthcare, biotechnology, medical devices, Internet, e-commerce, media,
oil and gas, defense, homeland security, consumer products, manufacturing
and alternative energy. With offices in Boston, Mass. and LaGrangeville,
NY, Dutchess has assisted companies throughout North America.
Forward-Looking Statements
Any statements contained in this press release that refer to future events
or other non-historical matters are forward-looking statements. These
statements relate to future events or our future financial performance. In
some cases, you can identify forward-looking statements by terminology such
as "should," "expects," "believes," "potential," or the negative of such
terms and other comparable terminology. MMR Information Systems, Inc. and
Dutchess each disclaim any intent or obligation to update any
forward-looking statements. These forward-looking statements are based on
MMR Information Systems, Inc.'s and Dutchess' reasonable expectations as of
the date of this press release and are subject to risks and uncertainties
that could cause actual results to differ materially from current
expectations. The equity line financing remains subject to various risks
and uncertainties related to changes in MMR Information Systems, Inc.'s and
Dutchess' business prospects, results of operations or financial condition,
and such other risks and uncertainties as detailed from time to time in MMR
Information Systems, Inc.'s public filings with the U.S. Securities and
Exchange Commission.