Read Larry Connors' blog – Short Term Trading Strategies
A dedicated Chat Room for Favrille, has been created at STOCKWIRE.com to discuss this news event.
Visit the following link to begin chatting with your fellow shareholders: http://www.stockwire.com/chat
----------------------------------------------------------
LOS ANGELES -- MyMedicalRecords, Inc. ("MMR"), a company that uses its proprietary technology to offer products that facilitate consumer access to medical records and vital documents, and Favrille, Inc. (OTCBB: FVRL | Quote | Chart | News | PowerRating) today announced completion of the previously-announced merger that makes MyMedicalRecords a wholly-owned subsidiary of Favrille. Current MMR President and CEO, Robert H. Lorsch, will lead the combined company (the "Company") as Chairman, President and CEO. The headquarters of the Company will now be in Los Angeles, California, and the Company will also now conduct all business under MyMedicalRecords' brands and identity. The Company intends to promptly change its legal name to "MMR Information Systems, Inc.," and until a new trading symbol is obtained, will continue to trade on the OTC Bulletin Boards under the symbol "FVRL.OB."
As a result of the merger, the Company ceased being a shell-company and will now focus on building and developing its online record storage service for Personal Health Records, MyMedicalRecords PHR, and its new product, MyEsafeDepositBox, which offers consumers a system for storage and management of personal and financial records in addition to medical records using the same patent-pending proprietary technology that supports the MyMedicalRecords PHR. Built on an integrated Internet/fax/voicemail platform, these products offer a secure, easy-to-navigate, digital record system, allowing users to safely store, file and manage medical records and other vital documents (such as passports, living wills, birth certificates, advance directives, insurance policies and financial records), giving consumers and healthcare professionals the ability to create and access a PHR or electronic safe deposit box 24 hours a day from anywhere in the world using the Internet.
The Company is also working on its MyMedicalRecords Pro service, which is designed to offer physician's offices a cost-effective solution for digitizing paper-based medical records for both back-file and day forward electronic documentation, and intends to complete product development and launch by the end of the fourth quarter of 2009.
"We believe the business combination gives MMR broader access to the investment community, which should accelerate the Company's continued growth," said Lorsch. "President Barack Obama has said that his administration will 'make the immediate investments necessary to ensure that, within five years, all of America's medical records are computerized. This will cut waste, eliminate red tape and reduce the need to repeat expensive medical tests. But it just won't save billions of dollars and thousands of jobs; it will save lives by reducing the deadly but preventable medical errors that pervade our health care system.' In light of these statements, we believe that the United States is at a major turning point with respect to information management within the healthcare industry. Further, we believe that giving consumers the ability to maintain their most important records, their healthcare records, in a secure online system that they control is the way of the future. Because our MyMedicalRecords PHR provides the ability to get plain paper records into an online PHR account without the need for expensive hardware or software, and accepts records from all types of providers, we believe that the Company is well positioned to address these needs."
"We believe that the combination of Favrille and MMR offers our creditors and stockholders the best available outcome," said John P. Longenecker, former President and CEO of Favrille. "In addition, we look forward to a successful future for the Company given the value in making Web-based electronic Personal Health Records as much a part of everyone's life as electronic banking."
Merger Overview: For legal purposes, Favrille is acquiring MMR although the combination will be accounted for as a reverse acquisition with MMR deemed to be the "acquirer" for accounting and financial reporting purposes. As consideration in the business combination, Favrille has issued (or reserved for issuance) 92,599,196 shares of its common stock to former shareholders (and option holders and warrant holders) of MMR. After closing the merger and on a fully diluted basis, the former holders of MMR's equity now own (or have the right to acquire) approximately 60% of the Company's equity.
As contemplated by the merger agreement, Robert H. Lorsch, Hector V. Barreto, Jr., David A. Boyden, Douglas H. Helm, George Rebensdorf, Bernard Stolar, and Jack Zwissig will serve as the Directors of the Company, with Robert H. Lorsch serving as Chairman. Robert H. Lorsch will also serve as CEO and President and Naj Allana will serve as Chief Financial Officer.
John P. Longenecker, Ph.D. has resigned as President and CEO of Favrille and Tamara A. Seymour has resigned as CFO and Secretary of Favrille. Both have agreed to serve in a transition role during the integration of the companies, after which time each will resign from the Company.
In addition, as contemplated by the merger agreement, the transactions contemplated by the Company's Creditor Plan were entered into, including the issuance to creditors of Favrille of warrants to acquire up to 10,000,000 shares of common stock at an exercise price of $0.12 per share as contemplated by the Creditor Plan.
The Board of Directors of Favrille, Inc. also announced today that it intends to retain the investment banking firm Houlihan Smith & Co. to provide financial advisory services. Joseph Lunkes, Senior Managing Director at Houlihan Smith, stated, "The MyMedicalRecords Personal Health Record system is designed to appeal to both individuals and their physician practitioners. It addresses the growing interest in organizing consumer health information and recent and anticipated federal legislative mandates. We believe in the strength of their business plan and look forward to lending our financial experience and expertise to the Company's management and Board."
About MyMedicalRecords, Inc.:
MyMedicalRecords ("MMR") provides secure and easy-to-use Web-based storage solutions, serving consumers, healthcare professionals, employers, insurance companies, unions and professional organizations. Seeking to empower consumers to have greater control over their health and well-being, the Company facilitates access to medical records and other important documents, such as living wills, birth certificates, passports, advance directives and insurance policies, anytime from anywhere using the Internet. The Company's principal product, the MyMedicalRecords PHR service, accessed through www.mymedicalrecords.com, is built on proprietary patent-pending technology that enables users to transmit documents, images and voicemail messages in and out of the MyMedicalRecords PHR system using a variety of methods, including fax, e-mail, phone, and file upload without relying on any specific electronic medical record platform to populate a user's account. Users and medical providers can fax paper records (such as laboratory tests, radiology reports and physician's notes), or scanned images can be uploaded, into a secured personal account, which the user can access and organize as necessary, including filing particularly sensitive documents in virtual lockboxes protected by secondary passwords, and designating certain records as accessible to medical personnel and first responders by way of a separate Emergency Login. The Company also offers its MyEsafeDepositBox service, available at www.myesafedepositbox.com, which is designed to provide secure online storage for vital financial, legal and insurance documents in addition to medical records using the same patent-pending technologies that drive the MyMedicalRecords PHR service. In its final stages of development, the Company's MyMedicalRecords Pro service is designed to give physician's offices a cost-effective solution to the costly and time-consuming problem of digitizing paper-based medical records. Additional information regarding the Company's business and its products, including trial accounts, is available at MMR's Website at www.mymedicalrecords.com. Information on the Company's Website and MMR's Website is not incorporated by reference into this press release.
----------------------------------------------------------
About Stockwire:
Stockwire is one of the largest communities for Micro Cap Investors. We are the only place on the internet to provide LIVE CHAT ROOMS for dedicated stocks.
We have also pioneering a new way to research companies before you invest them. It's called a Stockumentary. A Stockumentary is a documentary on a publicly traded company. Imagine a Dateline NBC segment, but on a publicly traded company. We are the first company to ever bring this type of quality research to investors in this format.
The Stockumentary has video interviews with management, product demos, video tours of office or factory, research reports, sec filings and much more. All of this is delivered to investors in high quality video, either by mail or email.
Stockwire.com is owned by Stockwire Research Group Inc. (SRGI) and is an independent electronic publication committed to providing our readers with factual information on selected publicly traded companies.
As detailed below, this publication accepts compensation from some of the companies from which it features. To the degrees listed herein, this Newsletter should not be regarded as an independent publication. All statements and expressions are the sole opinions of the editors and are subject to change without notice. A profile, description, or other mention of a company in the Newsletter is neither an offer nor solicitation to buy or sell any securities mentioned.
While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein.
We encourage our readers to invest carefully and read the investor information available at the web sites of the Securities and Exchange Commission ("SEC") at www.sec.gov and/or the National Association of Securities Dealers ("NASD") at www.nasd.com. The NASD has published information on how to invest carefully at its web site.
Readers can review all public filings by companies at the SEC's EDGAR page. www.sec.gov/edgar.shtml
Stockwire.com is an independent electronic publication committed to providing our readers with factual information on selected publicly traded companies. Stockwire.com is not a registered investment advisor or broker-dealer. All companies are chosen on the basis of certain financial analysis and other pertinent criteria with a view toward maximizing the upside potential for investors while minimizing the downside risk, whenever possible.
From time to time SRGI sells shares in the open market it receives as compensation for coverage of client companies. Since the shares are received as compensation for services as previously disclosed, and not for investment purposes, the editors do not view the sale of the shares as contradictory to any advice delivered in the content. This should be viewed as a conflict of interest by shareholders or prospective shareholders of the client companies.
Moreover, as detailed below, this publication accepts compensation from third party consultants and/or companies which it features on Stockwire.com. To the degrees enumerated herein, this newsletter and website should not be regarded as an independent publication.
The editor, members of the editor's family, and/or entities with which the editor is affiliated aside from Stockwire Research Group Inc. (SRGI) itself, are forbidden by company policy to own, buy, sell or otherwise trade stock for their own benefit in the companies who appear in the publication unless specifically disclosed in the newsletter.
THE READER SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. INVESTING IN SECURITIES IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. THE INFORMATION FOUND IN THIS PROFILE IS PROTECTED BY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, OR REPRODUCED IN ANY WAY WITHOUT THE EXPRESSED, WRITTEN CONSENT OF THE EDITORS OF STOCKWIRE.COM.
We often accept restricted shares of company stock; by SEC regulations, restricted shares cannot be sold into the market for a period of at least one year from the time that the shares are issued. In such cases, we detail in the Disclaimer the specific term of any restrictions. We also receive compensation in the form of stock options, in which case we receive the right to buy shares of the stock of the company at issue, at a specified time and a specified price. In such circumstances, we specify on our Disclaimer the terms of the options received. On occasion, we also accept free-trading shares in a company that we cover. However, by policy we generally do not buy or sell any shares of a company's stock within three trading days after any such company's profile, commentary, or other company-specific information is disseminated on Stockwire.com Web site. In cases where we do trade within the three day window, our volume will never represent more than 5% of the daily volume, thereby minimizing any effect we could have on the potential price movement.
While our policies as detailed above are designed to minimize any impact upon our members of a conflict of interest between our company and our members, each member should be fully aware that such potential and actual conflicts of interest may well exist due to the compensation structure detailed herein. For this reason, and because the information contained on Stockwire.com is updated on a regular basis as circumstances change, each member is strongly encouraged to periodically review the Profile Compensation section at http://www.stockwire.com/disclaimer_profiles.htm.
CONTACT: The Stockwire Group Tel: +1 512 358 8440 e-mail: info@stockwire.com WWW: http://www.stockwire.com
M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
