SAN DIEGO, Dec. 4 /PRNewswire-FirstCall/ -- Favrille, Inc. (OTC Bulletin Board: FVRL) and MyMedicalRecords.com, Inc. ("MMR"), a health information company focused on secure Web-based storage of electronic Personal Health Records (PHRs), announced today that two significant conditions required for the closing of their definitive merger agreement have been met.
"We are pleased to announce that Favrille creditors holding more than 85% of the dollar value of all known creditor claims have entered into settlement agreements related to their claims," said John P. Longenecker, President and CEO of Favrille. "We believe this level of participation should allow us to achieve our objective of offering our creditors and stockholders the best available outcome by completing the merger with MMR."
"We are pleased to announce that the merger won overwhelming support from MMR stockholders, with more than 90% of outstanding shares voting in favor of the merger." said Robert H. Lorsch, Chairman and CEO of MyMedicalRecords.com. "The audit of our financial statements is currently in process and we anticipate closing the transaction by year-end."
The merger is subject to customary closing conditions, Favrille meeting certain minimum cash requirements as of closing and the completion of audited financial statements for MMR which will be available immediately after closing.
MMR offers a secure, easy-to-use, consumer-centric PHR that is available
direct to consumers on a free trial basis through its website
http://www.mymedicalrecords.com. The product is also used by employers as an
employee benefit and labor unions and affinity groups as a value added member
benefit. Additionally, the MyMed
|SOURCE Favrille, Inc.|
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