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MedeFile Materially Strengthens Balance Sheet Through Equity Financing and Debt Conversion Totaling $4 Million
Date:1/29/2008

Receives $1.95 Million in Net Cash Proceeds from Private Placement of Restricted Stock and Warrants and Converts $2.1 Million of Debt into Equity

CEDAR KNOLLS, N.J., Jan. 29 /PRNewswire-FirstCall/ -- MedeFile International, Inc. (OTC Bulletin Board: MDFI), a company specializing in portable electronic medical records management solutions, today announced that the Company received total net proceeds of $1.95 million from three separate private placement transactions.

Specifically, transactions closed on November 16, 2007 and January 22, 2008 yielded $1.79 million in gross cash proceeds from the private placement of 11.9 million restricted shares of common stock and warrants to purchase an aggregate of 7.2 million restricted shares of common stock. Detailed terms and conditions of these transactions may be found in a related Form 8-K filed with the U.S. Securities & Exchange Commission (SEC) on January 24, 2008 and available at http://www.sec.gov or on the Company's web site, found at http://www.medefile.com/corp/secfilings.asp. On January 28, 2008, the Company received an additional $160,000 in gross proceeds from the private placement of 1.1 million restricted shares of common stock and warrants to purchase an aggregate of 640 thousand restricted shares of common stock.

In addition, MedeFile reported that the Company's largest stockholder and primary creditor has converted $2.1 million in debt into 14 million restricted shares of MedeFile's common stock, thereby reducing the Company's indebtedness to the stockholder from approximately $3.04 million to approximately $940,000. In connection with the conversion, the stockholder also received warrants to purchase an aggregate of 8.4 million restricted shares of the Company's common stock. Further details related to this debt conversion may be found in the Form 8-K filed with t
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SOURCE MedeFile International, Inc.
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