LOS ANGELES, May 4 /PRNewswire-FirstCall/ -- MMR Information Systems, Inc. (OTC Bulletin Board: MMRF), which through its wholly-owned operating subsidiary, MyMedicalRecords, Inc. (collectively, "MMR") provides consumer-controlled Personal Health Records ("PHRs") (www.mymedicalrecords.com) and electronic safe deposit box storage solutions (www.myesafedepositbox.com), announced that the required amendment to its previously filed current report on Form 8-K dated February 2, 2009 will be filed with the Securities and Exchange Commission ("SEC") after the close of markets today, Monday, May 4, 2009, in order to drop in the audited financial statements of MyMedicalRecords, Inc. (on a stand-alone basis) for the period ending December 31, 2008.
Completing the acquisition of MyMedicalRecords, Inc. by MMR Information Systems Inc. (formerly Favrille, Inc.) on January 27, 2009 just after year-end put the company in the unusual position of having to report on, and include in, its annual report on Form 10-K for 2008 the stand-alone audited financials for Favrille, Inc. as it existed on December 31, 2008, when it was merely a shell company. Today's filing of the audited stand-alone financials for MyMedicalRecords, Inc. at December 31, 2008 will be included in an amendment to "super" Form 8-K that the company previously filed with the SEC on February 2, 2009 to provide Form 10-type information for MyMedicalRecords, Inc. The original "super" Form 8 and today's amendment are being made within the 90-day period required under SEC rules.
The company showed an increase in revenue of more than 100% from 2007 to 2008. This growth was at a time when PHRs were virtually an unknown commodity and pre-dates the Obama Administration's stimulus package, which includes funding of approximately $19 billion for health information technology ("HIT").
Commencing with the Form 10-Q for the quarter ended March 31, 2009, the financial statements of MMR Information Systems, Inc. and MyMedicalRecords, Inc. will be reported in the Consolidated Financial Statements of MMR Information Systems, Inc.
"Today's filing follows the conclusion of the audit of MyMedicalRecord's stand-alone financial statements for the years ended December 31, 2007 and 2006 and the unaudited financial statements for the nine months ended September 30, 2008 (which were filed with the SEC on February 2, 2009) and the audit of Favrille, Inc.'s stand-alone financial statements for the years ended December 31, 2008 (which were filed with the SEC on April 15, 2009). Clearing this third hurdle positions us well on the financial statement aspects of our business and permits an undistracted focus on Personal Health Records with our MyMedicalRecords PHR product, and the electronic medical records business through our MyMedicalRecords Pro service," said Robert H. Lorsch, Chairman and CEO of MMR Information Systems, Inc.
Since the acquisition on January 27, 2009, MMR has announced new contracts with LegalZoom, the nation's leading online legal document and filing service, to provide its members with a virtual vault for storing their vital documents, and with The Latino Coalition, which has a network of more than 600,000 business owners nationwide, to provide the MyMedicalRecords PHR to individual and Coalition members in both English and Spanish. In addition, MMR recently announced that it has entered into a three-year agreement with United Marketing Group (UMG), a leading direct marketer of affinity membership programs, to offer its products to UMG's multi-million member base.
MMR is anticipating more than 150,000 members growing to 250,000 in the second quarter. The increase is expected to come from an affinity program for its MyESafeDepositBox product with an as yet unannounced million member organization and the expected provisioning of the product to the first 160,000 members of its membership base this month.
As previously disclosed after the Health Information and Management Systems Society (HIMSS) Conference and Exhibition in April, MMR is also in continued negotiations with several EMR vendors to incorporate adding MyMedicalRecords Pro ("MMR Pro") to a physician base that could result in MMR's PHR being offered to as many as three million patients by 2010. Starting in August, MMR expects to launch limited beta testing of MMR Pro in physicians' offices. With its flexibility to interface with existing practice management systems and provide a higher level of patient care with an integrated PHR offering, the company believes MMR Pro offers a cost-effective solution for a small to medium-size practice to easily convert a paper-based system into an electronic records management system. The focus will be to integrate the product while at the same time creating benchmarks whereby MMR believes it will be able to demonstrate the benefit of MMR Pro to a physician's office consistent with the criteria in the stimulus package.
"We are in an emerging industry and have the potential to be a dominant player in that industry. I don't want to be presumptuous, but just as startups like Microsoft, Apple, Amazon and eBay emerged as the dominant players in their respective industries, I believe that MMR has the opportunity to be the PHR industry's "Intel Inside" by being the preferred PHR to attach to any EMR system," said Lorsch. "With the distractions of multiple audits behind us, we hope the investment community will be patient and give us the opportunity to more clearly focus on the business of our business -- exploiting our pipeline, launching MMR Pro and getting our share of the $19 billion stimulus pie."
About MMR Information Systems, Inc.
MMR Information Systems, Inc. (formerly Favrille, Inc.), through its wholly-owned operating subsidiary, MyMedicalRecords, Inc. (collectively, "MMR"), provides secure and easy-to-use Web-based Personal Health Record (PHR) and electronic safe deposit box storage solutions, serving consumers, healthcare professionals, employers, insurance companies, unions and professional organizations. Seeking to empower individuals and their families to have greater control over their health and well-being, MMR 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. MMR'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, 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. MyMedicalRecords PHR also includes the Cerner Multum Drug Content database, licensed to MMR from Cerner Corp. (Nasdaq: CERN). MMR 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, MMR's MyMedicalRecords Pro service is designed to give physicians' offices a cost-effective solution to the expensive and time-consuming problem of digitizing paper-based medical records. MMR clients include AFL-CIO, Alexian Brothers Hospital Network, Coverdell, LegalZoom, MedicAlert, Midwest Research Institute, Qvisory, XN Financial and others. MMR is also an integrated service provider on Google Health. Additional information regarding MMR's business and its products, including trial accounts, is available at www.mymedicalrecords.com and www.mmrinformationsystems.com. Information on MMR's Websites is not incorporated by reference into this press release.
Statements in this press release that are not strictly historical in nature constitute "forward-looking statements." Such statements include, but are not limited to, statements regarding anticipated increases in the subscriber base, MMR's ability to benefit from stimulus package money, and statements regarding MMR Pro. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to MMR (or any person acting on MMR's behalf) are qualified by the cautionary statements in this notice. MMR is providing this information as of the date of this release and, except as required by law, does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise.
|SOURCE MMR Information Systems, Inc.|
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