Favrille and MyMedicalRecords.com to Merge
This latter is a Web-based storage provider of electronic personal health records.
This is a Press Release edited by StorageNewsletter.com on January 2, 2009 at 3:01 pmFavrille, Inc. and MyMedicalRecords.com, Inc. (MMR), a health information company focused on secure Web-based storage of electronic Personal Health Records (PHRs), announced that their merger is now expected to close in January 2009.
"As we had announced earlier this month, two significant conditions for closing the merger, MMR’s stockholder vote and settlement with creditors holding more than 85% of the dollar value of all of Favrille’s known creditor claims, have been accomplished," said John P. Longenecker, President and CEO of Favrille. "We are now pleased to announce that a third significant condition, completion of the audit of MMR’s financial statements for the years ended 2005 through 2007 is well underway with completion expected in early January. We anticipate closing the transaction in January 2009."
The merger is subject to customary closing conditions including Favrille meeting certain minimum cash requirements as of closing. The audited financial statements for MMR will be available shortly after closing.