LOS ANGELES, CA--(Marketwire - June 30, 2010) - MMRGlobal, Inc. (
According to Ingrid Safranek, Chief Financial Officer, "With the launch of MMRPro, the Company is taking the proactive step of early-adopting Accounting Standards Update ("ASU") 2009-13, Revenue Recognition (Topic 605) Multiple-Deliverable Revenue Arrangements. This allows the Company to consistently record revenue on these sales up to and through the Company's mandatory adoption date of January 1, 2011. Additionally, this new ASU is closer to the FASB's proposed alignment with International Financial Reporting Standards. Adoption of this new standard results in revenue being reported earlier than under the old accounting rules."
"Management has taken what we believe to be a cautious approach to our guidance by carefully evaluating our sales and marketing agreements, distribution channels and long lead times for time-to-market, which the Company has experienced in the past," added Safranek.
The Company has modeled patient upgrades internally as follows: Patient upgrades will come from MMRPatientView through MMRPro sales from resellers and distributors, and National Payment Providers ("NPP"). The Company projects that the average MMRPro user will have 2.5 physicians, each with 2,000 active patient charts, or 5,000 patients per MMRPro placement. The Company projects that doctors will upgrade an average of two patients per month to MMRPatientView (www.mmrpatientvideos.com ),which should continue to increase year-over-year as the public becomes more aware of the importance of having a personal health record ("PHR") and the government mandates the use of PHRs in healthcare reform. Physicians receive 35 percent of all revenue from patient upgrades, which the Company believes can result in substantially more income to doctors than the $44,000 in government stimulus programs. Kodak distributors and resellers and NPP receive an additional 15 percent as long as their MMRPro sale is active which should be no less than three years.
According to Robert H. Lorsch, Chairman and Chief Executive Officer of MMRGlobal, "In addition to the Company's core business, we foresee incremental growth from the effects of an acquisition strategy by adding business units that sell complementary products and services to MMRPro customers, and from our targeted expansion into the Pacific Rim with Kodak, and India with Nihilent. As part of the acquisition strategy, the Company could introduce a full-blown Electronic Medical Records product after meaningful use criteria are finalized. We continue to work with GRSworldwide on opportunities to introduce the Company's products and services to the clinical trials market. Also, it is impossible to predict revenues, if any, which could come from the Company's pre-merger Favrille biotech assets. While the Company continues to explore opportunities involving those assets, we remain focused on our core business, which is the development and marketing of professional and consumer-based health information technology products and services."
Last Sunday, on June 27th, the Company ran a 30-second commercial during the 37th Annual Daytime Emmy Awards primetime television special. The Company converted more than 20 percent of all visitors to its website to an e-mail address and more than 5 percent to paid accounts despite a 30-day free trial. MMR will continue to exploit its commercial advertising on the Web and in direct marketing materials through its agreement with E-Mail Frequency.
The Company is in the process of translating its consumer websites into seven foreign languages in support of its Chartis agreement and believes that once completed, this could result in additional licensing and/or direct international marketing opportunities. To learn more about MMR Global, Inc. and its products, visit www.mymedicalrecords.com, www.mmrpro.com and view our product videos at www.mmrtheater.com.
About MMRGlobal, Inc.
MMR Global, Inc., through its wholly-owned operating subsidiary, MyMedicalRecords, Inc. ("MMR"), provides secure and easy-to-use online Personal Health Records ("PHRs") and electronic safe deposit box storage solutions (www.myesafedepositbox.com), serving consumers, healthcare professionals, employers, insurance companies, financial institutions, and professional organizations and affinity groups. MyMedicalRecords enables individuals and families to access their medical records and other important documents, such as birth certificates, passports, insurance policies and wills, anytime from anywhere using the Internet. The MyMedicalRecords Personal Health Record is built on proprietary, patented technologies to allow documents, images and voicemail messages to be transmitted and stored in the system using a variety of methods, including fax, phone, or file upload without relying on any specific electronic medical record platform to populate a user's account. The Company's professional offering, MMRPro, is designed to give physicians' offices an easy and cost-effective solution to digitizing paper-based medical records and sharing them with patients in real time through an integrated patient portal. MMR is an Independent Software Vendor Partner with Kodak to deliver an integrated turnkey EMR solution for healthcare professionals. MMR is also an integrated service provider on Google Health.
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. These factors include, but are not limited to, the risk the Company's products are not adopted or viewed favorably by the healthcare community, risks related to the current uncertainty and instability in financial and lending markets, timing and volume of sales and installations, length of sales cycles and the installation process, market acceptance of new product introductions, ability to establish and maintain strategic relationships, ability to identify and integrate acquisitions, relationships with licensees, competitive product offerings and promotions, compliance with and changes in government laws and regulations and future changes and initiatives in the healthcare industry, undetected errors in our products, risks related to third party vendors, risks related to obtaining and integrating third-party licensed technology, acceptance of the Company's marketing and promotional campaigns, risks related to a security breach by third parties, maintaining, developing and defending our intellectual property rights including those pertaining to our biotechnology assets, uncertainties associated with doing business internationally across borders and territories, and additional risks discussed in the Company's filings with the Securities and Exchange Commission. Additionally, we are a developing early-stage company and many variables can affect revenues and/or projections, including factors out of our control. The Company 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.
Contact Information:
CONTACT:
Bobbie Volman
MMR Global, Inc.
(310) 476-7002, Ext. 2005
bvolman@mmrmail.com
Michael Selsman
Public Communications Co.
(310) 553-5732
ms@publiccommunications.biz