LogicMark, Inc. issues letter reminding shareholders to
LOUISVILLE, Ky., July 12 2022 (GLOBE NEWSWIRE) — LogicMark, Inc. (Nasdaq: LGMK) (the “Company” or “LogicMark”) (formerly Nxt-ID, Inc.), a provider of personal emergency response (PERS), healthcare communication devices and technology for the growing economy of care, today issued the following letter to LogicMark shareholders in connection with the company’s 2022 annual meeting of shareholders (the “2022 Annual Meeting”) ) to be held on August 25, 2022.
For more information on the 2022 Annual Meeting, please visit https://www.logicmark.com
The full text of the letter follows.
July 12, 2022
The Board of Directors and I urge shareholders to vote “for” all of the proposals contained in the Annual Meeting Proxy, as each proposal is critical to the future success of LogicMark.
When I joined LogicMark, I set out to redirect and reinvigorate the company and address past issues head-on. In doing so, we have strengthened our financial position, implemented strong corporate controls, expanded our intellectual property portfolio, and added highly specialized talent who will serve as agents of change to drive LogicMark forward as a leader in new care economy.
We are proud of our accomplishments to date as we work hard to execute our strategy to increase our product and service offerings, expand into new markets and diversify revenue generation to drive steady revenue growth. and increase our margins. In September of last year, we raised $12.5 million which was used to repay our term loan and strengthen our balance sheet. We are now debt free. Our cash provides the necessary funding to enable us to invest in new products and enter new markets. Most recently, we grew our revenue year over year in the first quarter of 2022, and we intend to continue this momentum in the second quarter.
With a strong balance sheet and an ambitious strategy, we have invested in diverse and experienced talent to help us achieve our goals. In February of this year, Mark Archer and Rafael Saavedra joined the company as permanent chief financial officer and vice president of engineering, respectively. Mr. Archer brings more than 40 years of financial and operational experience, including assignments at technology and consumer products companies. Mr. Saavedra brings more than 20 years of experience building and leading engineering teams across the globe. Their additions to the LogicMark team have been invaluable, allowing us to create innovative new solutions while remaining financially disciplined and focused.
We have also strengthened our Board of Directors by adding talented individuals with significant and relevant experience to the Company. Over the past four months, we’ve added three accomplished new members to the Board of Directors to help LogicMark achieve its long-term goals and provide strategic direction to the company.
In February, Sherice Torres was named to the board, bringing nearly 30 years of experience in marketing, brand management, strategic planning and change management for companies including Google and Meta Platforms (formerly Facebook). In March, John Pettitt was named to the Board of Directors, bringing nearly 40 years of experience in e-commerce and Internet connectivity. During his career, Mr. Pettitt, as Chief Technology Officer, founded four successful startups, two of which successfully went public and two that were sold to market leaders VISA and Google. In May, Barbara Gutierrez was appointed to the Board of Directors and is currently Chair of the Audit Committee. Ms. Gutierrez is a seasoned financial executive with over 30 years of experience in leadership and financial leadership roles with high-growth, entrepreneurial companies in various industries, including healthcare and technology. Our new board members add a significant amount of expertise and talent that will be invaluable as we continue to execute our strategy.
Since joining LogicMark, we have also strengthened our intellectual property portfolio with the filing of five provisional patents essential to remote monitoring, artificial intelligence and machine learning for pattern recognition, detection scraps and other compelling capabilities designed to generate high value in our R&D and products. development efforts. Some of these features have already been incorporated into our exciting new products and more are in development.
Additionally, I was proud to have received the Gold Stevie Award in May of this year for Maverick of the Year – Consumer Products, recognizing our dedication and hard work in positioning LogicMark as a leading innovator in consumer products. for care of the elderly. Category Stevie judges rated how much we’ve accomplished at LogicMark in such a short time. One commented, “As the CEO and woman of color leading a technology company, Chia-Lin Simmons was able to quickly take the lead and turn the company around with additional investors, [continuing] her work in AI/ML by filing two new provisional patents.” Another called Simmons “a pioneer in identifying the need for adult care and using technology to enable vision” .
While we have made significant progress over the past year in improving overall business and focusing on initiatives to drive shareholder value creation, there is still much work to be done. . With the continued support of our loyal shareholders, we are confident of a bright future for LogicMark. By voting “for” the proposals contained in the Annual Meeting Proxy, we will be able to continue our progress, building on our recent success in achieving our ambitious goals and objectives.
Vote “Yes” for Proposal #1: Board members each have the expertise and experience the company believes is needed to support the company’s continued transformation into a creative-focused technology company solutions for the new care economy. Over the past year, the company has added three new board members who bring experience in technology, strategic marketing, rapid growth and expertise in the care economy.
Vote “for” proposal no. 2: Management considers that the selection of BPM LLP is in the best interest of the company and its shareholders. After evaluating six potential audit firms, the Company believes that BPM is the best choice for the Company, both in terms of service and cost.
Vote “yes” for Proposal #3: The company believes the 2022 plan will allow it to continue to attract qualified directors, employees, consultants and independent contractors and enable them to acquire and retain ownership of ordinary shares of the company. Concurrent with the adoption of this new plan, the Company’s two existing stock incentive plans will be terminated and the potential dilution for shareholders will be reduced accordingly.
Vote “for” Proposal #4: The company expects its reincorporation from Delaware to Nevada will significantly reduce its operating costs and also give it greater flexibility and simplicity in corporate governance than what is available under Delaware law.
If you have questions or need help voting, please call our attorney, Laurel Hill Advisory Group, at 888-742-1305.
On behalf of the Board of Directors, I would like to thank our shareholders for their continued support and look forward to making 2022 and beyond a highly transformative and rewarding time for LogicMark.
Chia Lin Simmons
About LogicMark, Inc.
LogicMark, Inc. (Nasdaq: LGMK) provides personal emergency response systems (PERS), health communication devices and technologies to create a connected care platform. The company’s devices give people the ability to receive care at home and the confidence to age in place. LogicMark revolutionized the PERS industry by incorporating two-way voice communication technology directly into its medical alert pendant and providing this vital technology at a price everyday consumers can afford. The Company’s PERS technologies are sold through the United States Veterans Health Administration and resellers/distributors. LogicMark has obtained a contract from the United States General Services Administration that allows the company to distribute its products to federal, state and local governments.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current expectations as of the date of this press release and involve certain risks and uncertainties. Forward-looking statements include the statements below regarding the successful execution of the Company’s business strategy. The Company’s actual results could differ materially from those anticipated in these forward-looking statements due to various factors. These risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to potentially license patents and patent applications to others. necessary to develop products; the availability of funding; the Company’s ability to implement its long-term business plan for various applications of its technology; the Company’s ability to enter into agreements with all necessary marketing and/or distribution partners; the impact of competition; obtaining and maintaining all necessary regulatory approvals applicable to applications of the Company’s technology; the Company’s ability to maintain its Nasdaq listing for its common stock; and the management of growth and other risks and uncertainties which may be detailed from time to time in the Company’s reports filed with the SEC.
Contact with Investor Relations:
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