Los Angeles based consumer facing website MyMedicalRecords is expected to close its merger with Favrille in January next year. MyMedicalRecords which has a venture backing of $10 million, is yet to disclose the name of venture backers.
According to the President and CEO of Favrille John P. Longenecker:
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.
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.