Medisafe 1 Technologies Announces Delay in Closing $7MM Perpetual License Sale Due to Hurricane Sandy
JERUSALEM, November 5, 2012 /PRNewswire/ --
Medisafe 1 Technologies Corp. (OTCBB: MFTH), a developer of patented technologies that physically prevent unauthorized administration of prescription medications, announced today that the final pages which includes the review of the licensed contract by both parties for the closing of a $7MM non-exclusive perpetual license sale agreement have been postponed due to Hurricane Sandy. The sale is currently on track to be completed on or around November 15.
As previously reported, the agreement will transfer rights for the full commercialization, marketing and distribution of its patented medicinal locking mechanism and bar-code matching system to a third party. Terms of the sale include a one-time $7MM payment to Medisafe 1 Technologies.
"Medisafe 1 Technologies looks forward to completing the sale and achieving a major milestone for our company in the coming days," said Jacob Elhadad, CEO of Medisafe 1 Technologies Corp.
About Medisafe 1 Technologies
Medisafe 1 Technologies seeks to effectively prevent unauthorized administration of a drug or medicinal substance by hypodermic needle. Medisafe's patented technology is a medical assembly with a locking mechanism that is intended to ensure the substance cannot be released from the hypodermic needle without positive pre-matching between the substance and its intended patient.
This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of Medisafe 1 Technologies Corp., and its technologies. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, as actual results may differ materially from those indicated. Medisafe 1 Technologies Corp. public filings may be viewed at http://www.sec.gov.
Jacob Elhadad, CEO
SOURCE Medisafe 1 Technologies Corp.