JERUSALEM, November 4, 2011 /PRNewswire/ --
Medisafe 1 Technologies Corp. (OTCBB: MFTH), a developer of patented technologies that physically prevent unauthorized administration of prescription medications, announced today that the company has pre-paid two convertible promissory notes aggregating $57,000, including the interest due.
The notes beared interest at 8% per annum and were due in August , 2011 and in October , 2011. The notes had conversion rights allowing the holder of the note at any time to convert all or any part of the remaining principal balance into the Company's common stock at a price equal to 58% of the average of the lowest three trading prices for the Common Stock during the most recent ten-day period.
The note was issued to fund development of Medisafe 1's patented life-saving technology and to assist in ongoing business development. As a result of pre-payment, the non-affiliated third party lender has released Medisafe 1 Technologies from its obligation. "Medisafe 1 pre-paid the promissory notes to prevent the notes from being converted into equity," said Jacob Elhadad, CEO of Medisafe 1 Technologies Corp. "Pre-payment of the notes prevented and continues to prevent the dilution of our common stock."
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.
SOURCE Medisafe 1 Technologies Corp.