JERUSALEM, January 27, 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 company's Board of Directors has approved a stock repurchase program.
Under the program, Medisafe 1 Technologies is authorized to repurchase up to 10 million of its outstanding shares of common stock during the next 12 months at a price up to $0.10 per share on the open market or by conducting privately negotiated transactions depending on current market conditions and other factors.
The repurchase program would cost up to $1,000,000 and is subject to obtaining third party financing for the program whereby Medisafe is currently in talks with several financial intuitions to provide funding for the Repurchase Program. The Program may be suspended or discontinued at any time
The shares may be utilized by Medisafe 1 Technologies to be reissued to acquire additional assets, in particular the acquisition of a Child life-saving medical device company which the Company is currently in negotiations with.
Medisafe 1 technology will update its shareholders in the following weeks of progress of this acquisition.
"Medisafe 1 Technologies continues to progress in our efforts to bring further added value to our shareholders," said Jacob Elhadad, CEO of Medisafe 1 Technologies Corp. "The repurchase of shares will enable us to acquire additional technologies that augment our existing commercial product line."
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.