JERUSALEM, Israel, June 11, 2012 /PRNewswire/ --
Medisafe 1 Technologies Corp. (OTCBB: MFTH), a developer of patented technologies that physically prevent unauthorized administration of prescription medications, announced that the company today June 11 2012 is commencing the Buyback Program which was authorized by the Board Of Directors two months ago. The share buyback is expected to last approximately 1-3 months. The shares will be returned to the Treasury of the Company to be used for further issuances for future acquisitions of companies which the company is currently in negotiation with.
Under the program approved by the BOD, Medisafe 1 Technologies is authorized to repurchase up to 10 million of its outstanding shares of common stock at a price up to $0.10 per share on the open market.
"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 be returned to treasury and will be used to enable us to acquire additional technologies that augment our existing commercial product line and we will updating our shareholders in the forthcoming weeks of new and exciting news in regards to further acquisitions."
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.
Contact: Jacob Elhadad CEO, +972-524440000, [email protected]
SOURCE Medisafe 1 Technologies Corp.