JERUSALEM, September 24, 2012 /PRNewswire/ --
Medisafe 1 Technologies Corp. (OTCBB: MFTH), a developer of patented technologies that physically prevent unauthorized administration of prescription medications, announced today once again that the company intends to issue a one-time special dividend to all existing shareholders pending the perpetual license sale of technology rights to a third party.
As recently reported, Medisafe 1 Technologies expects to close a $7MM non-exclusive perpetual license sale in early to mid-October. 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. As a reward to Medisafe 1 Technologies' shareholders, the company then intends to issue a one-time dividend of $0.01 per share to each shareholder, approximately $5MM.
Currently, the company has approximately 500MM shares outstanding. As such, the company intends to payout approximately $5MM to shareholders in dividends upon successful completion of the sale.
"As a gesture to our investors, we will be extremely pleased to issue this special dividend pending the closure of our perpetual license sale agreement," 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.