Motion DNA Receives $5.6 Million Deposit From Formula 51-2, LLC
Thursday May 26, 9:45 am ET
PHOENIX, May 26 /PRNewswire-FirstCall/ -- Motion DNA Corporation (Pink Sheets: MTDX - News), announced it has received a deposit in the amount of $5,600,000 as part of the agreement with Formula 51-2, LLC for a buyout of all its outstanding shares.
The deposit was due before May 29, 2005 but was delivered on Wednesday by Jamir Miller, Managing Member of Formula 51-2. Last month, the companies agreed to a firm buyout price of $3.125 for each share of the company's outstanding stock. The buyout is awaiting a vote by the shareholders on June 17, 2005. The balance of funds to complete the buyout must be placed in an escrow account at the law offices of Greenburg-Traurig within 30 days of shareholder approval. The buyout agreement allows Formula 51-2 sixty days from the shareholder meeting to complete the acquisition of all the issued and outstanding shares.
Instructions are currently on the way via direct mail to the address of record for each registered shareholder of the company as of May 16, 2005 on how and where to call to register their confidential votes. A copy of the signed agreement is attached to the proxy statement for shareholders to review prior to their vote. Only those shareholders whose stock was purchased and cleared by the record date are eligible for the vote on June 17. Upon approval, all of the issued and outstanding stock of the company at the time of the close of the transaction will be acquired by Formula 51-2.
Motion DNA continues to operate under its business plan. Currently, the company is scheduling educational seminars, Injury Risk testing dates for prospective professional and collegiate baseball and fastpitch softball players through Perfect Game USA, and preparing to launch a new interactive website. Motion DNA's product development team also continues to work on improving the company's software.
About Formula 51-2, LLC:
Formula 51-2, LLC was organized under the laws of the state of Arizona in June 2003 by former professional football player Jamir Miller. Now retired from professional football where he starred on professional teams in Cleveland and Arizona. Miller has undertaken several business ventures including, a real estate development company and whole foods manufacturing plant, among other business ventures. Formula 51-2's mission is to locate and enhance existing, undervalued businesses through investments, mergers and acquisitions.
Motion DNA corporate offices and diagnostic testing and performance training center is located at:
15023 N. 73rd Street
Toll free: 877.425.7734