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MDTL 3.64 down 1.36 on this news.....why? That $29 million works out to 4.25/share and that's where it opened at, which makes sense.

Medis Technologies Announces $29.0 Million Securities Offering ( BusinessWire)

NEW YORK, Jun 20, 2008 (BUSINESS WIRE) --
Medis Technologies Ltd. (NASDAQ:MDTL) announced today that it has
entered into definitive agreements to sell securities to selected
institutional investors for aggregate gross proceeds of $29,000,000.

The offering is made pursuant to the Form S-3 shelf registration
statement that was filed by Medis with the Securities and Exchange
Commission (the "SEC") and declared effective by the SEC on April 24,
2008. The offering is expected to close on or about June 24, 2008,
subject to the satisfaction of customary closing conditions. Medis
intends to use the net proceeds from the offering for working capital
and general corporate purposes.

The securities in the offering include up to 6,823,529 shares of
Medis' common stock and five year warrants to purchase up to 2,941,176
shares of Medis common stock at an exercise price of $5.50 per share.

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman &
Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the exclusive
placement agent for the offering.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful. Any offer will be made only by means of a
prospectus, including a prospectus supplement, forming a part of the
effective registration statement. Copies of the prospectus supplement
together with the accompanying prospectus can be obtained at the SEC's
website at http://www.sec.gov or from Rodman & Renshaw, LLC, 1270
Avenue of the Americas, 16th Floor, New York, NY, 10020.

About Medis Technologies Ltd.

Medis Technologies' primary focus is on its fuel cell technology.
Its business strategy is to sell its products to end users through
branded OEM partnerships, retail outlets, service providers and to the
military and other markets. Medis' majority-owned and publicly traded
subsidiary, Cell Kinetics Ltd., is engaged in the development and
commercialization of the CKChip, a unique cell carrier platform
intended for simultaneous fluoroscopic monitoring and analysis of
thousands of individual living cells over time.

This press release may contain forward-looking statements, which
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. In some cases you can
identify those so-called "forward looking statements" by words such as
"may," "will," "should," "expects," plans," "targets," "believes,"
"anticipates," "estimates," "predicts," "potential," or "continue" or
the negative of those words and other comparable words. These forward
looking statements are subject to risks and uncertainties, product
tests, commercialization risks, availability of financing and results
of financing efforts that could cause actual results to differ
materially from historical results or those anticipated.

Further information regarding these and other risks is described
from time to time in the Company's filings with the SEC. We assume no
obligation to update or alter our forward-looking statements made in
this release or in any periodic report filed by us under the
Securities Exchange Act of 1934 or any other document, whether as a
result of new information, future events or otherwise, except as
otherwise required by applicable federal securities laws.

This press release is available on Medis' web site at
www.medistechnologies.com.

SOURCE: Medis Technologies Ltd.
Medis Technologies Ltd.
Chairman & CEO
Robert K. Lifton, 212-935-8484
or
Investor Relations Counsel:
The Equity Group Inc.
Adam Prior, 212-836-9606
Copyright Business Wire 2008
**********************************************************************
As of Monday, 06-16-2008 23:59, the latest Comtex SmarTrend Alert,
an automated pattern recognition system, indicated a DOWNTREND on
03-14-2008 for MDTL @ $8.84.
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