Safeplus International Holdings Ltd. (ACAI)

[krays]

Seems like a pretty solid business plan to me. Purchase $26mm worth of patents for $3.2mm. It's worth the time to read (reread) the SPA associated with this filing, Exhibit 10.1 as it was first published more than a year ago.

To all the old timers here, forgive me while I play a little catch up.


http://www.biophan.com/index.php?option=com_content&task=view&id=429&Itemid=446



Item 1.01 Entry into a Material Definitive Agreement.


On October 2, 2007, Biophan Technologies, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Agreement”) with Myotech, LLC, a New York limited liability company (“Myotech”), pursuant to which the Company agreed to purchase from Myotech an aggregate of 15,496,547 membership units for an aggregate purchase price of $3,200,000. Prior to the execution of the Agreement Biophan owned 5,408,194 Class A Membership Units of Myotech. In accordance with the Agreement, upon execution of the Agreement Biophan received 5,000,000 Class A Membership Units and was to receive an addition 4,316,547 Class A Membership Units upon the payment of an aggregate initial purchase price of $1,200,000. Thereafter, upon the satisfaction of certain conditions, Biophan would purchase an additional 6,180,000 Class A Membership Units of Myotech for a purchase price of $2,000,000. As a result of this investment the Company’s holdings in Myotech will increase to 68 percent from 44 percent prior to the deal and provide Biophan with control of a majority of the Board of Directors of Myotech.


Myotech is a private company developing a novel circulatory support device that is designed to restore full cardiac output from an arrested heart. Myotech's technology addresses one of the most significant unmet needs in healthcare, acute circulatory support for patients suffering from sudden cardiac arrest. Today in the United States, over 260,000 patients suffer in-hospital cardiac arrest every year, and about 80 percent of those patients do not survive. The Company anticipates that the Myotech Circulatory Support System (CSS) will dramatically improve these outcomes.

http://www.sec.gov/Archives/edgar/data/1084000/000114420407052986/v089616_8-k.htm

http://www.sec.gov/Archives/edgar/data/1084000/000114420407052986/v089616_ex10-1.htm




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