This could very well be why all the hype! And promotion IMO!
JERUSALEM, February 22, 2011 /PRNewswire-FirstCall/ -- Medisafe 1 Technologies Corp. (OTCBB: MFTH), a developer of patented technologies that physically prevent unauthorized administration of prescription medications, today announced the signing of an LOI to secure a $5,000,000 Equity Funding Facility with Centurion Private Equity, LLC ("Centurion"), an institutional investor managed by Roswell Capital Partners, LLC.
Medisafe 1 Technologies intends to use the funding facility to fund ongoing research and development, and to support general corporate purposes.
Upon closing of the agreement, Centurion will be committed to purchase for cash consideration, subject to certain conditions and limitations described in the agreement, up to an aggregate of $5,000,000 of Medisafe 1 Technologies' common stock. Under the Equity Funding Facility, Medisafe 1 Technologies may, at its discretion, periodically sell to Centurion shares of Medisafe 1 Technologies' common stock at a price based upon the market price (as defined in the agreement) of Medisafe 1 Technologies' common stock.
"Medisafe 1 Technologies is committed to building on its efforts to date as we continue to develop our life saving devices that prevent the incorrect administration of medicines and transfusions," said Jacob Elhadad, CEO of Medisafe 1 Technologies Corp. "Securing this funding facility provides Medisafe 1 Technologies with the means to ensure that we are adequately capitalized and capable of meeting the requirements of our ongoing research and development as well as upcoming pilot projects."
This could very well be why all the hype! And promotion IMO!
Saving the world one trade at a time!
