Motion DNA Receives $5.6 Million Deposit From Formula 51-2, LLC 5/26/05
PHOENIX, May 26, 2005 /PRNewswire-FirstCall via COMTEX/ -- Motion DNA Corporation (Pink Sheets: MTDX), 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.
About Motion DNA:
Motion DNA Corporation provides diagnostic testing for medical professionals and sports organizations. Motion DNA's biomechanical analyses and detailed reports provide its customers and consumers with solutions for preventing injuries, identifying physical limitations, diagnosing pre-existing injuries related to biomechanics, and improving physical performance levels. For additional information on the company, please visit the company website at www.motiondnacorp.com.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
For more information on contact: Investor Relations Motion DNA Corporation 15023 N. 73rd Street Scottsdale, Arizona 85260 1.877.425.7734 toll free 480.425.7734 phone 480.991.7736 fax
SOURCE Motion DNA Corporation
Investor Relations of Motion DNA Corporation, toll free, +1-877-425-7734, or +1-480-425-7734, or fax, +1-480-991-7736 http://www.prnewswire.com
Copyright (C) 2005 PR Newswire. All rights reserved.
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