BIG Share Buy Back NEWS! $MFTH Medisafe 1 Technologies Announces $1MM Stock Repurchase Program of 10MM Shares up to 10 Cents a Share Date : 01/30/2012 @ 8:00AM
Medisafe 1 Technologies Corp. (OTCBB: MFTH), a developer of patented technologies that physically prevent unauthorized administration of prescription medications, announced today that the company's Board of Directors has approved a stock repurchase program.
Under the program, Medisafe 1 Technologies is authorized to repurchase up to 10 million of its outstanding shares of common stock during the next 12 months at a price up to $0.10 per share on the open market or by conducting privately negotiated transactions depending on current market conditions and other factors.
The repurchase program would cost up to $1,000,000 and is subject to obtaining third party financing for the program whereby Medisafe is currently in talks with several financial intuitions to provide funding for the Repurchase Program. The Program may be suspended or discontinued at any time
The shares may be utilized by Medisafe 1 Technologies to be reissued to acquire additional assets, in particular the acquisition of a Child life-saving medical device company which the Company is currently in negotiations with.
Medisafe 1 technology will update its shareholders in the following weeks of progress of this acquisition.
"Medisafe 1 Technologies continues to progress in our efforts to bring further added value to our shareholders," said Jacob Elhadad, CEO of Medisafe 1 Technologies Corp. "The repurchase of shares will enable us to acquire additional technologies that augment our existing commercial product line."
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