TORONTO, March 1, 2012 /PRNewswire/ -- Modern Mobility Aids, Inc. (the "Company"), headquartered in Nevada, USA (OTC: MDRM), has revised its agreement to acquire of all the common stock of Lumigene Technologies Inc. ("Lumigene") and expects to complete the transaction by March 31, 2012.
Lumigene is a private Canadian company engaged in developing molecular diagnostic products for the rapid and accurate detection of a number of specific pathogens and infectious diseases. With the acquisition of Lumigene, the Company will address the ever-increasing demand for less time-consuming and more cost-effective methods of DNA testing and diagnosis of infectious diseases at point of care. (Current testing methods typically require several day's work by highly trained technicians in an off-site laboratory.)
Mohamed K. Karatella, President and CEO, discussed the largely unmet need to speed up DNA sample preparation in order to obtain immediate and accurate results on site and the user friendly products being developed by Lumigene for this purpose. --- "Staff at hospitals, healthcare clinics and even airports need fast detection of pathogens, infectious diseases and other ailments right at the point of DNA sampling. Delivering the first available solution to produce such reliable results within an hour with Lumigene's automated and economic technology will open up a broad range of applications with a large global market potential. We are also very pleased to welcome Lumigene's highly talented technical team, which will greatly enhance our innovative bioscience research and add strength to our management team also."
Under the revised agreement, the purchase price for Lumigene is largely predicated on the achievement of certain key business, patent and technological milestones.
About Modern Mobility Aids, Inc.
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|SOURCE Modern Mobility Aids, Inc.|
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