Navigation Links
Favrille Announces Execution of Non-binding Term Sheet for a Merger Transaction
Date:10/24/2008

SAN DIEGO, Oct. 24 /PRNewswire-FirstCall/ -- Favrille, Inc. (OTC Bulletin Board: FVRL) announced today that it has entered into a non-binding term sheet for a reverse merger whereby Favrille would acquire all of the capital stock of a private company, MyMedicalRecords.com, Inc. ("MMR"), in a stock for stock merger that would result in MMR becoming a wholly-owned subsidiary of Favrille. If the proposed transaction is consummated on the terms set forth in the non-binding term sheet, at the effective time of the merger, the existing equity holders of MMR would own approximately 64% of the equity of Favrille on a fully diluted basis. The existing equity holders of Favrille would own approximately 29% of the Company. Approximately 7% of Favrille's equity would be newly issued to certain creditors as settlement for a portion of the outstanding debt obligations. Favrille is in the process of negotiating with its creditors to settle its current liabilities and is required to make disclosures to creditors regarding the potential merger as part of the settlement process. Favrille's progress in settling its creditor claims, consistent with a creditor plan that is outlined in the non-binding term sheet with MMR, is a condition to the signing of a definitive agreement for the proposed merger. It is anticipated that post merger, Favrille's common stock will continue to be traded on the OTC Bulletin Boards.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080404/LAF521LOGO)

The proposed merger is subject to completion of mutual diligence and the negotiation of a definitive agreement. Any definitive agreement will contain conditions to closing, including a requirement to complete specified creditor settlements, and the approval of the proposed merger by the MMR stockholders. There can be no assurance that the parties will be able to reach a definitive agreement or consummate the proposed merger on the terms set forth in the non-binding term sheet.

Statements in this press release that are not strictly historical in nature constitute "forward-looking statements." Such statements include, but are not limited to, references to the listing or trading of Favrille's common stock on the OTC Bulletin Boards. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Favrille's actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to the listing status of Favrille's common stock on the OTC Bulletin Boards, Favrille's ability to continue its operations, conserve cash or recognize value on its assets, risks relating to Favrille's ability to negotiate settlements with its creditors, risks relating to the ability of Favrille and MMR to negotiate and execute a definitive agreement for the possible merger transaction or to satisfy conditions to closing to a possible merger transaction and additional risks discussed in Favrille's filings with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement. Favrille is providing this information as of the date of this release and, except as required by law, does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise.


'/>"/>
SOURCE Favrille, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Favrille Announces Receipt of Nasdaq Letters
2. Favrille Announces Resolution of Debt Obligations and Plans for Maximizing Assets
3. Favrille Announces Workforce Reduction
4. Favrille Announces Results from Phase 3 Registration Trial of Specifid in Patients with Follicular B-Cell Non-Hodgkins Lymphoma
5. Favrille Reports First Quarter 2008 Financial Results
6. Favrille to Host Conference Call and Live Webcast to Discuss First Quarter 2008 Financial Results on May 8, 2008
7. Favrille Reports Fourth Quarter and Year End 2007 Financial Results
8. Favrille Announces $21.1 Million Registered Direct Offering
9. Favrille to Present at BIOCOM Investor Conference, Acumen BioFin Rodman & Renshaw Healthcare Conference and CIBC World Markets Healthcare Conference
10. Favrille to Host Conference Call and Live Webcast to Discuss Third Quarter 2007 Financial Results on October 25, 2007
11. Favrille to Present at BIO InvestorForum
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/11/2016)...   BioInformant announces the February 2016 release ... Opportunities, Tools, and Technologies – Market Size, Segments, Trends, ... The first and only market ... BioInformant has more than a decade of historical information ... stem cell type. This powerful 175 page global strategic ...
(Date:2/11/2016)... Miami (PRWEB) , ... February 11, 2016 , ... ... opening of its new stem cell treatment clinic in Quito, Ecuador. The new ... orthopedic and trauma applications to patients from around the world. , The ...
(Date:2/10/2016)... ANNAPOLIS, Md. , Feb. 10, 2016  The ... E. Busch , has announced that University of Maryland ... MD, PhD, MBA and University of Maryland Medical System ... recipients of the "Speaker,s Medallion," the highest honor given ... House of Delegates. Dean Reece and ...
(Date:2/10/2016)... ... February 10, 2016 , ... ... that it has joined the Human Vaccines Project, a public-private partnership to ... cancer. , The Human Vaccines Project brings together leading pharmaceutical and ...
Breaking Biology Technology:
(Date:2/2/2016)... Feb. 2, 2016 This BCC Research ... market by reviewing the recent advances in high ... drive the field forward. Includes forecast through 2019. ... the challenges and opportunities that exist in the ... solution developers, as well as IT and bioinformatics ...
(Date:2/2/2016)...   Parabon NanoLabs (Parabon) announced today ... Office and the Defense Forensics and Biometrics Agency ... company,s Snapshot Kinship Inference software for ... defense-related DNA forensics.  Although Snapshot is best known ... ancestry from DNA evidence), it also has the ...
(Date:2/1/2016)... 2016  Today, the first day of American Heart ... develop a first of its kind workplace health solution ... In the first application of Watson ... ), and Welltok will create a new offering that ... analytics, delivered on Welltok,s health optimization platform. The effort ...
Breaking Biology News(10 mins):