BELGIUM, Wis., Jan. 5 /PRNewswire-FirstCall/ -- Mach One Corporation (Pink Sheets: MNCN), a biological solutions company that develops products that produce a positive long term benefit to the agricultural and consumer market, announced today that it has entered into a non-binding letter of intent dated December 30, 2008 related to a proposed transaction with Modular Process Constructors LLC (dba MPS BioPharm) (the "Seller" or "BioPharm") to acquire all of the outstanding member interests of the Seller.
The proposed transaction is subject to satisfactory completion of due diligence by the Purchaser, the execution of a definitive agreement and the approval of both the board of directors and the members of Seller.
The non-binding terms of the letter of intent provide that all members of Seller would receive shares of the Purchaser in exchange for 100% of their interest of BioPharm. The terms include issuance of preferred stock with conversion rights at .25 per share in Mach One Corporation common stock.
There can be no assurance that any definitive agreement will be entered into, that any proposed transaction will be approved by the members of BioPharm or that any transaction will be completed as a result of the execution of the letter of intent.
Monte Tobin, CEO of Mach One Corporation commented, "This proposed
acquisition of Modular Process Constructors, a systems company supplying
pharmaceutical companies with processing skids, would fill out an important
part of our future growth plans- dealing with world class customers and
increasing our presence in the pharmaceutical space. Our business plan calls
for us to eventually provide our Bridge(TM) product line into the human market
and an acquisition now of BioPharm poises us for that future event on a global
scale. This marks our third transaction in the 4th quarter with each
transaction occurring at a substantially higher price
|SOURCE Mach One Corporation|
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