TORONTO, Nov. 23, 2011 /PRNewswire/ -- Modern Mobility Aids, Inc. (OTCBB: MDRM) (the "Company") is pleased to announce that it has confirmed the financing required to execute its closing agreement to acquire all of the common stock of LumiGene Technologies, Inc. ("LumiGene").
Modern Mobility Aids, Inc. is a Nevada-based Company whose strategic focus lies within innovative research and development in the Bio-Pharma sector as well as scalable manufacturing in niche markets in the Bio-Pharma sector. The company seeks to acquire companies within the Bio-Pharma sector, targeting innovative research and development as well as scalable manufacturing capacity in three niche market segments: CRAM –Contract Research and Manufacturing for Life Sciences Companies, HEALTHCARE INNOVATION – Novel Drug and Device Delivery Format Packaging and BIOPHARMA PARTNERSHIPS – Strategic Development and Production Alliances
First Capital Invest Corp., (FCIC) a company incorporated under the laws of British Virgin Islands and having its office located in Zollikon, Switzerland, has agreed to provide financing to MDRM to facilitate the November 30, 2011 closing of its acquisition of all the common stock of LumiGene Technologies.
The term of FCIC's engagement with MDRM shall commence effective November 22, 2011 and shall provide a term of one year after each draw. FCIC has committed to providing operating funds in the sum of US $1,500,000 (One Million, five hundred thousand), with an initial draw of $500,000 US before November 28, 2011. In addition, it has facilities for additional draws of US $250,000 each month thereafter, as required, up to the maximum of $1,500,000.
LumiGene is a Canadian molecular diagnostics company developing point-of-care products which will enable healthcare professionals to quickly and effectively diagnose and treat infectious diseases. Through the development and commercializing of its POSiChek™ System for the near sample/point-of-care DNA diagnostic markets, LumiGene expects to address the current needs that are in high demand by healthcare professionals worldwide.
"It is refreshing to see that our vision for MDRM is supported so well by FCIC, who are truly industry professionals that understand the impact of what MDRM is undertaking, and we see nothing but positive results as we continue to flesh out our strategy," Mohamed K. Karatella, President and CEO for MDRM, stated. He went on to state that: "Our finalization of the LumiGene acquisition solidifies LumiGene's ongoing pursuit to be the first to market with a greatly needed new technology that we expect will be in high demand. We look forward to working with the talented team at LumiGene."
About Modern Mobility Aids, Inc.
Modern Mobility Aids, Inc. has recently revamped its corporate infrastructure and now plans to direct its focus and energies on the multibillion dollar pharmaceutical and biotechnology industries. Through the formation of their new business model, the Company expects to implement an aggressive campaign in order to seek out and research companies from early developmental stages to mezzanine levels in the research and development, manufacturing and distribution markets, within the pharmaceutical and biotechnology industry. The Company is confident that strategic acquisitions and first stage investments will play a pivotal role in the Company's success in building a successful global entity.
The closing of this transaction is subject to various conditions including but not limited to the satisfactory completion of due diligence within 60 days. For more information pertaining to the specifics of the Definitive Agreement including the structure of the acquisition, please see the Company's most recent Current Report on Form 8-K which was recently filed with the U.S. Securities and Exchange Commission.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) financing plans; (ii) potential acquisitions, (iii) trends affecting its financial condition or results of operations; (iv) growth strategy and operating strategy. The words "may," "would," "will," "expect, "intend", "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in the Company's filings with the Securities and Exchange Commission.
Contact: Modern Mobility Aids, Inc.
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