Navigation Links
Modern Mobility Aids, Inc. Secures Financing to Close Acquisition Agreement of LumiGene Technologies

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.

Safe Harbor

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.
Public Relations and Shareholder Information:

SOURCE Modern Mobility Aids, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. Modern Mobility Aids, Inc. Announces November 30, 2011 Closing of Lumigene Acquisition
2. Modern Plastics Announces ISO 13485:2003 Certification for Medical Industry
3. Modern Plastics Announces Full Operation of Its New Facility in Shelton, Conn.
4. LasikPlusĀ® Research Reveals Excellent Results From Modern LASIK
5. Modern Plastics SUSTARINĀ® C (Acetal) Product Uses Special Manufacturing Technology to Ensure Every Sheet and Rod Are Free of Centerline or Core Porosity
6. Advance could change modern electronics
7. Global Food Security Depends on Modern Agriculture
8. DuPont Leader: Drought-Tolerant Crops Developed Through Modern Breeding are Key to Sustainably Increasing Grain Production
9. New research reveals the ancestral populations of India and their relationships to modern groups
10. MIT: Alarming use of energy in modern manufacturing methods
11. DNA 11 Unveils Modern-Day Family Portraits at The Museum of Science and Industry's Smart Home: Green + WIRED Exhibit
Post Your Comments:
(Date:11/25/2015)... November 25, 2015 The ... is a professional and in-depth study on the ...      (Logo: ) , ... industry including definitions, classifications, applications and industry chain ... the international markets including development trends, competitive landscape ...
(Date:11/24/2015)... Nov. 24, 2015 Halozyme Therapeutics, Inc. (NASDAQ: HALO ... New York on Wednesday, December 2 at ... , president and CEO, will provide a corporate overview. ... at 1:00 p.m. ET/10:00 a.m. PT . ... will provide a corporate overview. --> th Annual ...
(Date:11/24/2015)... RALEIGH, N.C. , Nov. 24, 2015  Clintrax Global, Inc., ... Raleigh, North Carolina , today announced that the company has ... earnings represented a 391% quarter on quarter growth posted for Q3 ... Kingdom and Mexico , with the ... place in December 2015. --> United Kingdom ...
(Date:11/24/2015)... New York , November 24, 2015 ... to a recent market research report released by Transparency ... projected to expand at a CAGR of 17.5% during ... "Non-invasive Prenatal Testing Market - Global Industry Analysis, Size, ... estimates the global non-invasive prenatal testing market to reach ...
Breaking Biology Technology:
(Date:11/9/2015)... SAN JOSE, Calif. , Nov. 9, 2015 /PRNewswire/ ... of human interface solutions, today announced broader entry into ... of vehicle-specific solutions that match the pace of consumer ... drivers, and biometric sensors are ideal for the automotive ... the vehicle. Europe , ...
(Date:10/29/2015)... 29, 2015   MedNet Solutions , an innovative ... of clinical research, is pleased to announce that it ... (MHTA) as one of only three finalists for a ... Small and Growing" category. The Tekne Awards honor ... superior technology innovation and leadership. iMedNet™ ...
(Date:10/29/2015)... ANN ARBOR, Mich. , Oct. 29, 2015 ... with Eurofins Genomics for U.S. distribution of its ... DNA-seq kit and Rubicon,s new ThruPLEX Plasma-seq ... DNA to enable the preparation of NGS libraries ... in plasma for diagnostic and prognostic applications in ...
Breaking Biology News(10 mins):