VALLEY STREAM, N.Y., April 11 /PRNewswire-FirstCall/ -- Powersafe Technology Corp. (OTC Bulletin Board: "PWSF") has entered into a merger agreement with Amplification Technologies, Inc., a privately held Delaware corporation. Pursuant to the terms of the merger agreement, Amplification will merge with a wholly-owned subsidiary of Powersafe in exchange for approximately 31,500,00 shares of Powersafe to be newly issued to shareholders of Amplification and reserved for the exercise of options and conversion of convertible preferred. Powersafe will also assume approximately $700,000 of non-convertible preferred. Powersafe currently has 7,075,000 shares of common stock issued and outstanding and no other issued securities, warrants or options in its capital structure. Effective as of March 31, 2008, Jack N. Mayer, the controlling stockholder of Amplification, was appointed as a director and President of Powersafe.
Amplification is a Delaware corporation formed in May 2002 whose scientists have invented an extremely sensitive photodetector technology that it believes has significant performance and cost advantages over traditional technology and is positioned as a next generation solid state technology for low level light detection. Amplification's platform semiconductor technology, which allows amplification with very low noise of weak signals, is in principle applicable to, and has been patented to encompass, detection of signals other than light, and thus could in principle be used to create very sensitive biological, radiological, electrical, and chemical sensors. Amplification's website is http://www.amplificationtechnologies.com.
In connection with the merger agreement, a group of investors invested
an aggregate of $2,000,000 in a transaction in which $625,000 was used to
acquire 100% of the issued and outstanding stock of Powersafe, 95% of which
was acquired by the investors,
|SOURCE Powersafe Technology Corp.|
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