Navigation Links
Powersafe Technology Corp. Recapitalizes, Executes Merger Agreement with Amplification Technologies, and Invests in Amplification
Date:4/11/2008

including Mr., Mayer, and 5% of which was given to persons, including Mr. Mayer, who assisted in the transaction, and approximately $1,360,000 was contributed by the new owners as capital to Powersafe. Mr. Mayer and his wife acquired approximately 27.2% of the issued and outstanding shares of Powersafe in the transaction.

Powersafe used approximately $1,280,000 to purchase non convertible Series C Preferred Stock issued by Amplification and approximately $730,000 of such proceeds were used by Amplification to redeem non-convertible preferred stock of Amplification held by Mr. Mayer and a member of his family. The Series C Preferred shares have a 2% monthly pay in kind dividend, restrictive covenants including a prohibition on funded debt and the issuance of securities which are senior or pari passu to the Series C Preferred, are redeemable by the Registrant on February 14, 2009, and are slated to be retired as part of the merger.

The closing of the merger, which is expected by the end of May, 2008, will occur when all the customary conditions in the merger agreement are satisfied, including the delivery of audited financial information of Amplification,

For more information about the transaction, see the Current Reports on Form 8-K filed by Powersafe on April 4, 9 and 11, 2008 with the Securities and Exchange Commission.

This Press Release contains forward-looking statements relating to future activity, including the closing of the merger and operational and business prospects. The Company's results may be affected by, among other factors, business abilities and judgment of personnel, availability of qualified personnel, results of the prototypes, and changes in, or failure to comply with various government regulations.

For further information, please contact Jack N. Mayer at Amplification Technologies - 718 951 8021


'/>"/>
SOURCE Powersafe Technology Corp.
Copyright©2008 PR Newswire.
All rights reserved

Page: 1 2

Related biology technology :

1. Loma Linda University Partners With Larta Institute for Technology Marketing Program
2. Slow federal action to oversee nanotechnology leaves room at the bottom
3. Genetic Engineering and Biotechnology News (GEN) Blog: International Students in the United States - A Diminishing Pool of Talent for Biotech?
4. Genetic Engineering and Biotechnology News (GEN) Presents Exclusive Podcast with Robert Langer, Ph.D. on New Polymeric Drug Delivery Systems
5. HemoGenix(R), Inc. Receives Issued Patent for its HALO(R) Technology Platform From the United States Patent and Trademark Office (USPTO).
6. Sangamo BioSciences Announces License Agreement For the Use of ZFP Technology For Generation of Transgenic Animals
7. Nanosized technology has supersized effect on tumors
8. Hybrid computer materials may lead to faster, cheaper technology
9. Raven biotechnologies and Bioprocessing Technology Institute Announce Collaboration to Advance Discovery of Stem Cell Antibodies
10. Lentigen Licenses Fundamental Lentiviral Vector Technology Patent From the University of Cambridge
11. Genetic Engineering & Biotechnology News reports on cancer biomarkers
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/24/2014)... worldwide rely on sophisticated equipment, trained personnel, and ... areas against terrorist attacks. A revolutionary new electronic ... make their job much easier. , The groundbreaking ... Tel Aviv University ,s School of Chemistry and ... the Herzliya company Tracense, picks up the scent ...
(Date:7/24/2014)... Yushan Yan, Distinguished Professor of Engineering at the ... nanomaterials to solve problems in energy engineering, environmental ... focused on zeolites, porous rock with a well-defined, ... size is so precisely decided that zeolites can ... fraction of an angstrom (one-tenth of a nanometer), ...
(Date:7/24/2014)... , July 24, 2014 Research and ... "Global Genomics and Proteomics Analytical Instruments Market 2014-2018" ... http://photos.prnewswire.com/prnh/20130307/600769 Genomics is the study of ... study of the structure and functions of proteomes or ... tools and technology. Genomics involves the mapping of genes ...
(Date:7/24/2014)...  CorMedix Inc. (NYSE MKT: CRMD), a pharmaceutical ... for the prevention and treatment of cardiorenal and ... July 18, 2014 from the NYSE MKT LLC ... plan to regain compliance with continued listing standards ... is continuing the Company,s listing and has granted ...
Breaking Biology Technology:Nano-sized chip 'sniffs out' explosives far better than trained dogs 2University of Delaware researcher describes new approach for creating organic zeolites 2Global Genomics and Proteomics Analytical Instruments Market 2014-2018: Key Vendors are Agilent, Bio-Rad , F. Hoffmann, La Roche, Illumina, PerkinElmer and Thermo Fisher Scientific 2CorMedix, Inc. Granted Extension of NYSE-MKT Listing 2CorMedix, Inc. Granted Extension of NYSE-MKT Listing 3
... 2011 Everyday Health, Inc., a leading provider of online ... property has established a partnership with the American College of ... major cardiology meetings, and will become the leader in targeted ... in place at the ACC,s 60th Annual Scientific Session & ...
... Millions of U.S. families face health and safety hazards ... of their homes.  These problems are particularly common among ... the disabled and low-income families.   To ... and Urban Development (HUD), the U.S. Centers for Disease ...
... 2011 Delta Point, Inc., a consulting firm that ... has named Ed Weimer as Executive Account Director. Weimer ... ability to highly motivate, develop and inspire his teams ... to contribute to the organization,s goals. Delta ...
Cached Biology Technology:MedPage Today Signs Exclusive Content & Advertising Deal with the American College of Cardiology for Coverage of More Than 20 Major Cardiology Meetings 2MedPage Today Signs Exclusive Content & Advertising Deal with the American College of Cardiology for Coverage of More Than 20 Major Cardiology Meetings 3Unhealthy Homes Pose Real Danger to Millions of Families 2Ed Weimer Joins Delta Point, Inc. as Executive Account Director 2
(Date:7/24/2014)... sticky research out of York University shows a surprisingly ... toxic grass fungus: moose saliva (yes moose saliva). ... "Ungulate saliva inhibits a grassendophyte mutualism" shows that moose ... (which hosts a fungus called epichlo festucae that produces ... less toxicity. , "Plants have evolved defense mechanisms to ...
(Date:7/24/2014)... at Albert Einstein College of Medicine of ... J. Fox Foundation for Parkinson,s Research to translate a ... This drug discovery project will test chemical compounds on ... a drug that acts on an underlying cause of ... help many people manage their symptoms, we are eager ...
(Date:7/24/2014)... this week for an all-day public forum on a ... (EPA) to dredge toxic sediment from an eight-mile stretch ... called the plan, which proposes removing 4.3 million cubic ... riverbed, one of the largest cleanups in the agency,s ... off-site. , "We need to ensure the future well-being ...
Breaking Biology News(10 mins):Moose drool inhibits growth of toxic fungus: York U research 2Albert Einstein College of Medicine receives grant from the Michael J. Fox Foundation to fund drug discovery project targeting Parkinson's 2Albert Einstein College of Medicine receives grant from the Michael J. Fox Foundation to fund drug discovery project targeting Parkinson's 3Experts Weigh the Pros and Cons of a $1.7 Billion EPA Cleanup Plan for the Passaic River at an NJIT 2
... genome or the egg genome? Researchers have answered a ... the thousands of long stretches of repeated DNA in the ... The answers, published online by Nature Genetics on ... duplications in the human genome that are partly responsible for ...
... Ph.D., distinguished professor of human genetics and biology at ... and a Howard Hughes Medical Institute investigator, has won ... The announcement was made this morning by the Nobel ... prize recognizes Capecchis pioneering development of knockout mice technology, ...
... University of Cincinnati (UC) radiologists have developed a ... that eases diagnosis of venous diseases. Multi-detector ... create three-dimensional images of arteries, the vessels which ... distribute blood throughout the body. Veins, smaller vessels ...
Cached Biology News:Which came first, the chicken genome or the egg genome? 2Which came first, the chicken genome or the egg genome? 3Gene-targeting pioneer Mario Capecchi shares 2007 Nobel Prize in Medicine 2Gene-targeting pioneer Mario Capecchi shares 2007 Nobel Prize in Medicine 3New thoracic imaging approach can pinpoint underlying venous problems 2
... kit was tested on rat tissue extracts (liver, ... ( S. cerevisae ) extract. It was also ... and cell lines. Application: A simple and reliable ... based on the detection of the inorganic phosphate ...
... Oxidative stress is the condition in which ... oxidant stimuli and the various antioxidants. Oxidative ... the pathogenesis of several diseases, including artherosclerosis, ... body possesses several antioxidant systems that are ...
...
... is critical to the maintenance of ... proteins as important and diverse as ... shock and stress response, antigen presentation, ... ion channels, cell cycle regulation, transcription, ...
Biology Products: