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.|
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