Oracle Healthcare Acquisition Corp. and Precision Therapeutics, Inc. Agree in Principle to Amend Merger Agreement to Reduce Considerat...( Oracle Founders Also Agree to Forfei...),Health

Oracle Founders Also Agree to Forfeit Certain Shares; Oracle to Reschedule

Special Meeting for March 5, 2008

GREENWICH, Conn., Feb. 22 /PRNewswire-FirstCall/ -- Oracle Healthcare Acquisition Corp. (OTC Bulletin Board: OHAQ, OHAQW and OHAQU) ("Oracle") announced today that it has reached an agreement in principle with Precision Therapeutics, Inc. ("PTI") to further amend the Agreement and Plan of Merger, dated as of December 3, 2007 and previously amended on January 24, 2008, by and among Oracle, a subsidiary of Oracle and PTI, providing for the acquisition of PTI by Oracle. In connection with the proposed amendment, Oracle plans to postpone the special meeting of the stockholders of Oracle relating to the proposed acquisition until March 5, 2008.

Pursuant to the proposed amendment, the number of shares of Oracle common stock used in the calculation of the exchange ratio pursuant to which shares of PTI common stock would be exchanged for shares of Oracle common stock (identified as the "Share Multiplication Factor" in the "Example of Calculation of Exchange Ratio and Number of Oracle Shares to be Issued/Reserved for Issuance" included in the proxy statement/prospectus, dated February 11, 2008, that has been filed with the U. S. Securities and Exchange Commission (the "SEC") and mailed to the Oracle stockholders) would be reduced from 22,500,000 to 19,125,000 shares, resulting in a reduction in the merger consideration to be issued, or reserved for issuance, at the closing of the merger to PTI stockholders and holders of options and warrants to purchase PTI stock by approximately 15%. The number of shares of Oracle common stock that would be placed into escrow to satisfy any indemnification claims that may be asserted by Oracle would similarly be reduced by 15% from 2,250,000 to 1,912,500 shares. Additionally, the proposed amendment would result in the elimination of the potential payment of the top-up consideration, pursuant t
'/>"/>