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Oracle Healthcare Acquisition Corp. and Precision Therapeutics, Inc. Agree in Principle to Amend Merger Agreement to Reduce Consideration by 15%
Date:2/22/2008

o which holders of PTI stock, options and warrants would have been entitled to additional shares of Oracle common stock in the event that the trading price of Oracle's stock is below $7.78 per share as of the date that is 180 days following the closing of the merger. The proposed amendment would not impact the earn-out payment to the holders of PTI stock, options and warrants of up to an additional 4,250,000 shares of Oracle common stock if the combined company achieves specified milestones.

Under the terms of the proposed amendment, the founders of Oracle would agree that, upon completion of the merger, they would forfeit 50% of their aggregate 3,750,000 shares of Oracle common stock that they received in connection with the formation of Oracle.

The proposed amendment to the merger agreement remains subject to the documentation of the terms of the proposed amendment, the approval thereof by the respective boards of directors of Oracle and PTI, which can not be assured, and approval by the stockholders of PTI and Oracle, which also can not be assured. When and if the proposed amendment is executed by the parties, Oracle will file a current report on Form 8-K with the SEC describing the terms of the amendment and including the amendment as an exhibit thereto. Oracle would also file and deliver to its stockholders a supplement to the proxy statement/prospectus, dated February 11, 2008, which has previously been mailed to the Oracle stockholders, describing the impacts of the amendment to the merger agreement.

In order to provide its stockholders with additional time to consider the impact of the proposed amendment to the merger agreement, Oracle intends to postpone its special meeting of stockholders relating to the proposed acquisition from March 4, 2008 to March 5, 2008.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation R
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SOURCE Oracle Healthcare Acquisition Corp.
Copyright©2008 PR Newswire.
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