clickNsettle.com, Inc. and Cardo Medical, LLC Announce Merger... ( MIAMI and LOS ANGELES June 19 /- ...)

clickNsettle.com, Inc. and Cardo Medical, LLC Announce Merger Agreement

Date:6/19/2008

MIAMI and LOS ANGELES, June 19 /PRNewswire-FirstCall/ -- Cardo Medical, LLC, a company engaged in the development of orthopedic medical devices, and clickNsettle.com, Inc. (OTC Bulletin Board: CKST), a publicly-traded company with no active operations, have signed a merger agreement pursuant to which Cardo Medical will become a wholly owned subsidiary of clickNsettle. After the merger is completed, clickNsettle will be renamed Cardo Medical, Inc., and will be headquartered in Los Angeles. The merger is expected to close in the third quarter of 2008, and the company intends thereafter to apply to have its shares listed on the American Stock Exchange (AMEX).

Simultaneously with the signing of the merger agreement, Dr. Phillip Frost, former chairman and chief executive officer of IVAX Corporation, and others invested $9.5 million in Cardo Medical. Certain other investors will make up to an additional $4 million investment in Cardo Medical before the merger is consummated. Proceeds from these investments are expected to be used to close on the acquisition of the outstanding equity interests of three partially owned subsidiaries of Cardo Medical, and to enable Cardo Medical to accelerate its research and product development. Following such acquisitions, Cardo Medical will directly and indirectly own 100% of the equity interests of Accelerated Innovation, LLC, Cervical Xpand, LLC and Uni-Knee, LLC.

Under the terms of the merger agreement, it is expected that clickNsettle shareholders will own approximately 5.56% of the combined company on a fully diluted basis upon consummation of the merger. The current holders of Cardo Medical's membership interests will own between 64.44% and 66.67% of clickNsettle following the merger, and the new investors in Cardo Medical will own between 27.78% and 30.0% of clickNsettle following the merger, in each case, depending on the total amount of the investment in Cardo Medical prior to the merger. The merger is subject
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SOURCE clickNsettle.com, Inc.
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clickNsettle.com, Inc. and Cardo Medical, LLC Announce Merger...( MIAMI and LOS ANGELES June 19 /- ...),Health