Shrink Nanotechnologies has declared that it will fully take over the Hawaii-based Nanopoint.
According to the letter of intent, Shrink will convert 25,750,000 of its common shares for full possession of Nanopoint.
Shrink will pay another 40,000,000 shares, if Nanopoint fulfils certain sales and EBITDA goals by the end of June 2012 and end of December 2013 respectively. No Nanopoint employee will be retrenched, and the company will become a wholly-owned division of Shrink. Nanopoint will also show a cash balance of at lease $500,000. The acquisition will be made effective by end of May this year or sooner, depending upon further terms and conditions and due diligence.
Mark L. Baum, chief executive officer at Shrink said Nanopoint will introduce the Shrink product portfolio including drug discovery, live cell image capturing, enabled reproductive sciences, stem cell research and cell culturing.
Chief executive officer Cathy Owen at Nanopoint, said that her company offered additional live cell imaging system for enabled reproduction, drug discovery, and stem cell research. Its distributor network in Australia, Asia and Europe will help provide product platforms to global research teams.
Source: http://www.shrinknano.com