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MacKay Life Sciences, Inc. (Formerly Biofield Corp. (BZET)) to Re-Acquire Control of Its Master License; Signs Agreement to Acquire Majority Interest In MacKay Innotech LTD, Present Holder of the Master License
7/1/2009 9:44:03 AM
PHILADELPHIA & HONG KONG--(BUSINESS WIRE)--MacKay Life Sciences, Inc. (“MLS”) (formerly Biofield Corp. (OTCBB:BZEC), today announced that it has signed a binding Memorandum Of Agreement (“MOU”) with the master licensee to complete the long awaited reacquisition of the master license agreement (the “MLA”) that the company had previously granted to the MacKay Group Limited (“MKG”). MKG has since transferred the master license to MacKay Innotech LTD, (“MHK”), a Hong Kong company. Under the MLA, MKG (now MHK as a result of the assignment) assumed from Biofield the sole responsibility and expense to market, manufacture, further technically and clinically develop, and otherwise commercialize the technology.
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