JERUSALEM, November 15, 2012 /PRNewswire/ -- Medisafe 1 Technologies Corp. (MFTH), a developer of patented technologies that physically prevent unauthorized administration of prescription medications, announced today that the company has signed a $7MM non-exclusive perpetual license sale agreement to transfer rights for the full commercialization, marketing and distribution of its patented medicinal locking mechanism and bar-code matching system to a third party, SafeCode Drug Technologies Corporation (SAFC).
Details of the license sale will be provided in an 8K to be issued within the next four days
SafeCode is a developer of the world's next generation technology to prevent the improper administration of prescription medication by the utilization of voice recognition technology. Now SafeCode will be able to market Medisafe 1 Technologies' patented barcode system as well whereby making the Company a pioneer in the Drug Safety Administration Application.
"We are extremely pleased to have completed this sale, a major milestone for our company," said Jacob Elhadad, CEO of Medisafe 1 Technologies Corp. "
About Medisafe 1 Technologies
Medisafe 1 Technologies seeks to effectively prevent unauthorized administration of a drug or medicinal substance by hypodermic needle. Medisafe's patented technology is a medical assembly with a locking mechanism that is intended to ensure the substance cannot be released from the hypodermic needle without positive pre-matching between the substance and its intended patient.
This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of Medisafe 1 Technologies Corp., and its technologies. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, as actual results may differ materially from those indicated. Medisafe 1 Technologies Corp. public filings may be viewed at http://www.sec.gov.
Jacob Elhadad, CEO