PHOENIX, April 29 /PRNewswire-FirstCall/ -- The Board of Directors of Motion DNA Corporation (Pink Sheets: MTDX), has by a majority vote agreed that it is in the best interest of the company and its shareholders to formalize the acquisition offer made by Formula 51-2, LLC. After meeting on Thursday, representatives of both companies agreed upon a price of $3.125 for each share of the company. Two members of the board approved of the acquisition, while the third member voted in favor of pursing other suitors.
After receiving the initial offer from Formula 51-2, Motion DNA officials submitted a counter offer of $4.20 per share or approximately $100 Million. That counter offer was rejected and the two parties agreed at $3.125 per share. The final deal, valued at $75 million includes cash and stock for all of the company’s shares held by control persons and cash to re-acquire all of the company’s public shares at a price of $3.125 each.
Formula 51-2 will now begin to take the next steps in completing the deal as they further evaluate the company’s products, client lists, active and pending agreements. Under Nevada law, the company is required to hold a shareholder meeting to formally vote on the issue. A date, time, and location for that meeting will be set later today.
Zig Ziegler, President and Founder of the company, is expected to issue a statement to shareholders on Monday or Tuesday, while in California for a meeting with a potential client in the health and fitness industry. Motion DNA officials also stated they are discussing internally a proposed plan to reward the company’s long term shareholders prior to the completion of the acquisition.
About Formula 51-2, LLC:
Formula 51-2, LLC is an Arizona investment company. The company was organized under the laws of the state of Arizona on June 6, 2003, by former NFL all-pro football player Jamir Miller. Now retired from professional football where he starred on professional teams in Cleveland and Arizona, Miller has undertaken several business ventures including a real estate development company and a food processing center, among other business ventures. Formula 51-2’s mission is to locate and enhance existing, undervalued businesses through investments, mergers and acquisitions.
About Motion DNA:
Motion DNA Corporation provides diagnostic testing for medical professionals and sports organizations. Motion DNA’s biomechanical analyses and detailed reports provide its customers and consumers with solutions for preventing injuries, identifying physical limitations, diagnosing pre-existing injuries related to biomechanics, and improving physical performance levels. For additional information on the company, please visit the company website at http://www.motiondnacorp.com/.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
For more information on Motion DNA Contact: Investor Relations Motion DNA Corporation 15023 N. 73rd Street Scottsdale, Arizona 85260 1.877.425.7734 toll free 480.425.7734 phone 480.991.7736 fax
Motion DNA Corporation
CONTACT: Motion DNA Corporation, Investor Relations, toll free,+1-877-425-7734, or +1-480-425-7734, or fax, +1-480-991-7736
Web site: http://www.motiondnacorp.com/