NEW YORK--(BUSINESS WIRE)--Cellular Technical Services Company, Inc. (“CTS”) (OTC BB: CTSC) announced today that it has entered into a Share Transfer, Exchange and Contribution Agreement (the “Agreement”) with SafeStitch LLC and its members whereby SafeStitch members will transfer all of their membership interests to CTS in consideration for an aggregate of 11,256,369 newly issued shares of common stock of CTS. As a result of the transaction, the members of SafeStitch will receive approximately 70% of the issued and outstanding shares of CTS. Dr. Jane Hsaio and Dr. Philip Frost, each a director of CTS, are also members of SafeStitch LLC.
