MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--July 3, 2006--Reflect Scientific Inc. (the “company”) (OTCBB: RSCF - News), an industry leader whose business is the manufacture, supply, and distribution of laboratory equipment and related supplies to the biotechnology, pharmaceutical and medical industries, announces the closing of an agreement and plan of merger under which it has acquired Cryomastor Inc., a California corporation. Principal terms of the merger required the company to: (i) pay an aggregate of $700,000 to the Cryomastor shareholders, pro rata; (ii) advance $300,000 for the operations of Cryomastor; assume and pay a $300,000 debt of Cryomastor owed for a U.S. Patent that comprises its intellectual property within 90 days of the closing; and execute three-year employment agreements with Cryomastor’s current directors and executive officers. The company raised in excess of $1,000,000 in a private offering of “restricted” common stock through a registered broker/dealer to “accredited investors” at $1.00 per share that was a condition of the closing of the merger. The company anticipates an extension of the offering to complete the maximum offering of $1,500,000 to July 31, 2006.
