JERUSALEM, November 15, 2012 /PRNewswire/ --
Medisafe 1 Technologies Corp. (OTCBB: 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 Medisa