They are in talks with a company named Formula-51 to be bought out. Here is the PR..
Motion DNA Board of Directors Approves Acquisition; Shareholder Meeting to Be Set to Finalize Deal at $3.125 Per Share Apr 29, 2005 10:31:00 AM
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.
~As you can see this was NOT fully supported by one of the board members...
~Turns out this offer was REJECTED...
PHOENIX, June 23 /PRNewswire-FirstCall/ -- Motion DNA Corporation (Pink Sheets: MTDX) With 100% of the votes tabulated, the Tender Offer to sell 100% of all of the Issued and Outstanding shares of common stock @ $3.125 per share to Formula 51-2, LLC was defeated by a margin of 85.82% to 14.18%.
HERE IS THE LAST PR TODAY...and there's a BIG improvement....
Motion DNA Corporation Announces Continued Negotiations With Formula 51-2, LLC Jun 24, 2005 9:29:00 AM PHOENIX, June 24 /PRNewswire-FirstCall/ -- Motion DNA Corporation (Pink Sheets: MTDX) and Formula 51-2, LLC continue to pursue an alternate offer.
Upon receipt of the vote outcome, officers from both companies met Thursday for over three hours to discuss an alternate plan which will benefit each individual shareholder, keeping in mind the mutual short- and long-term goals for Motion DNA Corporation.
Both companies hope to reach an agreement that is not only in the best interests of Motion DNA, but also in the best interests of each individual shareholder. Updates will continue to be announced as they unfold.
"We are positive that we can reach an agreement that gives each individual an opportunity to be financially rewarded in the opportunities available through Motion DNA," said Zig Ziegler, President and Chief Executive Officer of Motion DNA.
Earlier this week, shareholders rejected an offer of $3.125 per share for each of the 18,102,100 shares of the company. "With respect to two reverse splits incurred by shareholders, an adequate price per share would be considerably higher than the previous offer by Formula 51-2," added Ziegler.
On behalf of all long-term shareholders, Ziegler submitted a proposal to Formula 51-2 that included the distribution of cash, warrants, and preferred stock to the founders and individual shareholders as of the record date of May 16, 2005. The proposal was rejected by Formula 51-2 prior to the vote.
"We are separated by a differing opinion on adequate compensation to the long term shareholders and the founders of the company," added Ziegler. "We are confident Mr. Miller and his associates will reward everyone according to their dedication and commitment to the company to date if they are truly interested in the acquisition of the company."
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's companies have undertaken several business ventures including, a real estate development company and 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 www.motiondnacorp.com.
now the whole board and the BIG shareholders are workin on a solution that will fix what was once not fully supported....
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