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Press Release Source: Motion DNA Corporation
Motion DNA Receives $5.6 Million Deposit From Formula 51-2, LLC Thursday May 26, 9:45 am ET
PHOENIX, May 26 /PRNewswire-FirstCall/ -- Motion DNA Corporation (Pink Sheets: MTDX - News), announced it has received a deposit in the amount of $5,600,000 as part of the agreement with Formula 51-2, LLC for a buyout of all its outstanding shares. The deposit was due before May 29, 2005 but was delivered on Wednesday by Jamir Miller, Managing Member of Formula 51-2. Last month, the companies agreed to a firm buyout price of $3.125 for each share of the company's outstanding stock. The buyout is awaiting a vote by the shareholders on June 17, 2005. The balance of funds to complete the buyout must be placed in an escrow account at the law offices of Greenburg-Traurig within 30 days of shareholder approval. The buyout agreement allows Formula 51-2 sixty days from the shareholder meeting to complete the acquisition of all the issued and outstanding shares.
Instructions are currently on the way via direct mail to the address of record for each registered shareholder of the company as of May 16, 2005 on how and where to call to register their confidential votes. A copy of the signed agreement is attached to the proxy statement for shareholders to review prior to their vote. Only those shareholders whose stock was purchased and cleared by the record date are eligible for the vote on June 17. Upon approval, all of the issued and outstanding stock of the company at the time of the close of the transaction will be acquired by Formula 51-2.
Motion DNA continues to operate under its business plan. Currently, the company is scheduling educational seminars, Injury Risk testing dates for prospective professional and collegiate baseball and fastpitch softball players through Perfect Game USA, and preparing to launch a new interactive website. Motion DNA's product development team also continues to work on improving the company's software.
About Formula 51-2, LLC:
Formula 51-2, LLC was organized under the laws of the state of Arizona in June 2003 by former professional 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 whole foods manufacturing plant, among other business ventures. Formula 51-2's mission is to locate and enhance existing, undervalued businesses through investments, mergers and acquisitions.
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Well, this stock finally held a big gain. Looks like people are finally deciding this is getting too close to take a chance on selling and jumping back in.
That would be nice, although the $2+ pop is still on its way. If 1.50 is the new base for Monday morning, I would expect $2+ for sure next week.
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Thu 11:14am MTDX.PK Motion DNA Corp CEO Zig Ziegler Discusses Recent Buy-Out with Formula 51-2 LLC And Corporate Strategy with PRBroadcast.com in Online Interview - PR Newswire
That's what we all need - little reminders that this IS going to happen, and soon.
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Merger/Buyout getting very near. MTDX showing real strength this morning, with good chart on stockcharts. Watch for spurt to $2+ soon.
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Watch this one very close now. Afterall, it's June 7, and stockcharts dot com shows a nice uptrend has begun. Two wonderful blue dots heading up.
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One more week for the news to be out hopefully this stock doesn't get pumped by then we dont want prices going up and down a steady climb would be good i would be happy if it closes at this price and picks up again on monday and the rest of the week, instead of flying high and then dropping
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MTDX ready for the action this week. Buyout announcement approval is due. Even without a buyout, this company was really on the move. Actually, it's kind of a shame this buyout/merger got in the way. I think MTDX would already be over $2 anyway.
Waiting on buying this stock is a risky gamble, one I'm not willing to take. I'm just holding long and watching, and chuckling.
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seemed like a fishy deal. only 750k in revenue last year and maybe 2 million this year. the buy valued it at 56 million. might be some long term value though if the contracts keep coming. they just don't have any money and it seems they pay with securities. 2 billion authorized. watch out for the dillution. 2 reverse splits already.
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Motion DNA Corporation Announces Continued Negotiations With Formula 51-2, LLC
PHOENIX, June 24, 2005 /PRNewswire-FirstCall via COMTEX/ -- 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."
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