TORONTO, Nov. 23, 2011 /PRNewswire/ -- Modern Mobility Aids, Inc. (OTCBB: MDRM) (the "Company") is pleased to announce that it has confirmed the financing required to execute its closing agreement to acquire all of the common stock of LumiGene Technologies, Inc. ("LumiGene").
Modern Mobility Aids, Inc. is a Nevada-based Company whose strategic focus lies within innovative research and development in the Bio-Pharma sector as well as scalable manufacturing in niche markets in the Bio-Pharma sector. The company seeks to acquire companies within the Bio-Pharma sector, targeting innovative research and development as well as scalable manufacturing capacity in three niche market segments: CRAM –Contract Research and Manufacturing for Life Sciences Companies, HEALTHCARE INNOVATION – Novel Drug and Device Delivery Format Packaging and BIOPHARMA PARTNERSHIPS – Strategic Development and Production Alliances
First Capital Invest Corp., (FCIC) a company incorporated under the laws of British Virgin Islands and having its office located in Zollikon, Switzerland, has agreed to provide financing to MDRM to facilitate the November 30, 2011 closing of its acquisition of all the common stock of LumiGene Technologies.
The term of FCIC's engagement with MDRM shall commence effective November 22, 2011 and shall provide a term of one year after each draw. FCIC has committed to providing operating funds in the sum of US $1,500,000 (One Million, five hundred thousand), with an initial draw of $500,000 US before November 28, 2011. In addition, it has facilities for additional draws of US $250,000 each month thereafter, as required, up to the maximum of $1,500,000.
LumiGene is a Canadian molecular diagnostics company developing point-of-care products which will enable healthcare professionals to quickly and effectively diagnose and treat infectious diseases. Through the development and commercializing of its POSiChek™ System for the near
|SOURCE Modern Mobility Aids, Inc.|
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