Advanced Technology Acquisition Corp. Announces Execution of Letter of Intent to Acquire Bioness Inc.
22 Dezembro 2008 - 11:59AM
PR Newswire (US)
RAMAT GAN, Israel, Dec. 22 /PRNewswire-FirstCall/ -- Advanced
Technology Acquisition Corp. ("ATAC" or the "Company") (AMEX:AXC)
announced today that it had entered into a letter of intent (the
"LOI") to complete a business combination by means of a merger (
the "Merger")with Bioness, Inc., a Delaware corporation ("Bioness")
having significant business operations in Israel. Pursuant to the
Company's Amended and Restated Certificate of Incorporation, the
execution of the LOI affords the Company a six-month extension for
completion of a business combination, until June 22, 2009. The LOI
provides that, within four business days following the date of its
execution: (1) certain principal stockholders of ATAC (the
"Founders") must enter into an agreement to cancel an aggregate of
3,625,000 warrants (the "Founder Warrants") purchased by the
Founders in connection with ATAC's initial public offering and (2)
the underwriters of ATAC's initial public offering must enter into
an agreement to cancel the option to purchase up to an aggregate of
1,125,000 units (consisting of ATAC Common Stock and warrants to
purchase ATAC Common Stock) (the "Unit Purchase Option") that was
granted to such underwriters in connection with such initial public
offering. The LOI also provides that, immediately prior the
execution of a definitive agreement, the Founders will deliver to
ATAC for cancellation for no consideration an aggregate of
1,000,000 shares of Company Common Stock. The LOI provides that,
following execution of a definitive agreement, Bioness will
commence a tender offer for the purchase of ATAC's outstanding
warrants for four cents per warrant. The LOI further provides that,
as a condition to the tender offer, 100% of the outstanding
warrants will be tendered and not withdrawn. It is a condition to
the commencement of the tender offer that, not later than one
business day prior to the announcement by Bioness of the tender
offer, all Founder Warrants and Unit Purchase Option will be
canceled with the consent of the holders thereof. All warrants
purchased in the tender offer will be terminated immediately
following their purchase. Bioness' obligation to consummate the
Merger is conditioned upon satisfaction of the foregoing conditions
to the tender offer. All costs and expenses related to the tender
offer will be paid by Bioness. Subject to certain exceptions, the
LOI provides that each ATAC stockholder that (a) purchased shares
of ATAC Common Stock in ATAC's initial public offering or
subsequently purchased shares of ATAC Common Stock on the American
Stock Exchange, (b) voted in favor of the Merger, and (c) holds any
shares of ATAC Common Stock following the closing of the Merger
will be granted a non-transferable put option to sell such shares
to ATAC at a price of $8.20 per share. Such put option will be
exercisable during the 30-day period commencing on the second
anniversary of the closing of the Merger. To secure payment to the
holders of the put option, all available funds of ATAC (minus all
transaction costs and expenses), on the date of the closing of the
Merger minus a working capital reserve, will be set aside in trust
(the "Option Trust"). In addition, for guarantying the payment of
the put option, at or prior to the closing of the Merger, Mr.
Alfred E. Mann will establish a trust for the benefit of the
surviving entity (the "Additional Trust") in such amount equal to
(x) $8.20 multiplied by the number of shares subject to the put
option, minus (y) the funds deposited in the Option Trust. The
Additional Trust will be funded with collateral consisting of
publicly traded securities with a market value at the date of
deposit equal to 125% of the amount required to be held in the
Additional Trust. The LOI also provides that, if at the time of the
exercise of the put option, there are insufficient funds available
in Option Trust to fully pay put option holders (a "Shortfall"),
(a) Mr. Mann will fund the Additional Trust in the amount of the
Shortfall or (b) ATAC will sell a portion of collateral in the
Additional Trust to cover such Shortfall. The LOI also provides
that Mr. Mann will give a personal guaranty for the repayment of
the Shortfall. The consummation of the business combination is
subject to, among other things, negotiation and execution of a
definitive agreement, reasonable satisfaction of due diligence
inquires and required stockholder approval. There can be no
assurances that a business combination will be consummated. About
Advanced Technology Acquisition Corp. ATAC is a blank check company
formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase or other similar
business combination with a technology or technology-related
business that has operations or facilities located in Israel, such
as research and development, manufacturing or executive offices.
About Bioness Inc. Bioness Inc. is a neuromodulation company
marketing non-invasive medical devices and developing
minimally-invasive implantable products intended to treat the tens
of millions of individuals suffering from disabling conditions
caused by various neurological events and conditions (such as
stroke and multiple sclerosis), chronic pain and urological
syndromes. Bioness' non-invasive technologies are used for central
nervous system disorders and may provide such patients with
increased levels of physical independence, productivity and symptom
management. The Company's investigational lines of
minimally-invasive implantable devices target the peripheral
nervous system; they are in various stages of research and design,
including clinical trials, and are intended to be smaller, less
invasive, less expensive, more site-specific and safer than current
implantable devices. The NESS L300 Foot Drop System and the NESS
H200(R) Hand Rehabilitation System, both cleared for marketing in
the U.S. by the Food and Drug Administration (FDA) and approved for
use in the European Union (CE Mark), are intended to improve
patients' functional capabilities and may enable them to achieve
new levels of independence and productivity. Forward-Looking
Statement This press release contains forward-looking statements
(as defined in Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended) concerning future events and ATAC growth strategy and
measures to implement such strategy. Words such as "expects,"
"intends," "plans," "believes," "anticipates," "hopes,"
"estimates," and variations of such words and similar expressions
are intended to identify forward-looking statements. Although ATAC
believes that the expectations reflected in such forward-looking
statements are reasonable, no assurance can be given that such
expectations will prove to have been correct. These statements
involve known and unknown risks and are based upon a number of
assumptions and estimates, which are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of ATAC. Actual results may differ materially
from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially
include, but are not limited to: competitive factors in the market
in which ATAC operates; risks associated with operations outside
the United States; and other factors listed from time to time in
ATAC's filings with the Securities and Exchange Commission. ATAC
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in ATAC's expectations with
respect thereto or any change in events, conditions or
circumstances on which any statement is based. Additional
Information about the Transaction and Where to Find It This press
release shall not constitute an offer of any securities for sale.
The proposed Merger will be submitted to ATAC's stockholders for
their consideration. In connection with the acquisition, ATAC
intends to file relevant materials with the SEC, including a
registration statement, a proxy statement/prospectus and other
relevant documents concerning the proposed Merger. Investors and
stockholders of ATAC are urged to read the registration statement,
proxy statement/prospectus and other relevant documents filed with
the SEC when they become available, as well as any amendments or
supplements to the documents, because they will contain important
information about ATAC, Bioness and the proposed Merger.
Stockholders and investors can obtain more information about the
proposed transaction by reviewing the Form 8-K to be filed by ATAC
in connection with the announcement of the entry into the letter of
intent, and any other relevant documents filed with the SEC when
they become available. The proxy statement/prospectus, the
registration statement and any other relevant materials (when they
become available), and any other documents filed by ATAC with the
SEC, may be obtained free of charge at the SEC's web site at
http://www.sec.gov/. In addition, investors and stockholders may
obtain free copies of the documents filed with the SEC by directing
a written request to: Advanced Technology Acquisition Corp., 14-A
Achimein Street, Ramat Gan, Israel, Attention: Investor Relations.
Investors and stockholders are urged to read the proxy
statement/prospectus, the registration statement and the other
relevant materials when they become available before making any
voting or investment decision with respect to the proposed Merger.
Participants in Solicitations ATAC and its directors, executive
officers and other members of its management and employees may be
deemed to be participants in the solicitation of proxies from
stockholders of ATAC in connection with the Merger. Information
regarding ATAC's directors and executive officers and regarding the
interests of such potential participants will be included in the
proxy statement/prospectus and the other relevant documents filed
with the SEC when they become available. DATASOURCE: Advanced
Technology Acquisition Corp. CONTACT: Ido Bahbut,
011-972-3-751-3707, or Fax: 011-972-3-751-3706, for Advanced
Technology Acquisition Corp.
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