Advanced Technology Terminates LOI, Will Seek Shareholders' Approval to Distribute Amounts in Trust
01 Junio 2009 - 6:00PM
PR Newswire (US)
RAMAT GAN, Israel, June 1 /PRNewswire-FirstCall/ -- Advanced
Technology Acquisition Corp. (the "Company") (NYSE AMEX: AXC) today
announced that it had terminated the letter of intent it had
previously entered into with Bioness Inc. ("Bioness").
Consequently, the Company will not hold a stockholder meeting for
its proposed acquisition of Bioness. Instead, the Company will hold
a stockholder's meeting and take such action as necessary to
approve the liquidation of its trust account. If the plan of
liquidation is approved, the Company anticipates distributing
approximately $8.12 per share from its trust account. It expects to
complete its liquidation process as soon as reasonably practicable
after the meeting of its stockholders. About Advanced Technology
Acquisition Corp. The Company 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. Safe Harbor
Statement This press release contains certain statements that may
include "forward looking statements." All statements other than
statements of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website
(http://www.sec.gov/). All forward-looking statements attributable
to the Company or persons acting on its behalf are expressly
qualified in their entirety by these risk factors. Other than as
required under the securities laws, the Company does not assume a
duty to update these forward-looking statements. DATASOURCE:
Advanced Technology Acquisition Corp. CONTACT: Ido Bahbut, Chief
Financial Officer, Advanced Technology Acquisition Corp.,
+011-972-3-751-3707
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