As expected, HAPN and I-Flow have again extended the deadline for the acquisition, this time until July 31, 2007. If HAPN walks away from the transaction, they have until October 18, 2007 to enter into another agreement, which they would then have to close by April 18, 2008.
HAPC and I-Flow Extend Termination Deadline for Acquisition of InfuSystem
Monday July 2, 11:30 am ET
NEW YORK--(BUSINESS WIRE)--HAPC, Inc. (OTCBB: HAPN; HAPNW; HAPNU), today announced that it has mutually agreed with I-Flow Corporation (Nasdaq: IFLO - News) to an additional extension of the termination deadline in the stock purchase agreement regarding HAPC's acquisition of InfuSystem, Inc. The previous deadline of June 29, 2007 has been extended to July 31, 2007. The extension is expected to allow HAPC sufficient time to address the remaining Securities and Exchange Commission (SEC) comments on HAPC's preliminary proxy statement, which HAPC believes are typical of a transaction of this type.
Sean McDevitt, Chairman of HAPC Inc., commented, "We believe that we are finally nearing completion of this process and have been working diligently to comply with all information requests by the SEC in terms of our intended acquisition of InfuSystem. We look forward to setting a date for the proxy vote upon satisfying the remaining SEC requests."
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