Friday September 13 8:04 AM EDT
Mikros Systems Corporation
PRINCETON, N.J., Sept. 13 /PRNewswire/ -- Mikros Systems Corporation (OTC Bulletin Board: MKRS), a high
technology company specializing in applications of wireless and advanced digital signal processing technology,
announced it has entered into a non-binding letter of intent with Safeguard Scientifics Inc , an investor in emerging
growth technology companies. The letter of intent outlined a proposal for Safeguard to purchase 10% of Mikros'
common stock on a fully diluted basis for a purchase price of $1 million. The proposal also provides that Safeguard
would obtain warrants to increase its investment by an additional 20%, obtain the right to designate two individuals to
the board of Mikros, and obtain an exclusive license in designated regions to certain Mikros technology.
The consummation of the proposal is subject to a number of significant conditions, including the completion of due
diligence by Safeguard, and negotiation of additional terms and binding agreements. There is no assurance that the due
diligence will be completed in a manner satisfactory to Safeguard, that the final terms and agreements will be
acceptable to Mikros or Safeguard, or that the other conditions will be satisfied. SOURCE Micros Systems,
Corporation |
