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Motion DNA Receives $5.6 Million Deposit From Formula 51-2, LLC.

Publication: PR Newswire
Publication Date: 26-MAY-05
Format: Online
Delivery: Immediate Online Access

Article Excerpt
PHOENIX, May 26 /PRNewswire-FirstCall/ -- Motion DNA Corporation (Pink Sheets: MTDX), announced it has received a deposit in the amount of $5,600,000 as part of the agreement with Formula 51-2, LLC for a buyout of all its outstanding shares.

The deposit was due before May 29, 2005 but was delivered on Wednesday by Jamir Miller, Managing Member of Formula 51-2. Last month, the companies agreed to a firm buyout price of $3.125 for each share of the company's outstanding stock. The buyout is awaiting a vote by the shareholders on June 17, 2005. The balance of funds...

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