Lyfetec and its management develop personal medical screening technology. Technologies and assets included in the contemplated acquisition include in-home test kits for the diagnosis and early detection of various diseases including numerous sexually transmitted diseases, infectious diseases, various cancers, etc.
Some of these kits may be sold to physicians and others may even be sold over the counter in the US. Additionally, many kits can be sold internationally.
While the memorandum of understanding is binding, the acquisition will remain pending until the execution of definitive agreements. The acquisition is expected to close by February 2009.