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EXHIBIT 99.1
MZT Holdings, Inc., Announces Stockholders Approved Sale of
Substantially All Assets
NEWTON,
Mass.--(BUSINESS WIRE)--MZT Holdings, Inc., formerly known as
Matritech, Inc. (Amex:MZT), announced today that its
stockholders have approved:
•
The sale of substantially all of the assets of the company to
Milano Acquisition Corp., a wholly owned subsidiary of
Inverness Medical Innovations, Inc., pursuant to and on the
terms set forth in an Asset Purchase Agreement dated August
27, 2007 by and among Inverness, Milano and
Matritech;
•
The plan of complete liquidation and dissolution of the
company, including the liquidation and dissolution of the
company contemplated thereby, following the closing of the
asset sale; and
•
The amendment to the company’s certificate of
incorporation to change its name to MZT Holdings, Inc.
following the closing of the asset sale.
Following
receipt of stockholder approval, the company completed the
sale of substantially all of its assets to Milano Acquisition
Corp. in exchange for aggregate consideration of 616,671
shares of Inverness common stock valued in accordance with the
Asset Purchase Agreement at approximately $36 million. MZT
Holdings may receive up to $2 million of incremental
consideration, payable in cash and/or Inverness common stock,
if the revenue associated with the assets sold to Milano
exceeds certain revenue targets during the next twelve-month
period. Based on the closing price of Inverness common stock
on December 12, 2007, the market value of the 616,671 shares
received by MZT Holdings is approximately $34.7 million.
Following the closing of the asset sale, the Company’s
name was changed to MZT Holdings, Inc.
MZT
Holdings also announced that its Board of Directors has
accepted the resignations of all of its executive officers
except its Secretary, Patricia Randall, effective December 12,
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