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CELL KINETICS IN THE NEWS November 5, 2007 CELL KINETICS LTD. Cell Kinetics Registration Statement for Rights Offering Declared Effective by the SEC November 5, 2007 - New York, N.Y. -- Cell Kinetics Ltd., an indirect, wholly-owned subsidiary of Medis Technologies Ltd. (NASDAQ:MDTL), announced today that the registration statement filed with the Securities and Exchange Commission in connection with Cell Kinetics’ previously announced rights offering has been declared effective as of November 5, 2007. The rights offering will commence on November 15, 2007 and will expire on December 17, 2007. Cell Kinetics will distribute to record holders of Medis’ outstanding common stock, at no cost, nontransferable subscription rights to purchase up to an aggregate of 3,505,337 of Cell Kinetics’ ordinary shares, at a subscription price of $0.30 per share. Record holders of Medis’ common stock will receive one subscription right for every ten shares of Medis’ common stock held by them as of the close of business on the record date, which will be November 12, 2007. Medis record holders who purchase Cell Kinetics’ ordinary shares in the rights offering will also receive four year warrants to purchase additional Cell Kinetics ordinary shares, at an exercise price of $0.60 per share, at the rate of one such warrant for every two ordinary shares purchased in the rights offering. Subscription certificate evidencing the rights will be mailed, along with a prospectus, on or about November 14, 2007. Copies of the prospectus may be obtained by calling (212) 935-8484. A copy of the prospectus is also available through the SEC’s Internet website, located at http://www.sec.gov. Cell Kinetics intends to commercialize Medis’ Cell Carrier, which Cell Kinetics intends to market under the “CKChip™” tradename, and related technology. Cell Kinetics also intends to source, vet and invest in early stage Israeli-based medical device companies. CONTACT: This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify those so-called “forward-looking statements” by words such as “may,” “will,” “should,” “expects,” “plans,” “targets,” “believes,” “anticipates,” “estimates,” “predicts,” “potential,” or “continue” or the negative of those words and other comparable words. These forward-looking statements are subject to risks and uncertainties, product tests, commercialization risks, availability of financing and results of financing efforts that could cause actual results to differ materially from historical results or those anticipated. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC. We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934 or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws. |
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