Rx Safes, Inc. (OTCPK: RXSF) acquired My TOUCH-ID LLC from Glenn McGinnis and Scott McGinnis for $0.23 million.
July 12, 2016
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Rx Safes, Inc. (OTCPK: RXSF) acquired My TOUCH-ID LLC from Glenn McGinnis and Scott McGinnis for $0.23 million on July 8, 2016. Under the terms, Rx Safes, Inc. acquired My TOUCH-ID in exchange of 0.36 million shares. Rx Safes will assume $0.003 million in unpaid debts in My TOUCH and the sellers were required to discharge all debt beyond that amount before the closing date. In addition, Rx Safes agreed to pay earn-out as follows- 2.5% of any revenues up to a cap of $1 million generated from the assets acquired and held in My TOUCH and 0.5% of any revenues above $1 million up to a cap of $5 million generated from the assets acquired and held in My TOUCH. The earn-out is payable in cash, common stock of Rx Safes or a combination thereof, in the sole discretion of sellers.
Rx Safes, Inc. (OTCPK: RXSF) completed the acquisition of My TOUCH-ID LLC from Glenn McGinnis and Scott McGinnis on July 8, 2016.
GeneSYS ID, Inc., formerly RX Safes, Inc., offers various secure fingerprint products and solutions for both the professional and consumer healthcare markets. The Company develops, designs, manufactures and sells finger print activated medication safes and other healthcare storage equipment. It offers autonomous fingerprint medical security solutions for controlled substances. Its products and technology address the economic and social impacts of drug diversion, unauthorized access to medications, prescription drug abuse and poor medication adherence. The Company offers its fingerprint interface as a solution for customers to license and integrate into their own products; jointly develops products with original equipment manufacturer partners to deliver security and accountability to their existing product offerings, and offers customized end user add-on solutions for healthcare facilities, among others. Its product pipeline includes Rx DrugSAFE Pro, Rx DrugSAFE IC and others.