Shrink Tech sold to Shrink Nanotech

Shrink Technologies, a California, USA-based company, has agreed to be acquired in a stock-for-stock transaction by Shrink Nanotechnologies.  The transaction closed on May 29 and, as a result, it has become a  wholly-owned subsidiary of the latter, a Delaware corporation. The  transaction purchase price was just under $9.0 million and called for  Shrink to issue 8,888,888 common shares, 50 series C preferred stock and  to add one new person to the Shrink board of directors. The closing  price of Shrink's stock on the date of the acquisition was $1.01 per  share. Shrink has applied for a new stock market symbol with FINRA and  expects to trade under a new symbol in the coming weeks.

Commenting on the acquisition, Shrink chief executive Mark Baum stated:  "we are pleased to have concluded the transaction to acquire Shrink  Technologies, a company with a very promising portfolio of licensed  technologies which we believe will be impactful in a number of  fast-growing, multi-billion dollar markets. We also welcome to Shrink, a  team of world-class scientists and technology innovators from some of  our nation's most prestigious academic institutions."