Blank check company Advanced Technology Acquisition Corporation (AMEX: AXC) (ATAC) has just days before it will be compelled to liquidate and return its capital to its shareholders. Platinum Neurone Ventures managing partner Dr. Yehoshua (Shuki) Gleitman founded ATAC 18 months ago, and it raised $172.5 million.
Now it seems that there may be hope for ATAC. An annuncement Teuza - A Fairchild Technology Venture Ltd. (TASE:TUZA) states that its US portfolio company Bioness Inc. has signed a memorandum of understanding with "a company traded on the American Stock Exchange for the purpose of merging the activity of a high-tech company, and which has a cash balance of $175 million."
On the basis of assessments obtained by "Globes", the chances are that the company in question is ATAC. The basis of cash balance mentioned is one indication of this.
Teuza, which owns 6% of Bioness, stated that it will transfer all of its activity to the public company and that Bioness shareholders will own 54.5% of the merged company, which will be named Bioness.
Bioness develops, produces, and markets systems for restoring hand and leg functions affected by strokes or damage to the upper spinal cord.
ATAC is controlled by Gleitman and Ascend Technology Ventures. Its chairman is Moshe Bar-Niv and the CEO is Leora Lev, both partners at Ascend Technology Partners. Bar-Niv, Lev and Gleitman each own 28% of ATAC. Shrem Fudim Group Ltd. (TASE: SFG) owns 14%, Motorola Israel general manager Elisha Yanay owns 1.3%, and Clal Insurance CEO Avigdor Kaplan owns the balance. ATAC's share closed at $7.45 yesterday.
Published by Globes [online], Israel business news - www.globes-online.com - on December 22, 2008
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