SafeSky: Sale of medical device for $370m to go on

Taiwan computer maker Micro-Star International is yet to report the acquisition.

Bnei Brak based start-up SafeSky Software insists that the sale of a 37% stake in its Life Keepermedical device will go ahead.

SafeSky yesterday announced that it had sold a 37% stake in Life Keeper to Taiwan computer hardware manufacturer Micro-Star International (MSI) Co. Ltd.(TSE: 2377) for $370 million, giving Life Keeper, which monitors pulse rates and records critical or sudden changes, a total value of $1 billion.

However, "Globes" investigation of the alleged deal has raised a number of questions. The Taiwan company has not reported the deal, and its London office claims not to know anything about the matter.

In response SafeSky CEO Dr. Gabi Picker told "Globes," "The deal is valid and alive. We hold an MOU signed by a notary by both sides from Seligman & Co. law firm that accompanied the negotiations. They have a copy of the document. We have a patent and we have succeeded in interesting a British company (subsidiary of MSI) in setting up with us a joint venture to further develop, market and sell or distribute it..

Lawyers at M. Seligman & Co. were unavailable for comment.

Although Dr. Picker claims that Life Keeper has US Food & Drug Administration (FDA) approval, the FDA site makes no mention of the device.

Before he became a businessman Dr. Picker was a dentist, and he reportedly remains close to Prime Minister Benjamin Netanyahu who was a childhood friend.

Other strange aspects of such a large deal is that none of Israel's VC funds have heard of SafeSky, which is owned jointly by Israeli businessmen Arik Klein and Dr. Amos Bouchnik. Nor have any of Israel's leading doctors in the relevant field heard of the product or read about it in professional literature.

Dr. Picker believes that by next Monday the final agreement will be signed.

Published by Globes [online], Israel business news - - on July 6, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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