MSI "firmly denies" SafeSky investment

MSI also said that it does not have the alleged resources, and has absolutely no intention, to invest in SafeSky or to buy its technology.

Micro-Star International Co., Ltd. (MSI) has issued a formal denial of an alleged deal with SafeSyky.

MSI said that it firmly denies any knowledge or involvement of the transaction. The company added that it "has not heard of SafeSky and has no contacts whatsoever with this company".

MSI also said that it does not have the alleged resources, and has absolutely no intention to invest in SafeSky or to buy its technology. It threatened legal action as well.

Israeli media reported earlier this week that Israeli start-up SafeSky sold a 37% stake in its Life Keeper technology for $370 million. "Globes" found the report troublesome in the number of questions it raised a lack of FDA reports, the inaccuracy of MSI's reported market cap of $21 billion (it was only US $680 million or 21 billion Taiwanese dollars), the fact that Israel's venture capital community had never heard of the company, and the fact that Israel's leading doctors in the relevant field hadn't heard of the product or read about it in professional literature.

Subsequent investigations showed that one of the founders actually spent much of the past decade in prison.

Today, CEO Dr. Gabi Picker resigned when his lawyer's request to see the supposed memorandum of understanding (MOU) covering the deal was turned down.

Published by Globes [online], Israel business news - www.globes-online.com - on July 9, 2009

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

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