MELVILLE, N.Y. -- MarketShare Recovery, Inc. announced it has completed the acquisition of bioMETRX Technologies, Inc. ('bioMETRX') of Jericho, New York, a private company that develops biometrics-based home security products.
The structure of the transaction is a merger of bioMetrx with a newly formed wholly owned Delaware subsidiary of MarketShare which is expected to be effective June 1, 2005. The merger transaction was approved by the written consent of the holders of 99.7% of bioMETRX common stock and will require MarketShare to issue approximately 14,400,000 shares of its common stock to the bioMETRX holders and the cancellation of approximately 2,208,000 outstanding MarketShare shares.
As part of the acquisition, bioMETRX's CEO, Mark R. Basile, became CEO of MarketShare and each of bioMETRX's Chief Technical Officer, Steven Kang, Chief Operating Officer, Cliff Czvec, and Chief Financial Officer, Frank Giannuzzi have assumed corresponding positions in MarketShare. New management plans to change the corporate name of MarketShare to "bioMETRX, Inc." Pending such change, MarketShare will continue to trade under the symbol "MKSH."
