Modern Mobility Aids, Inc. (OTCBB: MDRM) signed a definitive agreement to acquire LumiGene Technologies, Inc. from Mark Michalkoff, Roman Hrycyshyn and Danylo Stolarchuk for CAD 1.5 million on August 4, 2011. Under the terms of the agreement, aggregate purchase price for the shares and certain debt owed to the current shareholders of LumiGene is CAD 1 million, subject to adjustments, and an additional CAD 0.48 million if certain post closing milestones are satisfied and 2% of all gross revenue realized from the business after the closing. Out of CAD 0.48 million, CAD 0.18 million is paid upon successful completion of development of Beta Cartridge and CAD 0.3 million is paid upon successful completion of external beta testing of POSiCheck System.

The closing of this transaction is subject to various conditions including satisfactory completion of due diligence within 60 days from August 4, 2011, approval by regulatory board, approval by Board of Directors of Modern Mobility and LumiGene, execution of non competition, confidentiality, employment and consulting agreements, receipt of closing documents, working capital of the LumiGene at closing should not be different from working capital as at financial statement date and procuring various consents that may be required under Lumigene's existing contracts with third parties. Furthermore, Modern Mobility will need to raise the funds necessary to close the transaction as well as to provide working capital to allow LumiGene to continue the development of its products. The deal is expected to close by October 31, 2011.

As of November 4, 2011, the purchase price was amended. The parties amended the share purchase agreement, to among other things, delete the additional CAD 0.48 million referenced above and to provided that CAD 0.65 million of the CAD 1 million fixed purchase price shall be payable on the timely satisfaction of certain milestones, which if not satisfied on the dates provided will result in a reduction in the fixed purchase price. Modern Mobility has also agreed to pay expenses related to audit of Lumigene not exceeding CAD 0.05 million. The transaction is expected to be closed on November 30, 2011. As of November 23, 2011, Modern Mobility secured financing of CAD 1.5 million from First Capital Invest Corp. As of November 14, 2011, Modern Mobility has completed the due diligence for the transaction. As on March 1, 2012, Modern Mobility Aids, Inc. revised the agreement, the purchase price for LumiGene Technologies is largely predicated on the achievement of certain key business, patent and technological milestones. As of March 1, 2012, the agreement was amended again. The projected closing date is extended to April 16, 2012. The transaction is subject to financial audit of the target.

Victor L. Lishchyna of Mitchell, Bardyn & Zalucky, LLP acted as the legal advisor for LumiGene Technologies. David M. Flynn of Chappell Bushell Stewart LLP acted as the legal advisor for Modern Mobility Aids.

Modern Mobility Aids, Inc. (OTCBB: MDRM) cancelled the acquisition of LumiGene Technologies, Inc. from Mark Michalkoff, Roman Hrycyshyn and Danylo Stolarchuk on August 4, 2012.