Feb. 12, 2004 — MEMS USA Inc. (OTCBB: MEMS, Web) has hired an executive in charge of operations and technology while it goes public.
The Los Angeles-based provider of systems using MEMS-based sensors hired Daniel Moscaritolo as chief operating officer, chief technology officer and director. He previously served as vice president of new product development for PTI Technologies Inc. and holds a patent for a filter module incorporating MEMS sensors that monitor performance.
MEMS USA, founded in 2000, is involved in a reverse merger, which is expected to close next week. A publicly traded, so-called shell corporation known as Lumalite Holdings Inc. of Nevada changed its name to MEMS USA and is acquiring the assets and employees of the original California company. The original firm’s officers and directors will control the new public company.
“(A reverse merger) is a quick and efficient way of getting public,” said Lawrence Weisdorn, founder of MEMS USA and slated to become chief executive of the public company. “The point of going public is for financing so we could expand the company’s access to capital markets. Trying to find investors in private companies is very difficult in this atmosphere.”
Under terms of the acquisition, stockholders in the original MEMS USA will exchange all of their shares for 10 million shares of the Nevada corporation. Once the deal is done, there will be about 13.3 million shares issued and outstanding.