Cardiogenesis Corporation (OTCQB: CGCP) reached up 39.06% in morning trading to $.445 with 470K shares traded. Cardiogenesis specializes in the treatment of cardiovascular disease and is a leader in devices that treat severe angina. Its market leading YAG laser system and single use fiber-optic delivery systems are used to perform an FDA-cleared surgical procedure known as Transmyocardial Revascularization (TMR). CryoLife, Inc. (NYSE:CRY - News), an implantable biological medical device and cardiovascular tissue processing company, and Cardiogenesis Corporation (OTCQB: CGCP) today announced that the boards of directors of both companies have approved a definitive agreement under which CryoLife will acquire all of the outstanding shares of Cardiogenesis for $0.457 per share. The all-cash transaction values Cardiogenesis at approximately $22 million, net of cash acquired and liabilities assumed. The offer represents a 43 percent premium to Cardiogenesis' closing price on March 28, 2011. The transaction is expected to be conducted as a tender offer followed by a merger and to close in mid to late May 2011.
Medical Marijuana, Inc. (PINK:MJNA) reached up 31.43% in morning trading to $.092 with 1M shares traded. Medical Marijuana, Inc. recognizes the vast and unequaled opportunities that exist in the rapidly expanding hemp and medical marijuana industries. The scientific recognition of cannabis has brought legalized marijuana use to the forefront of mainstream discussion thus opening the door for safe and lucrative investment opportunities. Medical Marijuana, Inc. (Pinksheets:MJNA - News) announced today that it has received an initial asset as well as a management contract transferred from the Hemp Deposit & Distribution Corp (HDDC), d/b/a CannaBANK, Inc. MJNA benefits directly by receiving the debt-free income producing property from HDDC. CannaBANK anticipates this landmark facility to generate in excess of $40 million in revenue annually. MJNA Management stated that the transfer will be immediately accretive to earnings.
EGPI Firecreek, Inc. (OTCBB:EFIR) reached up 25% in morning trading to $.0015 with 30M shares traded. EGPI Firecreek, Inc.'s business and acquisition strategy is focused on oil and gas production with an emphasis on acquiring existing fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories, through its wholly owned subsidiary Energy Producers, Inc. and for oil and gas servicing business through its wholly owned subsidiary Chanwest Resources, LLC. EGPI Firecreek, Inc. is also looking to expand into alternative energy sources through their recently acquired Arctic Solar Engineering as well as multi-channel distribution throughout the United States. EGPI Firecreek, Inc. (OTCBB:EFIR.ob - News) (the “Company”) announced today the commitment for a debt financing for the its planned rework and enhancement project on their recently acquired oil and gas property known as the Tubb Leasehold Estate located in the AMOCO/CRAWAR Field in Ward County, TX.
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