Medis cancels $60 million line of credit

By Devika Patel

Knoxville, Tenn., Jan. 15 - Medis Technologies Ltd. canceled plans for a $60 million line of credit agreement that it had arranged with Azimuth Opportunity Ltd., according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal priced April 28.

The company terminated the purchase agreement because it did not meet the minimum requirements necessary to require Azimuth to purchase the stock.

Since Medis was unable to meet the minimum requirements, it determined that it was not in its best interests to pay the fees required to keep the purchase agreement in effect.

The company paid no fees or penalties in connection with its early termination of the agreement.

Medis Technologies is a New York-based maker of fuel cell batteries used in consumer and military electronics.

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