Cyberkinetics Neurotechnology Systems, Inc. Completes Merger, Name Change and Reincorporates in Delaware.FOXBOROUGH, Mass. -- Trafalgar Ventures, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : TGRV) announced today that it has completed a merger with privately held Cyberkinetics, Inc., a neurotechnology company headquartered in Foxborough, Massachusetts. The new Company has been renamed to Cyberkinetics Neurotechnology Systems, Inc. The transaction was completed by the merger of a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Trafalgar Ventures with and into Cyberkinetics, Inc. with Cyberkinetics, Inc. as the surviving corporation and a wholly -owned operating subsidiary of Trafalgar Ventures. In consideration for their shares of Cyberkinetics' capital stock, the Cyberkinetics stockholders collectively received approximately 92 percent of Trafalgar Ventures' equity after giving effect to the transaction. Further, the officers and directors of Cyberkinetics replaced all of the officers and directors of Trafalgar Ventures, Trafalgar Ventures ceased all of its existing business operations and has adopted and implemented Cyberkinetics' business plan upon completion of the merger. In connection with the merger, Trafalgar Ventures has reincorporated from Nevada to Delaware, and changed its name to Cyberkinetics Neurotechnology Systems, Inc. A new ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors for the company's common stock will be disclosed when available. According to the terms of the merger, each share of the company's outstanding common stock has automatically converted into one share of common stock of Cyberkinetics Neurotechnology Systems, Inc. As a result, the company now has outstanding approximately 13,639,000 shares of common stock. "This transaction will allow us to accelerate our strategy of creating products which can provide long term interfaces between the human nervous system and computers," said Timothy Surgenor, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cyberkinetics Neurotechnology Systems, Inc. "Our lead product, the BrainGate(TM) Neural Interface System is currently undergoing a pilot clinical trial to evaluate the safety and effectiveness of providing a quadriplegic quadriplegic /quad·ri·ple·gic/ (-ple´jik) 1. of, pertaining to, or characterized by quadriplegia. 2. an individual with quadriplegia. person with the ability to control computers, and other devices, with thought alone. The BrainGate system is based on a technology platform that may also be utilized in the future to develop and commercialize medical devices for the monitoring, diagnosis and treatment of many neurological disorders, such as epilepsy and depression." About Cyberkinetics Neurotechnology Systems, Inc. Cyberkinetics, a leader in neurotechnology, an emerging field driven by advances in neuroscience, computer science, and engineering, is focused on treating nervous system dysfunction. Cyberkinetics' first product, BrainGate(TM) Neural Interface System, is designed to give severely paralyzed par·a·lyze tr.v. par·a·lyzed, par·a·lyz·ing, par·a·lyz·es 1. To affect with paralysis; cause to be paralytic. 2. To make unable to move or act: paralyzed by fear. individuals a long-term, direct brain-computer interface for the purpose of communication and control of a computer and other devices. Patients are currently being enrolled into a pilot clinical trial to test its safety and effectiveness. Cyberkinetics' intellectual property features key technologies licensed from Brown University, the Massachusetts Institute of Technology Massachusetts Institute of Technology, at Cambridge; coeducational; chartered 1861, opened 1865 in Boston, moved 1916. It has long been recognized as an outstanding technological institute and its Sloan School of Management has notable programs in business, , Emory University, and the University of Utah The University of Utah (also The U or the U of U or the UU), located in Salt Lake City, is the flagship public research university in the state of Utah, and one of 10 institutions that make up the Utah System of Higher Education. . Cyberkinetics is headquartered in Foxborough, Massachusetts and conducts engineering and research in Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. . More information is available at www.cyberkineticsinc.com. Forward Looking Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement: This press release contains forward-looking statements. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. There are a number of factors that could cause actual results and developments to differ materially. For a discussion of those risks and uncertainties, please see our filings with the Securities and Exchange Commission. |
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