Xcorporeal to acquire artificial kidney product from National Quality Care

By Elaine Rigoli

Tampa, Fla., Sept. 1 - Xcorporeal, previously Pacific Spirit, has entered into a merger agreement with National Quality Care, Inc. (NQCI) to either acquire the company as a wholly owned subsidiary under a triangular merger or to issue to NQCI shares of its common stock for the assignment of the technology relating to the Wearable Artificial Kidney and other medical devices.

As consideration for granting the license, the company said it will offer a minimum annual royalty of $250,000, or 7% of gross sales less research, development and indirect costs attributable to the technology, if higher.

The company also said it has agreed to issue 9.6 million shares of common stock to Consolidated National, LLC in exchange for all of its right, title and interest to the name "Xcorporeal" and related trademarks and domain names, and the right to enter into the license agreement and merger agreement with NQCI.

Xcorporeal is a developmental-stage company focused on products related to the treatment of kidney failure and congestive heart failure.

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