JERUSALEM , October 24, 2012 /PRNewswire/ --

Medisafe 1 Technologies Corp. (OTCBB: MFTH), a developer of patented technologies that physically prevent unauthorized administration of prescription medications, announced today that due diligence by both parties to the sale has been successfully completed, and the sale is expected to be finalized and initiated by November 5 2012.

The agreement will transfer rights for the full commercialization, marketing and distribution of its patented medicinal locking mechanism and bar-code matching system to a third party. Terms of the sale include a $7MM payment to Medisafe 1 Technologies.

About Medisafe 1 Technologies

Medisafe 1 Technologies seeks to effectively prevent unauthorized administration of a drug or medicinal substance by hypodermic needle. Medisafe's patented technology is a medical assembly with a locking mechanism that is intended to ensure the substance cannot be released from the hypodermic needle without positive pre-matching between the substance and its intended patient.