MZT Holdings, Inc., formerly known as Matritech, Inc., Announces Stockholders Approved...

Thu Dec 13, 2007 2:01pm EST

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MZT Holdings, Inc., formerly known as Matritech, Inc., Announces Stockholders Approved Sale of Substantially All Assets

NEWTON, Mass.--(Business Wire)--MZT Holdings, Inc., formerly known as Matritech, Inc. (Amex:MZT),
announced today that its stockholders have approved:

   -- the sale of substantially all of the assets of the company to
Milano Acquisition Corp., a wholly owned subsidiary of Inverness
Medical Innovations, Inc., pursuant to and on the terms set forth in
an Asset Purchase Agreement dated August 27, 2007 by and among
Inverness, Milano and Matritech;

   -- the plan of complete liquidation and dissolution of the
company, including the liquidation and dissolution of the company
contemplated thereby, following the closing of the asset sale; and

   -- the amendment to the company's certificate of incorporation to
change its name to MZT Holdings, Inc. following the closing of the
asset sale.

   Following receipt of stockholder approval, the company completed
the sale of substantially all of its assets to Milano Acquisition
Corp. in exchange for aggregate consideration of 616,671 shares of
Inverness common stock valued in accordance with the Asset Purchase
Agreement at approximately $36 million. MZT Holdings may receive up to
$2 million of incremental consideration, payable in cash and/or
Inverness common stock, if the revenue associated with the assets sold
to Milano exceeds certain revenue targets during the next twelve-month
period. Based on the closing price of Inverness common stock on
December 12, 2007, the market value of the 616,671 shares received by
MZT Holdings is approximately $34.7 million. Following the closing of
the asset sale, the Company's name was changed to MZT Holdings, Inc.

   MZT Holdings also announced that its Board of Directors has
accepted the resignations of all of its executive officers except its
Secretary, Patricia Randall, effective December 12, 2007. On December
12, 2007, MZT Holdings' Board of Directors elected Craig R. Jalbert as
MZT Holdings' President and Treasurer. Mr. Jalbert is a partner at
Verdolino & Lowey, P.C., an accounting firm that specializes in
working with companies liquidating and winding up their operations.
MZT Holdings has engaged Verdolino & Lowey to assist the Company in
planning for and completing its liquidation and dissolution process
approved by the Company's stockholders. MZT Holdings will pay
Verdolino & Lowey for such services, but Mr. Jalbert will not receive
any additional direct compensation or benefits as President or
Treasurer of MZT Holdings.

   MZT Holdings further announced that it intends to seek voluntary
delisting of its common stock from the American Stock Exchange. MZT
Holdings does not meet the continued listing standards of the American
Stock Exchange in that in accordance with (i) Section 1003(a)(i) of
the Company Guide MZT Holdings has stockholders' equity of less than
$2,000,000 and losses from continuing operations and/or net losses in
two of its last three most recent fiscal years; (ii) Section
1003(a)(ii) of the Company Guide MZT Holdings has stockholders' equity
of less than $4,000,000 and losses from continuing operations and/or
net losses in three of its four most recent fiscal years and (iii)
Section 1003(a)(iii) of the Company Guide MZT Holdings has
stockholders' equity of less than $6,000,000 and losses from
continuing operations and/or net losses in its five most recent fiscal
years.

   Statement under the Private Securities Litigation Reform Act

   This press release may contain forward-looking statements within
the meaning of the federal securities laws, including statements
regarding the anticipated delisting of the Company's shares from the
American Stock Exchange and the liquidation and dissolution process.
These statements reflect the Company's current expectations with
respect to future events and are based on its management's current
assumptions and information currently available. Actual results may
differ materially. There can be no assurance that the Company's
expectations will be achieved. Please refer to the risk factors
detailed in the Company's periodic reports and registration statements
as filed with the Securities and Exchange Commission, as well as in
the Company's definitive proxy statement filed on November 14, 2007.
These forward-looking statements are neither promises nor guarantees.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
MZT Holdings undertakes no responsibility to revise or update any such
forward-looking information.

MZT Holdings, Inc.
Kathleen O'Donnell, 617-512-4519

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