Hawaii-based Nanopoint Inc. is being acquired by Calif.-based Shrink Nanotechnologies Inc.

Shrink announced today that it has signed a binding letter of intent to acquire all the shares of privately held Nanopoint. All Nanopoint employees will be retained at the deal’s closing, no later than May 31, Shrink officials said. Nanopoint will then operate as a wholly owned subsidiary of Shrink.

Nanopoint has spent more than $6 million in the past six years building live cell imaging technology for medical uses. Shrink licenses, owns and develops proprietary nano-technologies for various markets.

Shrink will exchange 25,750,000 shares of its common stock for 100 percent of the equity interest in Nanopoint.