Healthcare Technologies Ltd. (NASDAQ: HCTL) Announces Extension of Letters of Intent to Acquire Majority Interest in Two Ethanol
January 15 2008 - 9:49AM
PR Newswire (US)
NEW YORK, January 15 /PRNewswire-FirstCall/ -- Healthcare
Technologies Ltd., an Israeli corporation (the "Company") today
announced the extension of the expiration dates to February 29,
2008 of two letters of intent to acquire majority control in two
ethanol plants that are located in the Midwest for an aggregate
purchase price of approximately $50 million in cash and ordinary
shares. Each of the plants will have a name plate capacity of more
40 million gallons of ethanol. The closings of the acquisitions are
subject to the completion of due diligence, the negotiation of
definitive purchase documents and the receipt of financing. On
December 31, 2007, The Company completed a plan of arrangement in
the nature of a reverse merger in which it acquired the principal
assets of NexGen Biofuels Inc. in the field of ethanol and
biodiesel fuel production, as well as NexGen's rights under the
letters of intent. In consideration for such assets, which were
valued at $58,000,0000, the Company issued Ordinary Shares at a
price of $1.50 per share. Healthcare will continue the business of
NexGen in the field of ethanol and biodiesel as a publicly traded
company, and is in the process of changing its name to NexGen
Biofuels Ltd. SAFE HARBOR: This press release contains certain
forward looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. With the exception of historical information contained
herein, the matters discussed in this press release involve risk
and uncertainties. Actual results could differ materially from
those expressed in any forward looking statement made by or on
behalf of Healthcare Technologies Ltd. Readers are referred to the
documents filed by the company with the Securities and Exchange
Commission, specifically the Form 8-K filed on January 7, 2008 that
identifies important risks which could cause actual results to
differ from those contained in the forward looking statements.
CONTACT: Eran Rotem CFO +972-3-9277232/3 DATASOURCE: Healthcare
Technologies Ltd CONTACT: Eran Rotem CFO, Healthcare Technologies
Ltd., +972-3-9277232/3
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