PETACH TIKVA, Israel, December 4 /PRNewswire-FirstCall/ -- Healthcare Technologies Ltd. (NASDAQ: HCTL), announced today that an overwhelming number of its unaffiliated and voting shareholders (approximately 90%) voted in favor of the NexGen Biofuels transaction.
At the meeting, the shareholders were asked to approve the previously announced Asset Purchase Agreement with NexGen Biofuels, Inc, Mac Bioventures Inc. and Gamida for Life B.V. and the transactions contemplated thereby, as a result of which the Company's business will be in the field of renewable fuels rather than biotechnology and medical devices.
The goal is to finalize the transaction by the end of December 2007. The Closing of the transactions contemplated by the Agreement is subject to the approval of the Israeli District Court and other closing conditions. No assurance can be given that the transactions contemplated by the Agreement will close.
About Healthcare Technologies
Healthcare Technologies Ltd. through it subsidiaries and affiliates Gamidor Diagnostics (1984) Ltd., Danyel Biotech Ltd. and Savyon Diagnostics Ltd., specializes in the development, manufacturing and marketing of clinical diagnostic test kits and provides services and tools to diagnostic and biotech research professionals in laboratory and point of care sites worldwide.
About NexGen Biofuels, Inc.
NexGen is operating in the business of alternative fuels. NexGen plans to build and operate four ethanol and one biodiesel plant with production primarily within in the United States. NexGen is currently in the process of acquiring and developing its proposed plants and has not conducted any significant business operations or generated any operating revenues to date. It is NexGen's intention to produce 100 million gallons of annual ethanol production per ethanol site, and 100 million gallons of annual biodiesel production.
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. Many factors could cause the
actual results, performance or achievements of Healthcare or the above
described transaction to be materially different from any future results,
performance or achievements that may be expressed or implied by such
forward-looking statements, including, among others: satisfaction of the
closing conditions to the agreement; receipt of regulatory and third party
approvals, including the approval of the District Court of Tel Aviv; the
satisfaction and completion of due diligence by the parties to the
agreement; the receipt by Healthcare of a satisfactory valuation of
NexGen's assets; a non-binding offer to purchase Healthcare's subsidiaries
previously sent to us by Inverness Medical Innovations Inc., to which, as
any negotiations with Inverness would be a breach of the NexGen Agreement,
Healthcare has refrained from any discussions with Inverness. Readers are
referred to the documents filed by the company with the Securities and
Exchange Commission, specifically the Proxy Statement concerning the
meeting and most recent report on Form 20F that identifies important risks
which could cause actual results to differ from those contained in the
forward looking statements.
Healthcare Technologies Ltd.
Eran Rotem CFO
|SOURCE Healthcare Technologies Ltd|
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