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
|SOURCE Healthcare Technologies Ltd|
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