LEXINGTON, Ky., Nov. 6 /PRNewswire-FirstCall/ -- Virtual Health Technologies, Inc. (OTC Bulletin Board: VHGI) confirmed today that the previously confirmed Letter of Intent to sell all health care related assets to Wound Management Technologies, Inc (WNDM) is subject to final approval of the Board of Directors and shareholders of VHGI.
"We believe that the potential stock dividend, royalty stream and cash realized from the transaction would benefit our shareholders tremendously and allow them to participate in the profitable development of our healthcare technology divisions under a larger, more diversified and consolidated infrastructure. However, completion of this proposed sale will not occur until we are 100% confident that this transaction is in the best interest of VHGI shareholders. As developments become available during the coming due diligence period we will release updates." stated Jim Renfro, President of VHGI.
Continued Independent VHGI Healthcare Technology Operations and Growth
"VHGI's health technology divisions Medical Office Software (MOS) Inc., Secure eHealth LLC, and Veriscrip continue to operate under the independent authority of VHGI, and will do so subject to final approval by our Board of Directors and shareholder approval of the contemplated transaction. Business continues uninterrupted, and we are presently evaluating new contracts that would be unaffected by the potential transfer of any operations to WNDM," continued Renfro.
Treasure Gulch Gold Mine Developments
In a related announcement, VHGI confirmed that they are proceeding with the evaluation of the recently acquired Lease-Purchase Option Agreement for the Treasure Gulch Gold Mine in Prescott, Arizona. Unverified historical due-diligence material originally obtained from Western Sierra Mining Corp, Inc. (WSRA, a public company which is the owner of the subject property) estimates Proven and Probable Gold Reserves in excess of $35,000,000.00 using a valuation of $800.00 per ounce.
With respect to the further development of the mine, VHGI is reviewing a developmental proposal with the intent of maximizing initial outcomes while limiting the financial commitment. The plan calls for surface ore deposits to be sent to an analytical laboratory to determine the best possible gold extraction methodology, as well as a short-term structure sampling program to determine the value of the subterranean holdings as to the possible quantity and grade of Gold Bearing Ore that could be extracted. According to the proposal, the existing tunnels and surface cuts would suffice to provide the ore body.
Both of these options could potentially produce first gold in 30 to 60 days on a laboratory scale. Based on the outcome of that effort, a small pre-production extraction plant could be used to test the economics and provide certification for a final mining plan. While smaller production efforts could possibly support a profit orientated enterprise, the real commercial value of the Treasure Gulch Mine could potentially be found in the development of the ore reserves at depth and on strike.
Additionally, the completion of this sale will allow the company to realize cash to pursue other opportunities, including those within the Gold Mining, Precious Metals and Energy Resources Markets. Although Gold is selling at 25 year high prices and Oil & Gas continue to be trading at significant premiums, global economic events have created significant opportunities within these markets. VHGI intends to pursue these opportunities through Lease-Purchase opportunities, Acquisitions and Joint Ventures for the goal of enhanced shareholder value. VHGI plans to release developments concerning the staffing of the Precious Metals / Energy Resources Markets Division to help evaluate the project shortly.
For VHGI Shareholder relations please call 859-514-6982.
About Virtual Health Technologies, Inc.
VHGI is a diverse company with assets and interests focusing on opportunities within the Healthcare Technology Industry and Precious Metals / Energy Resources Markets. VirtualHealth Technologies is a provider of next generation technology that securely and efficiently connects healthcare providers and their communities. The company's various software platforms are built on years of experience in providing highly sophisticated technology solutions to existing medical customers. Services are targeted at physician practices as well as the pharmaceutical industry and state and federal regulatory agencies with the primary goal of reducing costs and increasing quality of performance. The company's core competencies are security, connectivity and digital information mobility.
VHGI has recently initiated steps to leverage the company's operating history and corporate resources within the Gold Mining, Precious Metals and Energy Resources Markets. Virtual Health Technologies, Inc. cautions investors that none of the information concerning the valuations of mineral deposits or other data reported above have been verified by outside geologists or other verifiable sources beyond representations made to VHGI which ultimately came from Western Sierra Mining, the owner of the subject property.
"Safe Harbor" Statement: Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks and uncertainties detailed in the Company's SEC filings. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.
SOURCE VirtualHealth Technologies, Inc.
|SOURCE VirtualHealth Technologies, Inc.|
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