Healthcare Announced That an Overwhelming Majority of its Shareholders Approved the NexGen Biofuels Transaction
December 04 2007 - 10:26AM
PR Newswire (US)
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. Contact: Healthcare Technologies Ltd.
Eran Rotem CFO +972-3-9277232/3 DATASOURCE: Healthcare Technologies
Ltd CONTACT: Contact: Healthcare Technologies Ltd., Eran Rotem CFO,
+972-3-9277232/3
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