Healthcare Technologies to Reschedule the Shareholders Meeting to Approve the NexGen Biofuels Transaction
September 28 2007 - 12:32PM
PR Newswire (US)
PETACH TIKVA, Israel, September 28 /PRNewswire-FirstCall/ --
Healthcare Technologies Ltd. (NASDAQ:HCTL), announced today that it
will reschedule the extraordinary general meeting of its
shareholders for the approval of the Asset Purchase Agreement with
NexGen Biofuels, Inc, Mac Bioventures Inc. and Gamida for Life
B.V., originally scheduled to be held on September 30, 2007, in
order to allow shareholders additional time to fully consider the
proposed transaction. The Company noted that it is taking this step
in light of low shareholder participation, the considerable amount
of materials shareholders are to consider and reports of
shareholders not having received the proxy materials from brokers
and banks. The Company will set a new record date for the future
meeting, expected to be held in late November 2007 and will mail
supplemental proxy materials to its shareholders. Details regarding
the rescheduled meeting will be announced at a later date. The
Proxy Statement previously circulated to the Company's shareholders
which details the transaction may be accessed online on the website
of the U.S. Securities and Exchange Commission at
http://www.sec.gov/Archives/edgar/data/835688/000117891307001798/exhibit_99-1
.htm. (Due to the length of this URL, it may be necessary to copy
and paste this hyperlink into your Internet browser's URL address
field. Remove the space if one exists.) Closing of the transactions
contemplated by the Agreement is subject to the completion of due
diligence by the parties, the receipt of the necessary corporate,
regulatory and third party approvals, including Healthcare's
shareholders and 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 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; the
agreement becoming subject to termination if the Closing has not
taken place on or before October 31, 2007; receipt of shareholder,
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. FOR: Healthcare Technologies, Ltd. CONTACT:
Eran Rotem, CFO +972-3-9277232/3 DATASOURCE: Healthcare
Technologies Ltd CONTACT: FOR: Healthcare Technologies, Ltd.
CONTACT: Eran Rotem, CFO, +972-3-9277232/3
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