Healthcare Technologies Announces New Date for the Shareholders Meeting to Approve the Nexgen Biofuels Transaction
October 19 2007 - 3:54AM
PR Newswire (US)
PETACH TIKVA, Israel, October 19 /PRNewswire-FirstCall/ --
Healthcare Technologies Ltd. (NASDAQ:HCTL), announced today that
the extraordinary general meeting of its shareholders, previously
scheduled for September 30, 2007, will be held on December 4, 2007
at 4:00 p.m., at the offices of Yigal Arnon & Co., 1 Azrieli
Center, Round Tower, 47th Floor, Tel Aviv, Israel. At the meeting,
shareholders will be 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. Shareholders of record of the Company as of the close of
business in New York on October 25, 2007, are entitled to vote at
the Meeting. The Notice, the previously distributed Proxy Statement
and a Supplement to the Proxy Statement associated with the Meeting
are available on the SEC's website at http://www.sec.gov/ and on
the Company's website at http://www.hctech.com/. Materials for the
meeting will be sent to all shareholders of record. Proxy cards
that were returned for the September 30th meeting are no longer
valid with respect to the December 4, 2007 Meeting, and
shareholders must vote again for their vote to count at the
December 4, 2007 Meeting. Brokers cannot vote shareholders' shares
in connection with the Meeting without instructions from the
shareholders. Shareholders who need additional copies of the proxy
materials or have questions regarding the Meeting, including the
procedures for voting shares, should call The Altman Group, the
Company's proxy solicitor, toll-free at +1-800-622-1588 (from the
United States) or +1-201-806-7300 (from other locations). 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 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; the
agreement becoming subject to termination if the Closing has not
taken place on or before December 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 filed on August 16, 2007 and Supplement to the
Proxy Statement filed on or about the date hereof 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: Eran
Rotem CFO +972-3-9277232/3 DATASOURCE: Healthcare Technologies Ltd
CONTACT: Contact: Eran Rotem, CFO, +972-3-9277232/3
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