OTCBB-VHGI Updates Shareholders on Status of Healthcare Asset Sale and
Treasure Gulch Gold Mine Development Strategy
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.
Shareholder Assurances
"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.
Shareholder Relations - Communications, +1-859-514-6982
