NEW YORK, January 10 HealthCare TechnologiesLtd., (the "Company") today announced that it received a letter dated January7, 2008 from the Staff of the Listing Qualifications Department (the "StaffDetermination") of The NASDAQ Stock Market LLC, which indicated that becausethe Staff believes that the Company's Plan of Arrangement with NexGenBiofuels, Inc., which closed on December 31, 2007, constituted a reversemerger, the surviving entity is required to submit an initial listingapplication and satisfy Nasdaq's initial listing standards. On September 7,2007, NexGen Biofuels, Ltd. submitted its listing application. However, theapplication was not approved because, among other things, the Company did notmeet the minimum $4 bid price requirement for initial listing. Accordingly,the Company's securities will be delisted from The NASDAQ Stock Market. Inthat regard, unless the Company requests an appeal of this determination,NASDAQ will suspend trading of the Company's securities on the Capital Marketat the opening of business on January 16, 2008.
In response, the Company intends to timely request a hearing before aNASDAQ Listing Qualifications Panel to address the Staff Determination andseek continued listing in accordance with applicable NASDAQ rules. TheCompany's hearing request will stay any delisting action pending the issuanceof a decision by the Panel following the hearing.
In the event that the Company's appeal is unsuccessful, the Companybelieves that its ordinary shares will be eligible for trading on the OTCBulletin Board, subject to the filing of a Form 211 by a market maker.
For more information on NexGen Biofuels, visithttp://www.nexgenbiofuels.net
SAFE HARBOR: This press release contains certain forward lookingstatements within the meaning of Section 27A of the Securities Act of 1933and Section 21E of the Securities Exchange Act of 1934. With the exception ofhistorical information contained herein, the matters discussed in this pressrelease involve risk and uncertainties. Actual results could differmaterially from those expressed in any forward looking statement made by oron behalf of HealthCare Technologies Ltd. Readers are referred to thedocuments filed by the company with the Securities and Exchange Commission,specifically the Form 8-K filed on January 7, 2008 that identifies importantrisks which could cause actual results to differ from those contained in theforward looking statements.FOR: HealthCare Technologies Ltd. CONTACT: Eran Rotem CFO +972-3-9277232-3
SOURCE HealthCare Technologies Ltd