LEXINGTON, Ky., Dec. 2 Virtual Health Technologies, Inc. (OTC Bulletin Board: VHGI) today confirmed that their 3rd quarter 10Q showed income of approximately $43,000 versus a loss of approximately $109,000 for the same period in 2008. The increase in income for the third quarter is largely attributed to the settlement of debt tied to the previous acquisition of one of VHGI's healthcare technology subsidiaries. $900,000 of debt was settled for 1,000,751 shares of VHGI stock.
"We are pleased with the continued improvement of VHGI's balance sheet. Reducing our debt by 25% through the issuance of stock at approximately $.90 per share is acceptable to VHGI and deemed to be in the best interest of all shareholders," stated Jim Renfro, President of VHGI. "Also, as we are focused on our financials I would like to take this time to explain our expansion into the Gold Industry through the creation of VHGI Gold and the acquisition of the Treasure Gulch Gold Mine Lease-Purchase Option."
"VHGI intends to increase our revenue stream without adding significantly to our fixed costs through corporate involvement with different performance-based sectors of the economy. VHGI has historical operations within the Gold Mining and Ore Processing Technology industries which we intend to make use of. We believe that by leveraging the company's current financial structure and operating history we are poised to significantly enhance shareholder value," continued Renfro. "However, VHGI shareholders need to be assured that our expansion within this industry will be through a conservative approach that minimizes the risks and looks to maximize the returns for our shareholders."
In a related announcement, VHGI announced that they expect to release news shortly concerning appointments to a VHGI Gold Advisory Board and developments regarding the due diligence of the Treasure Gulch Gold Mine, as well as potential analyst profiling of VHGI.
About VHGI Gold and the Treasure Gulch Gold Mine
VHGI is leveraging the company's operating history and corporate resources within the Gold Mining and Precious Metals Industry. Although Gold is selling at an all time high, 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 Gold, a wholly owned operating subsidiary of VHGI, has successfully negotiated an extension through February 15, 2013 for VHGI to conduct gold mining activities at the Treasure Gulch Gold Mine, and secured renewal options through 2023. Additionally, we have been granted a reduction in the strike price for the outright acquisition of the property through our Lease-Purchase Option.
VHGI Gold is presently making arrangements for due diligence and ore sampling evaluation to determine a plan for development of the Treasure Gulch Gold Mine. Unverified historical due-diligence material estimates Proven and Probable Gold Reserves in excess of $35,000,000.00 using a valuation of $800.00 per ounce.
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. Virtual Health 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.
Investors are invited to obtain information concerning our operations at http://www.virtualhealthtechnologies.com or http://www.vhgigold.com or by calling shareholder relations at 859-514-6982.
"Safe Harbor" Statement and Disclosure:
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 the owner of the subject property. The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website, such as "reserves," "resources," "geologic resources," "proven," "probable," "measured," "indicated," and "inferred," that the SEC guidelines strictly prohibit us from including in our filings with the SEC.
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 Virtual Health Technologies, Inc.