LEXINGTON, Ky., Jan. 11 /PRNewswire-FirstCall/ -- VirtualHealth Technologies, Inc. (OTC Bulletin Board: VHGI) announced today that they have reached a mutual understanding and verbal agreement in principle to sell secure data and messaging provider, Secure eHealth, LLC, and certain other technology assets to Wound Management Technologies, Inc. (OTC Bulletin Board: WNDM). Both parties have completed the due diligence process, agreed to the price and terms and are currently drafting definitive documentation on this transaction with an expectation to close the transaction within the next two weeks. In addition to the sale of Secure eHealth, VHGI will also be transferring all of the intellectual property assets of the real-time prescription drug monitoring company Veriscrip and the Private Access Convertible Note and Agreements. Wound Care Innovations, a WNDM subsidiary, currently licenses the Cifra solution from Secure eHealth and will initially use this highly secure messaging system, document courier and database to share and compile information for ongoing evidence based case studies on its patented collagen CellerateRx® products for treating diabetic wounds. According to Jim Renfro, President of VirtualHealth Technologies, "The time was right for VHGI to divest itself of Secure eHealth, our primary focus now is on the building of shareholder value by directing our efforts where the market is providing the greatest opportunity." Renfro continues, "For now that direction is the development of our gold mining assets which promise to have tremendous value in a relatively short amount of time."
As currently negotiated, the terms of acquisition will include $100,000 in cash and a note for $400,000 also included is Wound Management's purchasing of VirtualHealth's convertible note and agreements with Private Access, Inc., the Irvine based innovator in privacy-enhanced search technology and licensee of Secure eHealth's System Tray Notifier. However, VHGI will retain its near 5% ownership interest in Private Access which was received under the original investment into Private Access. A royalty agreement will also be established for VHGI relative to any business acquired by Secure eHealth using the Veriscrip real-time prescription drug monitoring technology. Specific details will be set forth in the definitive transaction documents. Closing of the transaction is dependent on the successful negotiation and execution of the definitive transaction documents.
For VHGI Shareholder Information please call 859-514-6982.
About VHGI and VHGI Gold
VHGI is a diverse company with assets and interests focusing on opportunities within the Healthcare Technology Industry and Precious Metals Markets. VHGI Gold, a wholly owned subsidiary of VHGI has recently initiated steps to leverage the company's operating history and corporate resources within the Gold Mining Industry and intends to pursue these opportunities through Lease-Purchase opportunities, Acquisitions and Joint Ventures. 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:
VirtualHealth Technologies, Inc. and VHGI Gold, LLC cautions investors that none of the information concerning the valuations of mineral deposits or other data reported above has been verified by outside geologists or other verifiable sources beyond representations made to VHGI which ultimately came from the owner of the subject property and their associates. The United States SEC 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 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 VirtualHealth Technologies, Inc.