LEXINGTON, Kentucky, December 15 /PRNewswire/ -- Virtual Health Technologies, Inc. confirmed today that VHGI Gold (a wholly owned operating subsidiary of VHGI) has appointed two key industry professionals to the VHGI advisory board to assist with bringing the Treasure Gulch and Zero Gold Mines properties into production as quickly as possible. Additionally, the company is informing interested shareholders and related parties that they intend to schedule a Live Investor Town Hall Meeting so that investors may ask questions concerning the project to the company's representatives.
VHGI is pleased to announce that we have contracted with outside entities to conduct due diligence and testing at the Treasure Gulch and Zero Mines properties, and that Michael M. Chaffee and Dennis Atkins have agreed to sit on the advisory board to assist with the development of these properties and the evaluation of other opportunities within the Gold Mining Industry, stated Jim Renfro, President, VHGI. The company hopes to announce a definitive development plan within the near future, and under their guidance it is hoped that initial results will produce laboratory Gold within 4-6 weeks from testing commencement.
Mr. Michael Chaffee is the President and CEO of a public mining company; he has over 30 years of extensive mining experience and work history in the Senior Management of public companies, as well as tremendous education, certifications, and connections to draw upon. Mr. Atkins is the CFO and a director of a public mining company. Mr. Atkins is also a CPA with over 25 years experience in public accounting, specializing in the audits of publicly traded companies. His firm is a member of the SEC's practice Section of the American Institute of CPAs.
In a related announcement, VHGI announced that they intend to hold an Internet based Investor Town Hall Meeting within the near future. Topics include the development of the Treasure Gulch and Zero Gold Mines and the potential dividend for VHGI shareholders from the pending sale of certain healthcare related assets. Potential guests include Mr. Paul Cohen of Cohen Independent Research as well as VHGI management personnel. Further details will be released as they become available.
Recent VHGI Buy Recommendation Long Term Target of US$2.48, Expanded Press Coverage
Mr. Cohen has issued a research report on VHGI with a buy recommendation and a long-term target price of US$2.48. Mr. Cohen has been compensated by VHGI for his analysis and distribution of the report; for the full report and more information including complete compensation disclosure please visit http://www.vhgigold.com. The Cohen Report and other information will also be featured on http://www.kitco.com , one of the most highly trafficked portals for Gold and Precious Metals News and online Bullion Product sales and purchases. VHGI has also confirmed that selective press coverage will also be expanded to portions of Europe and the U.K. as they have begun to receive requests for shareholder information from sources beyond North America.
Treasure Gulch Mine Potential
Even taking into account start up costs and front-end capital expenses, the 12 month pro-forma financial model shows us to be cash flow positive within 120 days of commencing operations at the Treasure Gulch and Zero Mines. An initial investment of US$1.5 million could produce first year revenues of US$4.7 million and earnings of US$3.4 million; second year revenues and income are forecast higher as the bulk of the expenses come from the initial construction costs, said Jim Renfro, President of VHGI. We are committed to moving the ball down the field. 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 +1-859-514-6982.
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 / Energy Resources 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, 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.
Safe Harbor Statement:
Virtual Health 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 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.
For Further Information: Shareholder Relations - Communications +1-859-514-6982
SOURCE: Virtual Health Technologies, Inc.
CONTACT: Shareholder Relations - Communications, +1-859-514-6982