December 29, 2009 - Virtual Health Technologies, Inc. (OTC Bulletin Board: VHGI) confirmed today that VHGI Gold (a wholly owned operating subsidiary of VHGI) is down to a select few candidates to lead the company's reentry into the Gold Mining Industry. While the company has qualified advisors to assist with evaluating plans to put the Treasure Gulch and Zero Mines into production, VHGI intends to accelerate the process through the installation of a seasoned mining project development officer to spearhead the process.
"During the 90's our former CEO was instrumental in the company's evaluation and acquisition of domestic mining claims, oversaw construction and development of mining and ore processing installations for these opportunities and assisted with raising capital for VHGI to pursue these and other operations," said Jim Renfro, President of VHGI. "No matter how well staffed our advisory board is, there is no substitute for full time incentivized management for VHGI Gold. VHGI intends to bring on board qualified personnel to assist with the financing, development and construction of a 6 Ton/Hr hard rock processing facility to target the $50,000,000.00 in potential gold reserves detailed in VHGI's recent 8K filing as quickly as possible. We hope to announce an appointment to that effect over the coming weeks."
"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 $1.5 million could produce first year revenues of $4.7 million and earnings of $3.4 million; second year revenues and income are forecast higher as the bulk of the expenses come from the initial construction costs," continued Renfro. "While financing requirements need to be addressed and other work remains to transition the property into a profitable venture, we intend to get this property into production as quickly as possible."
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.
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