VANCOUVER, BC, CANADA, (NAMC) - Healthbridge, Inc. (OTCBB:HHBR)(Berlin Stock Exchange:HBZ) ("Healthbridge") announced that it has executed a letter of intent to acquire Providence Exploration, LLC ("Providence"), as a wholly owned subsidiary. Healthbridge and Providence expect to execute a definitive agreement on or before December 18, 2005. Providence is a private company, headquartered in Dallas, Texas, that intends to explore, develop and produce oil and gas from the Marble Falls and Barnett Shale formations in prospect specific areas of the Fort Worth basin. The Barnett Shale is the largest producing natural gas opportunity in Texas with an estimated twenty six trillion cubic feet (TCF) of gas. The formation underlies approximately sixteen counties including Comanche and Hamilton counties, where Providence has signed an agreement to purchase approximately 6,330 acres (about ten square miles) of oil and gas leases. Providence will retain a 90% working interest and its joint venture operating partner, Dallas-based Harding Company, will retain a 10% working interest and operations. Providence also owns and operates one drilling rig and two well service rigs based in Young County, Texas, to service the increasing demand in the exploration industry. The letter of intent anticipates a tax-free exchange of 16,500,000 shares of Healthbridge for 100% of Providence's shares. Healthbridge is further committed to complete a financing in a gross amount of no less than USD 5,200,000 by November 30, 2005 for funding exploration and development activities, in addition to providing general working capital. The closing date for Healthbridge's acquisition of Providence is anticipated to be January 30, 2006. Healthbridge has further decided to discontinue all operations connected to the Valides(R) Modular Infectious Waste Disposal System and the Medides System. Healthbridge is a public company; its common shares trade on the OTCBB under the ticker symbol "HHBR," and on the Berlin Stock Exchange under the ticker symbol "HBZ." Forward-Looking Statements A number of statements contained in this press release may be considered to be forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including timely development, competitive market conditions, successful integration of acquisitions and the ability to secure financing. The actual results Healthbridge may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Healthbridge encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-KSB/A and Form 10-QSB. Healthbridge's public filings may be viewed at www.sec.gov.
|
