Ridgecrest Healthcare Group, Inc. Announces Stock Buyback Program
Market Wire "US Press Releases "
EL SEGUNDO, CA -- (MARKET WIRE) -- 12/12/06 -- Ridgecrest Healthcare Group, Inc. (PINKSHEETS: RGHG), a leader in providing healthcare management services to hospitals, health systems, other healthcare companies and government, announced today that its board of directors has authorized the Company to buy back up to 2,000,000 shares of its common stock. The stock repurchases will be made in the open market from time to time depending on market conditions.
In discussing the buyback plan, Ridgecrest Healthcare Chairman Stuart Bruck stated, "It is our opinion that Ridgecrest's current stock price does not accurately reflect the Company's true value. As a result, we believe this is a sound investment for Ridgecrest and reaffirms our confidence in the Company's ability to execute its strategy and enhance shareholder value."
Ridgecrest Healthcare Group, Inc. is a healthcare management services company that works with large healthcare providers, healthcare companies, government and related companies and organizations. Ridgecrest further seeks to acquire and operate healthcare management companies and leverage its relationships and strategic and financial expertise to enhance and grow these enterprises.
For more information on Ridgecrest Healthcare Group, Inc., please visit our website at: www.rchealthcare.com
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are "forward-looking statements" are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties or other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as: the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels.
All information in this release is as of the date of this release. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
Contact: Derek Buchanan Ridgecrest Healthcare Group, Inc. 310-531-8230 E-mail: info*rchealthcare.com
Ridgecrest Announces Progress at Its UK Portfolio Company: ValiRx PLC
Market Wire "US Press Releases "
EL SEGUNDO, CA -- (MARKET WIRE) -- 12/13/06 -- Ridgecrest Ventures, a division of Ridgecrest Healthcare Group, Inc. (PINKSHEETS: RGHG), announced today that one of its portfolio companies, ValiRx PLC, has announced (December 11, 2006) that it has been informed by the European Patent Office that it will be granted a patent for GeneICE cancer technology which its Cronos Therapeutics Ltd unit licenses from Imperial College Innovations, London.
ValiRx said that GeneICE compounds have the potential to freeze the development and growth of cancerous cells, with potential applications also in inflammatory disease and inherited genetic conditions. It added that Cronos' partner, Cancer Research UK, is currently undertaking pre-clinical trials on GeneICE at its own cost.
In a separate announcement (December 4, 2006), ValiRx PLC said it is investing £193,000 ($380,000) in emerging US biotechnology company Morphogenesis, Inc. in addition to subscribing for 250,000 share warrants, exercisable at $1.00 within the next three years.
ValiRx PLC said its investment is funding Morphogenesis' ImmuneFx, a cancer vaccine that targets tumours in both humans and pets and said it is due to go into phase II pre-clinical trials in 2007.
ValiRx PLC said it now holds 1,806,000 shares and 250,000 warrants in Morphogenesis, Inc.
Phil Dalton, CEO of Ridgecrest Healthcare Group, stated, "We are very encouraged by the significant progress being made at ValiRx and are looking forward to great things from this company."
Ridgecrest holds 30,375,000 ordinary shares and 8,100,000 deferred consideration shares of ValiRx PLC.
Ridgecrest Healthcare Group, Inc. is a healthcare management services company that works with large healthcare providers, healthcare companies, government and related companies and organizations. Ridgecrest further seeks to acquire and operate healthcare management companies and leverage its relationships and strategic and financial expertise to enhance and grow these enterprises.
For more information on Ridgecrest Healthcare Group, Inc., please visit our website at: www.rchealthcare.com
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are "forward-looking statements" are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties or other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as: the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels.
All information in this release is as of the date of this release. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
Ridgecrest Healthcare Group Chairman Featured in Exclusive Interview With WallSt.net
PR Newswire "US Press Releases "
NEW YORK, Dec. 13 /PRNewswire/ -- On December 11, Stuart Bruck, Chairman of Ridgecrest Healthcare Group, Inc. (Pink Sheets: RGHG) updated the investment community in an exclusive interview with www.wallst.net . Topics covered in the interview include an overview of the Company and the markets it serves, recent press releases, current capitalization, upcoming strategic and financial milestones.
To hear the interview in its entirety, visit www.wallst.net, and click on "Interviews." Interviews can be accessed either by locating the Company's ticker symbol under the appropriate exchange on the left-hand column of the "Interviews" section of the site, or by entering the Company's ticker symbol in the Search Archive window.
About Ridgecrest Healthcare Group, Inc.:
Ridgecrest Healthcare Group, Inc. is a healthcare management services company that works with large healthcare providers, healthcare companies, government and related companies and organizations. Ridgecrest further seeks to acquire and operate healthcare management companies and leverage its relationships and strategic and financial expertise to enhance and grow these enterprises.
For more information on Ridgecrest Healthcare Group, Inc., please visit our website at: www.rchealthcare.com .
About WallSt.net:
www.wallst.net is owned and operated by WallStreet Direct, Inc., a wholly owned subsidiary of Financial Media Group, Inc. The website is a leading provider of financial news, media, tools and community-driven applications for investors. www.wallst.net offers visitors free membership to its in-depth executive interviews, exclusive editorial content, breaking news, and several proprietary applications. In addition to its website, WallStreet Direct organizes investor conferences, publishes a newspaper, and provides multimedia advertising solutions to small and mid-sized publicly traded companies. We are expecting to receive two hundred eighty dollars from Ridgecrest Healthcare Group, Inc. for the dissemination of this press release. For a complete list of our advertisers, and advertising relationships, visit http://www.wallst.net/disclaimer/disclaimer.asp .
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