VirtualHealth Technologies Inc. (OTCBB: VHGI) is evaluating proposals related to certain health care assets as part of its bid to re-enter the gold mining business. The Lexington, Ky.-based company, which plans to change its corporate name to VHGI Gold, is seeking to raise funds to put the Treasure Gulch and Zero Mines into production. VirtualHealth has a signed letter of intent to sell health care assets to Wound Management Technologies for $10 million in cash and stock. The transaction requires VirtualHealth board and shareholder approvals. VirtualHealth is also exploring alternative transactions with Wound Management Technologies and other parties.
Phoenix Technologies Ltd. (Nasdaq: PTEC) plans to explore strategic alternatives for three product lines. The Milpitas, Calif.-based company hired GrowthPoint Technology Partners to assist with the review of options. Phoenix Technologies designs and develops core systems software, security programs and operating system environments for computers. It intends to focus on the core systems software (BIOS) markets. The product lines on the block are the FailSafe theft-loss protection program; the HyperSpace product family that enables third-party applications to operate independently from the user’s primary operating system; and eSupport.com, which is a collection of Web sites and PC diagnostic software products.
LiveDeal Inc.’s (Nasdaq: LIVE) board is actively exploring strategic alternatives, including the sale of the entire Mesa, Ariz.-based company or the divestment of certain assets. Another possible option is the acquisition of other entities or businesses. The board is mulling hiring a financial adviser to help with the review process. LiveDeal provides Web-based customer acquisition services for small businesses and Internet Yellow Pages directory services. In addition, the company has had some management changes at the top. Richard Sommer resigned as chief executive officer and director. LiveDeal also named General Counsel Kevin Hall as interim chief operating officer.
GMAC Financial Services in late December positioned itself to explore strategic alternatives for its troubled Residential Capital LLC mortgage business. The moves were designed to improve GMAC Financial’s capital base. GMAC received another $3.8 billion capital infusion from the U.S. Department of the Treasury, and $2.7 billion will be used to support ResCap. GMAC Financial plans to sell some mortgage-related assets to reduce volatility in its financial results. It booked a write-down of about $2 billion in mortgage assets at ResCap, resulting in a pretax charge of about $1.3 billion. GMAC expects the moves to accelerate repayment of the U.S. government’s investment in the bank holding company.