UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported) June 17, 2008
NEXGEN BIOFUELS, LTD
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(Exact name of registrant as specified in its charter)
Israel 0-17788 N/A
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(State or other jurisdiction of (Commission (IRS Employer Identification No.)
incorporation) File Number)
2533 Windguard Circle, Suite 101
Wesley Chapel, Florida 33544
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 813-929-4820
HEALTHCARE TECHNOLOGIES LTD.
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT
In accordance with an agreement dated as of June 17, 2008, effective as of June
1, 2008, the employment of Mr. Eran Rotem, as Chief Financial Officer of NexGen
Biofuels Ltd. (the "Company") was terminated by mutual agreement of the Company
and Mr. Rotem. Mr. Rotem was employed pursuant to an employment agreement dated
as of February 1, 2008. The agreement was terminable at will at any time upon
prior written notice. The agreement provided for an annual base salary of
$180,000 and a grant to Mr. Rotem of 650,000 options (subject to certain vesting
requirements) to purchase ordinary shares of the Company at an exercise price of
$1.50 per share under the Company's stock option plan and 400,000 ordinary
shares of the Company. In connection with the termination of his employment
agreement, Mr. Rotem shall receive a payment of $7,500 promptly upon receipt by
the Company of a first round of financing. Mr. Rotem shall also receive 117,000
shares in connection with previously exercised options upon confirmation by an
internal controller that such exercise complied with the terms of applicable
agreements.
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On June 20, 2008, the Company announced that Eran Rotem, its Chief Financial
Officer, who currently lives in Israel, will be leaving NexGen, effective June
2008. The Company has initiated search for a suitable candidate in the United
States to fill this position
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NexGen Biofuels Ltd.
By: /s/ J. Ram Ajjarapu
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J. Ram Ajjarapu
Chief Executive Officer
Dated: June 20, 2008